is a relatively new part of the insurance market with a number of new pet insurance companies offering pet insurance quotes
. It is often also called dog insurance or cat insurance. The aim is not to completely cover the cost of the healthcare for the pet, but to provide for sudden expenses that can come about because of medical treatment.
Veterinary medicine has become more advanced with a greater use of technology and expensive drugs, which can mean that many treatments are now very expensive. This has considerably expanded the reach of pet insurance which a few years ago was a niche product commonly seen as aimed at over indulgent pet owners, although there had for more than a century been an active market for equine insurance which covered horses.
Pet health insurance
covers veterinary bills for a large number of animals as well as cats and dogs, including rabbits, horses, birds, fish and reptiles. These pet insurance policies
tend to be provided by specialist providers. In these cases a broker will often be useful as they will have a better specialist knowledge of the market. A broker will also be useful if there are a large number of pets, and they are routinely used by shops and charities.
Pet health insurance is designed to cover vetís bills, so is often called veterinary insurance, veterinary pet insurance, vpi pet insurance or pet insurance vpi. Pre-existing conditions are almost always excluded from coverage. Older and very young pets will often attract higher per insurance premiums
, as well as higher deductible amounts - which are the amounts that the pet owner is expected to pay before a claim
Pet insurance claims mostly involve the policy holder paying the vetís bill up front and then reclaiming the money. This is because pet insurance is actually a form of property insurance rather than a form of medical insurance, and so it operates on an indemnity model. This means that the claim is settled on a cash basis and very few policies will pay vetís expenses up front, or control the vet that is chosen. Usually a proportion of the bill rather than the whole bill is paid, which is called co-insurance.
Due to the growth in pet insurance it is very easy to get cheap pet insurance, and to compare pet insurance products. Pet insurance comparison is now available on most insurance comparison sites.
At the other end of the spectrum, vip pet insurance gives a more comprehensive insurance This does not mean that it is the best pet insurance, as it may suit different people. Some of the more expensive pet insurance policies will cover alternative therapies such as acupuncture, massage and hydrotherapy.
The cost of a pet insurance policy will usually be decided by the age of the pet, the petís breed and the area where the owner lives. With older pets there can be a requirement for a veterinary examination of the pet. There is often a requirement that the pet owner takes some responsibility for their petís health through regular visits to the vet and through vaccinations. This is usually done at the ownerís expense. Some pet insurance policies will offer non medical features such as the cost of boarding for pets if the owner has to go to hospital or the costs of publicity and rewards if the pet is lost.
Pet insurance can help to cut down on ďmedical surrendersĒ which are when an owner without the money to meet a vetís bill are forced to return pets as they can not afford the bill. This can be extremely traumatic not only to the pet, but also to the owner. This, and the better preventative medical care that insured pets tend to receive. has meant that many animal welfare charities advocate that pet insurance policies are more widely taken out.
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