When we insure ourselves, our houses, our cars, even our mobile phones, then why think before insuring our own pets? After all, they are a part of our lives, aren’t they? The unconditional love we possess for our pets costs us, especially when it comes to keeping them healthy. In addition to everyday costs of food, toys, grooming, cleaning expenses, reports state that owners spend around $24 Billion worldwide, in the whole year on medical expenses of pets. Isn’t that too much? One way to help curb these expenses is to enroll in Pet Insurance. So, let’s learn about the pros and cons of pet insurance.
Pros Of Pet Insurance
Like everything, there are pros and cons of pet insurance too. But first, let’s discuss its pros.
1. Low Deductibles and Simpler
Unlike the health insurance, the pet insurance is most likely with low deductibles. The Pet insurance is relatively simpler as one has to pay the amount at once upfront and claim it in as a single coverage.
It is much more streamlined. Pet insurance is much simpler as you receive the reimbursement directly into your bank account or through the check. Thus, pet insurance is much simpler as compared to any other type of insurance.
2. Free Visits
Another advantage of pet insurance is that it includes free visits to the clinics. Various plans offer different types of terms and conditions where one can visit the clinic with the pets according to the policy.
Thus, one has to read the clauses in the policies to be clear on this. But, most of the policies include 2-3 free visits per year.
3. Bonus Reimbursements
Some policies and insurance companies also provide some bonus reimbursements. In case of emergencies, if you need to travel and take your pet along with you, some insurance policies by some insurance companies provide coverage for the same, but only in some cases.
Also, if you need to cut the coverage short, if your pet dies or any other unfortunate circumstance, some policies may reimburse you. All you need to do is to read the clauses and terms and conditions carefully, before engaging in any policy.
This is one of the main advantages of pet insurance, which one cannot find in any other type of insurance.
4. Serious Illnesses
While discussing the pros and cons of pet insurance, one cannot leave this point. Most pet insurance plans cover serious illness and injuries at a fairly low amount. Pet insurance is one of the best ways to take care of your pets and safeguard them. If you are looking to protect your pets against some catastrophic event, then pet insurance is the best way to do so.
5. Flexibility To Choose Your Own Vet
Most pet insurance plans give you the flexibility to choose your own vets. Most insurance companies providing the pet insurance have connections with the vets, from which the insurer can choose the vet of their own.
There is a flexibility to choose from the list of vets, that one would want to take their pets to.
Cons Of Pet Insurance
In our discussion about the pros and cons of pet insurance, next is the cons. So, let’s start.
1. Sports Injuries
Most of the pet insurance plans do not cover the sports injuries. Pets who get injure while playing some sport or during some activities, there is no coverage in such situations. In some specific cases, the policies may cover the claim for some serious illness, but they are mostly the most expensive ones.
And pets do get sick a lot of time. Thus, this is one of the cons of pet insurance, which one should look at before finalizing the perfect insurance coverage for their pets.
2. Upfront Costs
The working of pet insurance is a little different. Although you enroll in pet insurance, what one has to do is to pay the medical expenses out of the pockets, and send the medical bill to the insurance company for the claim. Thus, there are upfront costs to be paid, even after the pet insurance.
Thus, this is one of the biggest cons of pet insurance, which plays an important role in finalizing the decision for pet insurance. Thus, one should always read the minute details and clauses of the insurance policy, before enrolling and should make sure that the policy is as per your requirements.
3. Pre-Existing Conditions
Pets are more prone to diseases. If your pet already has lots of diseases and is more likely to get sick, then the ship of pet insurance has already sailed for you. Insurance companies do not engage with those owners whose pets are more likely to get sick.
Thus, at this point, it is much better to invest in the treatment, rather than taking the pet insurance.
4. Routine Care
The biggest point in our discussion about pros and cons of pet insurance is that almost no insurance company or the policy provides the coverage for routine care. The owner has to pay for the routine checkup by themselves, every month or every fortnight, as per their requirements.
Thus, in such cases, pet insurance is not beneficial for the owner. Thus, one has to make sure to read the terms and conditions of the insurance policy to check whether the routine checkup is a part of the policy or not.
5. Restrictions For Certain Animals
There is an innumerable number of insurance plans for cats and dogs, but there are several other pet animals or exotic animals for which there are no or fewer insurance plans. Thus, pet insurance has several restrictions for certain animals. In such cases, it becomes difficult for pet owners to insure their pets.
6. Pet Insurances Can Be Expensive
Pet Insurance is one of the most expensive insurance plans out there. It can be quite expensive to get your pet insured. Premiums can vary substantially on the basis of the coverage that you are looking for. But for the ones which provide the full coverage for the pets, the insurance plans can get expensive.
Thus, one has to make sure about the premiums which one has to give to the insurance companies.
Thus, although it is important to get your pet insured, insurance can get quite expensive. One has to make sure that the terms and the conditions of the policy are according to your requirements.
Purchasing pet insurance is a big decision, and should be taken with utmost care. The decision has to depend on your requirements and your pet. Each plan has different policies and one should read the clauses in the policies before purchasing them.
So, this was all in our article about the pros and cons of pet insurance. We hope it was informative to you.