The cheapest pet insurance policies are those with high deductibles that cover accidents only, reports WebMD. Policies that cover both accidents and illnesses are more expensive, and the highest premiums are for policies that cover accidents, illnesses and wellness care. The cost of pet insurance varies depending on the species, breed and gender of the pet, explains PetMD.Continue Reading
Although accident-only pet insurance is less expensive than other policies, it is also less useful when pets age and illnesses tend to increase in comparison to accidents, notes PetMD. Pet owners who opt for accident-only insurance should understand what constitutes an accident according to the insurance company, as the policy may not cover incidents that owners may consider accidents. Decrease premium costs of accident-only insurance by increasing insurance deductibles and copayments, suggests PetMD.
Because laws do not allow veterinarians to sell pet insurance, owners can safely ask a veterinarian's advice about specific plans, according to WebMD. The organization also recommends checking plans by contacting the state attorney general office and asking about any complaints. The best time to look into insurance policies is when the pets are first acquired, as when the pets develop pre-existing conditions they become ineligible for coverage. Besides deductibles, pet insurance plans have limitations or caps on coverage. When enrolling pets in a plan, ensure the insurance company charges a flat rate premium that does not increase as the pet gets older, advises WebMD.Learn more about Insurance