Pet Insurance pays, in whole or in part, for the care of animals from sick or insured pets. Some policies will pay when a pet dies, or if a pet is lost or stolen.
Because veterinary is increasingly using expensive medical techniques and medicines, and owners have higher expectations for their pet health care and living standards than ever before, the market for pet insurance has increased.
Video Pet insurance
Histori
The first pet insurance policy was written in 1890 by Claes Virgin. Virgin was the founder of the LÃÆ'¤nsfÃÆ'¶rsÃÆ'¤krings Alliance, at which point he focused on horses and cattle. In 1947, the first pet insurance policy was sold in the UK. In 2009, the UK had the second highest rate of pet insurance in the world (23%), behind only Sweden. According to the latest data available from the US Department of Veterinary Science and the Institute of Animal Food, only 0.7% of pets in the United States are covered by Pet Insurance. In 1982, the first pet insurance policy was sold in the United States, and was issued for Lassie television by Veterinary Pet Insurance (VPI).
Maps Pet insurance
How the policy works
Many pet owners believe that pet insurance is a variation of human health insurance; However, pet insurance is actually a form of property insurance. Thus, pet insurance is changing owners after the pet receives treatment and the owner submits a claim to the insurance company. Pet insurance policies mainly cover dogs, cats and horses even though more exotic animal species may be protected.
UK policy can pay 100% of veterinary fees, but this is not always the case. It is common for British pet insurance companies to discount their policies by offering customers the opportunity to pay "excess", as well as motor vehicle insurance. Excess charges can range from Ã, Â £ 40 to Ã, Â £ 100.
Policies in the United States and Canada either pay off the benefit schedule or pay a percentage of the vet fee (70-100%), after reaching a deductible, depending on the company and the policy. Owners usually pay the amount due to the veterinarian and then submit in the claim form and receive a replacement, which some companies and policies limit according to their own schedule of the required and usual fees. For very high bills, some veterinarians allow owners to delay payments until insurance claims are processed. Some insurance companies pay the veterinarian directly on behalf of the customer. Most American and Canadian policies require pet owners to request a fee.
Previously, most pet insurance plans do not pay for preventive care (such as vaccinations) or elective procedures (such as castrate). Recently, several companies in Canada, the United Kingdom, and the United States offer routine maintenance coverage, sometimes called comprehensive coverage. Dental treatments, prescription medications and alternative treatments, such as physiotherapy and acupuncture, are also covered by some providers.
There are two categories of pet insurance policies: non-life and lifetime. The former covers buyers for most of the conditions suffered by their pets during the policy year but, on the update in the following year, conditions that have been claimed will be excluded. If the condition requires further care, the pet owner must pay for himself. The second category includes pets for sustainable conditions throughout the life of the pet so, if the condition is claimed for the first year, it will not be excluded in subsequent years. However, lifetime policy also has limits: some have "per state" restrictions, others have "per state, per year" restrictions, and others have "per year" limits, all of which have different implications for pet owners who the pet takes care year after year, so be wise to know what kind of lifetime policy you are considering.
In addition, companies often limit coverage to pre-existing conditions to eliminate fraudulent consumers, thus providing incentives to owners to insure even very young animals, who are not expected to incur high animal costs while they are still healthy. There is usually a short period after a pet insurance policy is purchased when the holder will not be able to claim illness, often no later than 14 days from the start. This is to cover the infectious diseases before the pet is closed but the symptoms just appear after the coverage begins.
Some insurance companies offer options that are not directly related to pet health, including dormitory fees for animals whose owners are hospitalized, or fees (such as gifts or posters) associated with the removal of missing animals. Some policies also include travel cancellation coverage if the owner must remain with a pet in need of urgent care or is dying.
Some UK policies for dogs also include third party liability insurance. So, for example, if a dog causes a car accident that damages a vehicle, the insurance company will pay to repair the damage to which its owner is liable under the 1971 Animal Act.
Difference between companies
Pet insurance companies are starting to offer pet owners more ability to customize their coverage by allowing them to choose their own level of deductible or co-insurance. This allows pet owners to control their monthly premiums and choose the level of coverage that works best for them.
Some of the differences in insurance coverage are:
- Which pets are protected (usually dogs and cats, although some insurance companies include horses or other pets.)
- Whether the congenital and hereditary conditions (such as hip dysplasia, heart defects, eye cataracts or diabetes) are included;
- How reimbursement is calculated (based on actual vet bills, benefit schedule or regular and usual rates);
- Whether deductibles are made per incident or annually;
- Are there any restrictions or limits applied (per incident, per year, age, or during pet lifetime); and
- Is there an annual contract that determines whatsoever diagnosed in the previous year of coverage is considered to have existed in the following year.
See also
- The North American Pet Health Insurance Association
References
Source of the article : Wikipedia
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