Pet Insurance

Pet insurance is the mechanism to help pet owners pay for their pet’s healthcare. It also provides peace of mind for the pet owner as they do not have to choose between personal finances and the untimely and premature euthanasia of a beloved pet.

The very first pet insurance policy was written by Claes Virgin in 1890. He focused his attention on horses and livestock. The first pet insurance policy was sold in Britain in 1947. The first pet insurance policy sold in the United States was in 1982 and issued to everyone’s favorite television dog, Lassie. The policy was written by Veterinary Pet Insurance.

Pet insurance typically covers pet health care in the event of an accident or illness. Most policies have an option where long term care in the event of a chronic condition can be added to the pet insurance policy at an added fee.

With the cost of veterinary care getting more expensive as more sophisticated methods and options become available, it is becoming a cost that can strain the budget of the pet owner. Veterinary care now includes the ability to perform MRI’s on pets and use chemotherapy to treat pet patients. Surgical techniques have been refined for pet care and surgery is used more and more to treat injuries and illness that were once left untreated. Having a pet insurance policy in place will allow the pet owner to provide medical care when necessary.

The cost of pet insurance varies depending on the age and breed of your pet as well as the level of coverage chosen for your pet. Most pet insurance underwriters will provide a no cost, no obligation quote based on information supplied by the pet owner.

Pet insurance is actually a form of property insurance more than health care insurance for your pet. Pet insurance reimburses the pet owner rather than the pet when a claim has been submitted, as the pet owner is the owner of the policy.

The level of reimbursement depends on the policy and the level of coverage. Most policies will reimburse the pet owner about 80% of the cost of the procedure and the time spent with the vet. Most policies will cover the pets stay at the vets for more than 24 hours when additional treatment or monitoring is required. Most pet insurance policies will cover follow up care as well as evaluation, after treatment has been performed.

Pet insurance policies can also include preventative care such as the necessary shots and vaccinations or elective procedures such as neutering. Some of the new pet insurance policies available in Canada, the United Kingdom and the United States include comprehensive coverage which further includes dental care, prescription medications and alternative health treatments such as acupuncture and physiotherapy.

Pet insurance companies are now leaning toward giving the pet owner the ability to customize a pet insurance policy with the level of coverage desired for their pet. This method allows the pet owner to better manage their pet’s health care cost.