How to Get Veterinary Pet Insurance

Get Veterinary Pet Insurance

In the modern world, people insure just about everything, from their cars right on down to their voice. So, why wouldn't you want to get coverage for the members of the family that give you unconditional love and support? Read on to find out how to get veterinary pet insurance and learn about some concerns before you pay for a policy.

Difficulty:

 

Moderate

Instructions

1. What is Veterinary Pet Insurance?

   • 1
     Understand that unlike medical insurance for humans, pet insurance is insurance on chattel, another word for property. So, some of the rules on what policies must do and require are not the same as your medical insurance policies.
   • 2
     Know that the very first pet insurance company was VPI (Veterinary Pet Insurance) that didn't break even until 1997, after 15 straight years of losses. However, revenues grew about 40 percent per year, and it now holds 80 to 85 percent of the pet insurance market. Its coverage policy is similar to your health insurance.
   • 3
     Realize that there are co-pays and deductibles like any other insurance, and exclusions for pre-existing and hereditary conditions. There are also higher premiums based on the age of the pet, and some will not insure pets over 9 years old.

   Prepare Your Records on the Pet to Be Insured

   • 1
     Gather together all of the following materials on your pet: prior medical bills, immunization records, license records and pedigree information.
   • 2
     Write down on one page the breed of the animal and the age of the animal. This is a starting point for research that you may want to do before you call.
   • 3
     Remember that if your animal is a mixed-breed animal, the pedigree or adoption papers may give some idea of the breeds of both its parents and grandparents. This can be important for diseases and conditions the animal could inherit.
   • 4
     Review the medical records for any conditions that might re-occur and make a list of them for your own records. This might be important for the insurance, but it will also help you decide if insurance is cost-effective.
   • 5
     Add a list of conditions that the pet has been immunized for. The license information may help if you cannot interpret all of the immunization information.
   • 6
     Note for your own records whether the pet goes outdoors, is permanently outdoors or spends some time indoors and some time outdoors--as opposed to a completely indoor life. The environmental conditions may affect the health of your pet.

   Research the Breed(s) of Your Pet for Hereditary Conditions and Susceptibilities

   • 1
     Write down the breed(s) of your pet because there are a few resources to assist in determining health vulnerabilities in your pet.
   • 2
     Contact organizations with knowledge about the breed, such as those listed in the resources below.
   • 3
     Review their Web sites or publications, taking note of hip-displacement issues, cancer rates, kidney disease, temperament problems, heart problems and diseases of the skin and of the mouth. Note other problems that are mentioned, and wherever possible, try to find out the likely rate of occurrence of the conditions.
   • 4
     Compile a list of the conditions and occurrence rates.
   • 5
     Note whether your pet is pure-bred or mixed-breed, as these rates are typically higher or lower based on the genetic disposition of the animal.

   Contact Several Insurance Companies for Quotations

   • 1
     Research various insurance companies online.
   • 2
     Call companies that you are considering and ask for a quotation.
   • 3
     Record the name, address and phone number of the company.
   • 4
     Determine whether there are financial stability data, the rating of the company and the firm that has rated them (such as Moodys, Standard and Poors).
   • 5
     Find out for how many years the company has offered veterinary pet insurance.
   • 6
     Ask these questions: Will I need to pay the bill and request reimbursement after I have paid? Do all veterinarians recognize this insurance? Is there a network of veterinarians I must use? Must I take my pet for a physical examination before I can obtain coverage? Are there conditions or procedures which your policy does not cover? How long is the coverage in effect before I have to renew? What payment options are available?
   • 7
     Record the quotations from each provider on a sheet of paper with notes on any answers to the above questions.
   • 8
     Tell each company that you will not immediately sign up for a policy since you are shopping around.

   Do Your Homework and Decide If a Policy Works for You

   • 1
     Contact your state insurance department to inquire about each company you are considering.
   • 2
     Ask the state about any regulatory actions filed against the company or any issues of bankruptcy, insolvency, financial hardship or receivership. This is important to determine whether there might be issues getting your claims paid.
   • 3
     Obtain a copy of the policy from each company to review the exclusions and coverages offered by each company.
   • 4
     Compare the policy to what you were advised over the phone or on their Web site.
   • 5
     Calculate the overall cost of the policy for each quotation, and then multiply that amount by the estimated life span of your pet (about $2000 to $6000 for the insurance over the lifetime of your pet).
   • 6
     Compare that cost with the expected annual cost of veterinary visits based on past history and conditions which are likely to occur as your pet ages. For example, a German shepherd may have hip problems which will occur, so in addition to normal vet bills, you want to factor in those costs.
   • 7
     Note conditions which are unlikely to be covered by the insurance and add them to the cost of the insurance over the life of the pet.
   • 8
     Once you have all those numbers added up for each policy, compare them.
   • 9
     Decide on a policy (if you choose to get one at all) based upon not just the cost, but also what is covered, what you have found out about the company and what your level of satisfaction in dealing with them has been.