Choosing a Pet Insurance Policy

 by Joan Shin

Companies selling pet insurance in the U.S. include Veterinary Pet Insurance, Pethealth Inc., The Hartville Group, Pets Best Insurance, Embrace Pet Insurance, PetFirst Healthcare, PetPartners and Petplan USA.

These companies generally offer a few levels of policies ranging from $5 to $30 a month on average for a healthy pet. The cost varies depending on the extent of coverage, benefit limits, deductibles and co-payments. Dogs are generally more expensive to insure than cats.

Coverage varies according to company and plan as well. For example, ASPCA Pet Health Insurance's most basic "safety plan" covers only treatment for injuries such as broken bones, bee stings and burns. At the other end of the spectrum, Embrace Pet Insurance's policies, which can be customized, cover cancer treatment and alternative therapy like acupuncture.

When shopping around for a policy, find out exactly what the policy covers and what the exclusions are.

Most policies exclude pre-existing conditions and many exclude hereditary conditions, which purebred cats and dogs are more likely to have, or limit coverage for older animals.

Here are some additional questions to ask the insurance company:
• Are my claim payments based on my vet bill or the insurance company's benefit schedule?
• Are drug and dental coverage included?
• Will my premium go up over time, as I file claims, or my pet gets older?
• How will I be reimbursed? Do I pay the vet and then submit the bill, or will the vet handle billing?
• Does the plan cover chronic or recurring conditions?
• What are the financial limits of coverage? How are they applied?
If your pet is advanced in years, in poor health, or if you do not want to subject the animal to a major surgical procedure, insurance may not be a worthwhile investment. Talk to your vet about your pet's health and query insurance companies about the limits of coverage before purchasing a policy.