Pet insurance is here to help financially if your pet gets sick or has an accident. With vet bills being so expensive these days, pet insurance can literally be the difference between life and death.
You pay a monthly premium for the reassurance and security so if the worst does happen, your insurance company will cover most of the costs.
Your premium and the amount the insurer pays will depend on what you choose for things like your deductible and reimbursement percentage upon enrollment.
With the majority of pet insurance, you’ll have to pay the whole vet bill out of your own pocket and then claim the money back, minus the deductible and copay you’ve selected. Paw Protect features the ability to apply for Paytient – an interest-free line of credit allowing the user to pay vet bills* up-front, reducing the need to draw on savings or use an expensive credit card.
How much will pet insurance cost me?
When looking for insurance quotes, you’ll be asked for your ZIP code and some details of your beloved pet such as breed and age. This information is needed because the cost of vet bills can really vary – the price of the same surgery might be four times more in California than Wyoming.
Then you’ll choose your reimbursement percentage – usually between 70% and 90% – and annual deductible amount. You’ll also select an annual coverage limit, which can range from $5,000 to no limit at all.
These details will determine the monthly or annual premium you pay for pet insurance coverage and the amount you’ll be reimbursed for covered claims.
What deductible and reimbursement level should I choose?
Think about your budget when choosing your policy. How much can you afford monthly, and how much can you afford to pay up-front out of your own pocket if you got an unexpected vet bill?
For example, you might struggle to pay a $250 deductible on top of an emergency vet bill but be able to afford an extra $25 per month. If that’s the case, you might want to select a lower deductible.
On the flip side, if you’re willing to pay a higher deductible, your premium will be lower.
Although the name would leave you to believe otherwise, the deductible does not get deducted from your vet bill – it’s the amount you’re responsible for paying before your insurance kicks in.
You might also want to think about how much you’d like to be reimbursed when making a claim. If your pet’s bill came to $2500, would a 70% reimbursement of $1,750 be enough? If not, you could increase your reimbursement percentage and pay a higher premium.