Home General Insurance What is the process of getting pet insurance?

What is the process of getting pet insurance?


Depending on the coverage, pet insurance might compensate you for accidents, sickness, and other expenses.
Getting pet insurance is a terrific method to ensure that you can always provide your animal friend with the attention they need without breaking the bank.

However, pet insurance may not necessarily function the same way as health insurance. Before deciding on the best pet insurance policy for you (and your pet), examine the following points.


What exactly does pet insurance cover?

Pet insurance often covers new injuries or diseases that occur with your pet. If you’re looking for pet insurance, CNBC Select has done some of the legwork for you. Spot Pet Insurance is one of our top selections because of wellness availability, coverage of vet exam expenses, and no maximum age restriction. We chose Healthy Paws because of provides comprehensive accident and sickness coverage, which includes unlimited yearly and per-accident coverage.
When your pet needs medical attention, the correct pet insurance coverage may be beneficial. However, pet insurance does not cover every case in which your pet requires medical attention. Here are some scenarios in which pet insurance will not be able to help.


It does not instantly cover your pet.

After a certain waiting period, pet insurance will cover your pet. For insurance that covers sickness, a two-week waiting period is pretty normal, whereas accident coverage might occasionally have a shorter waiting period of a day or two.


Anything that happens to your pet before the waiting time of your insurance is not covered by it.

As a result, insuring your pet when they’re young and healthy will not only save you money on premiums but also assist ensure that future diseases and accidents are covered by the insurance.

It normally does not cover pre-existing conditions.

It’s crucial to understand that no pet insurance companies cover pre-existing ailments, such as injuries or illnesses your pet experienced before enrolling in coverage and completing the waiting period.

However, there are some distinctions. Some, but not all, pet insurance providers will handle curable pre-existing diseases differently from incurable ones. For example, Embrace can resume coverage for conditions after a 12-month term from the date of the previous occurrence. However, the company’s website states that it does this “at our discretion,” so there’s never a certainty.

Embrace, for example, considers the following diseases to be treatable pre-existing conditions in pets:

Infections of the respiratory tract
Urinary tract infections
Disorders of the gastrointestinal tract
Incurable pre-existing diseases often include:

Allergies, Cancer, and Diabetes
Lipomas or skin lumps
Thyroid problems
Other chronic diseases
If your pet has an incurable pre-existing ailment, your pet insurance will most likely not cover any therapies for it. Saving a “pet care” emergency fund in a specialized high-yield savings account might help you meet the costs that pet insurance cannot. Some of our favorite high-yield savings accounts are LendingClub’s High-Yield Savings, which has a good APY and no minimum balance requirement, and UFB High-Yield Savings, which does not have a monthly maintenance charge and provides a free ATM card.
What is covered depends on the type of pet insurance you purchase.
There are three primary forms of pet insurance coverage that you may encounter while shopping:

Accident-only coverage: This type of coverage often covers unforeseen injuries to your pet, including as cuts and lacerations, ingestion of a foreign substance, or poisoning.
Accident and sickness coverage: This coverage can assist pay for accidents as well as new illnesses that your pet may get.
Wellness coverage can assist pay for more basic treatments such as an annual wellness check, immunizations, and, in some cases, prescription medicine or diets.
However, the specifics of any pet insurance coverage will differ depending on the insurance company and policy. Before purchasing, read your pet insurance policy thoroughly or look at a sample policy on the brand’s website to get a sense of what’s covered and what isn’t.

Elective treatments or pregnancies are sometimes not covered by pet insurance.
Pet insurance frequently does not cover elective surgeries you pick for your pet, such as declawing for cats or tail docking or ear cropping for dogs.

Policies also often exclude expenditures associated with pregnancy or childbirth. However, some pet insurance companies may cover spaying or neutering as part of their wellness policy.

What is the process of getting pet insurance?
In general, pet insurance reimburses you for a percentage of your treatment costs, less any deductible you must pay.

Here’s all you need to know about using pet insurance to provide your pet with the treatment they require.

1. Choose any veterinarian you like.
Unlike human health insurance, you don’t have to worry about which veterinarians are and aren’t part of a provider network. Most pet insurance providers will let you see any licensed veterinarian in your region.

2. Pay your entire bill
Most pet insurance providers require pet owners to pay for all vet costs out of pocket. That may imply that you’ll need to have cash or credit on hand to pay for a vet payment in full, even if it’s a huge one. To get reimbursed, save a copy of your receipt and bill.

To make things easier, some pet insurance providers will pay the vet directly. CarePlus by Chewy, for example, combines direct-to-vet payments with insurance from Trupanion, a partner firm.

3. Send your bill to your pet insurance provider.
Many pet insurance providers include an app or website where you may upload your veterinarian bills and receipts once they’ve been paid. You will claim the website of the pet insurance company. Many insurance companies process claims within a week, however, some might take up to a month.

4. Receive reimbursement for up to a percentage of your expenditures, less your deductible.
You may discover that your refund from your pet insurance company is less than what you paid. There are two causes for this: the reimbursement rate of your insurer and your policy’s deductible. Both are selected when you buy the coverage.

Any qualifying expenditures that exceed your deductible can be reimbursed by pet insurance companies. A deductible is a fixed cash amount that you pay before your insurance policy kicks in to cover its portion of the costs. This sum might range from $100 and $1,000. In general, the bigger the deductible, the cheaper the premium, or the monthly cost of coverage. Deductibles exist in two varieties:

A yearly deductible. A policy with this sort of deductible would, like a health insurance policy, reset each year.
A deductible per event. Each time you make a claim, you must pay a deductible.
When you satisfy your policy’s deductible, pet insurance providers refund you as a percentage of the entire sum. This compensation will often range between 70% and 90% of the cost. Again, when you sign up for coverage, you choose the reimbursement rate.

For example, if a pet owner with an 80% reimbursement rate, a $250 deductible, and a $5,000 annual limit receives a $1,000 vet bill for their dog, the pet insurance policy will refund 80% of the remaining $750, for a total of $600.

How much does pet insurance cost?
The cost of pet insurance is determined by the coverage, deductible and reimbursement restrictions, and yearly maximum of your policy. It also varies according to your pet’s age, breed, weight, and the sort of pet you’re insuring – for example, dogs are often less expensive to cover than cats.

The average pet insurance cost for dogs in 2022, according to the North American Pet Health Insurance Association (NAPHIA), was $53.34 per month for accident and sickness plans and $16.70 per month for accident-only policies. The typical accident and illness coverage for cats is $32.25 per month, while an accident-only policy costs $10.18 per month.
Pet insurance works by paying a percentage of your pet’s medical costs for any new, unforeseen illnesses that emerge. It does not cover any pre-existing conditions your pet had before signing up for the coverage, but if anything unexpected arises, your pet may typically see any vet you’d regularly see.