Pet Insurance

pet insurance

What is Pet Insurance?

This is an insurance plan that helps to take care of veterinary treatment and care costs in case an insured animal falls ill or gets injured in an accident. Some policies also compensate for a dead, lost or stolen pet. Such plans also pay out if the insured animal injures a third party or damages their property.

Pet insurances not only cover cats and dogs but also take care of a wide range of animals. A good example is Exotic Direct, which is the best insurance provider for pets (other than dogs and cats), according to They offer insurance plans for birds (inclusive of parrots and birds of prey), both small and large mammals (including rabbits, ferrets, and chinchillas), and reptiles (including lizards, tortoises, turtles, and snakes).

Why is Pet Insurance Necessary?

Pets play a very important role in our lives so it necessary to offer them the best healthcare when they get injured or fall ill. Major advances in veterinary medicine have made it possible for your pets to receive treatments previously reserved for humans, making certain fatal medical conditions curable. Moreover, veterinary practices nowadays can access more sophisticated equipment, easing the hassle of diagnosing and detecting medical conditions that would go untreated in the past.

Animal diagnoses and treatments are usually costly, leaving some pet owners in a spirited debate on whether or not to spend on such misfortunes. This explains why many people go for an insurance plan since, on top of saving them high veterinary fees, it also allows them to explore a variety of treatment options.

Types of Pet Insurance Policies

Policies differ depending on what providers focus on, therefore it is very important to read their terms and conditions. There are four categories of insurance plans listed below:

  1. Accident-Only Policies – Accident-only pet insurance plans are the cheapest option in the market that cover components that clearly return the value of your money. Any pet owner who subscribes to such a plan is entitled to get assistance if their pet gets involved in an accident. Some policies also go to the extent of covering emergency illnesses and/or conditions resulting from an accident.
  2. Time-Limited Policies – These policies provide cover up to a maximum amount as per the agreed condition. Once you claim insurance for a certain condition, a 12-month limit is placed on the condition, before which you are not allowed to claim any further payouts. That condition is then eliminated from the policy regardless of whether it is renewed or not. You will, therefore, have to cater for any additional costs past the set limit. The restrictions put on these policies make them one of the cheapest insurance plans.
  3. Maximum Benefit Policies – Such policies cover conditions up to a certain maximum amount for an unlimited time span. Any treatment costs above the set limit are not taken care of by the provider. This policy fails to be convenient for the coverage of an ongoing illness completely.
  4. Lifetime/Covered for Life Policies – A lifetime pet insurance policy offers a given amount of cover on veterinary fees, renewable annually as per policy renewal. Any animal insured under this plan remains covered all through its lifetime as long as the plan remains active. This makes it the most expensive policy, but the best in terms of giving the owner peace of mind.

Featured Image: depositphotos/ lucianmilasan