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Quick Guide: pet insurance

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Pet insurance is a relatively new financial product, so relatively few people know what to look for or how to go about a pet insurance review. A pet insurance plan can be a good way to insure your pet in the case that a catastrophic illness or injury befalls your favorite animal. With the rising costs of healthcare for pets, a pet insurance plan might mean the difference between saving your animal’s life or not having the funds to make a difference.

Figuring out how to go about a pet insurance review can be tricky if you have never looked at these policies before. It is necessary to have a pet insurance review, however, in order to compare all of the pet insurance policies that are currently available and pick the one that is the best for your family and pet.

Start by gathering together all of the policy term sheets from the pet insurance policies that you are considering. Then make a spreadsheet for each policy showing the premium costs, co-payments, and maximum coverage amounts. Eliminate any policies that are too expensive and those that cannot provide as good of coverage as the other policies on your list.

Determining the best pet insurance plan from those left on your list will be a bit trickier. These other plans will usually be very similar to each other, so it is a good idea to read through all of the terms and conditions on these policies. Consider the restrictions on the coverage. Some policies will exclude previous conditions that the pet has already been diagnosed with (they usually require a veterinarian to attest to the pet’s health). If you are buying a policy because your pet has just been diagnosed with a serious condition, these policies are probably not for you.

Also consider the veterinarians that you are allowed to use under the pet insurance plan. Some plans are offered directly through a single doctor’s office, making them impossible to use if you travel with your pet or if you decide later on to switch veterinarians. On the other hand, plans with a limited number of providers can be ideal if you always use the same vet.

Finally, consider the coverage provided for conditions that your particular breed of pet is susceptible to. Policies that give you extra coverage for these conditions are usually a good deal, since they protect your pet against the most likely illnesses and injuries.

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