Pet insurance isn’t as complicated as you may think it is. Although there are many different companies with different plans, the basic idea is the same across the board.
Veterinary pet insurance (VPI) is known as indemnity insurance. You pay a monthly fee, between $10 and $50 per month. Then you cover the cost of care upfront, file a claim with the insurance company, and receive reimbursement for a portion of the costs within 30 days. Usually you need to pay a deductible first—$50 or more—and then a copayment, usually 10–50 percent. Some companies implement an annual limit for the policy, while others stipulate you can spend a certain amount across the policy’s lifetime.
When you sign up for pet insurance you will have a waiting period before coverage starts. The time frame may be different for accidents and illnesses, usually no more than a month. Pet insurance companies do this to ensure people don’t get coverage just to make a specific claim.
It’s just that simple. In reviewing different companies, look carefully at the list of exclusions. Some companies won’t cover pre-existing or hereditary conditions. Also, make sure the provider is licensed in your state so you won’t be left with unpaid bills if something happens to them.
