Insurance plans for pets are becoming a necessity these days because of the rising health expenditures for pets and the ever increasing fees of the vets. Add to that the higher costs of vaccination and the increasing number of medical ailments that might affect a pet one needs to have all the expenses covered. As the variety of pets that people have these days goes higher the pet insurance plans come to the rescue. Here are the four different kinds of pet insurance plans that one can opt for depending on one’s requirements.
- Standard Pet Insurance Plans
These plans take care of the pet illness and preventive care. These plans also cover the pet owner against any accidents. Depending on the company and the value of the insurance plan chosen, one has to pay a fixed premium every year and is covered for all medical costs incurred over the pet only up to a certain amount. This is the most common pet insurance plan that is there in the market.
- Accident Only Insurance Plans
These plans are, as the name suggests, designed only to cover the accident expenses. All kind of medical conditions need not be covered under this scheme and this is a certain disadvantage as compared to the standard insurance plans for pets in the market. There is also no coverage for illness also which can often lead to unforeseen expenditures.
- Discount Based Insurance Plan
This is another kind of insurance plan for pets that is gaining popularity with owners who have healthy pets and generally do not need to visit the vet for emergency illness care. In this case whenever the pet is taken to a veterinarian the owner gets a discount on the medical bills. However, this is applicable only when the vet is from a closed network of vets specified and recognised by the insurance company. At times this can be a restriction for the pet owner and often a source of hassle too. However, if the visits to the vet are not very frequent this plan is highly economical in terms of the premium that is paid.
- Customised Mix – and – Match Insurance Plans
These plans are a combination of all of the plans mentioned above. One can pick and choose what all one needs and the insurance company will provide coverage for the same. It is advisable to choose this kind of a plan only after examining the pet’s condition and taking opinion from the pet’s veterinarian. Once the owner has an idea of the pet’s health and the ensuing medical expenditure one can choose the insurance plan and the premium accordingly. This kind of a mix and match option is also more expensive than a traditional insurance plan because of the flexibility it offers to the owner.
Last but not the least, one should always consult a vet before going for an insurance plan. It is also a good idea to have an idea of the budget one is keeping aside for the medical expenditure.