3 Mistakes to Avoid When Comparing Rates for Pet Insurance
Having a pet and deciding that pet insurance is the way to go is a very important first step. But few people look beyond the dollar signs when comparing rates; too often they fail to zero in on the qualitative things that make poet insurance important. This guide will help you to avoid this and other mistakes.
Mistake #1: Cheap Isn’t Always Better
Pet insurance is more about ‘scope of coverage’ than it is about cost, so when looking at rates, do take the time to see that the quote you get, has all the coverage components that you need for your pet. It helps also to have a clear understanding of coverage, the three most common of which are:
- Accident-only policies – the cheapest type you can get
- Accident and illness policies – dearer but gives you greater scope for emergencies
- Accident and illness policies with wellness care benefits – helps with things like rehab.
Mistake #2: Going for Extensive Coverage
A lot of people are tempted to go for coverage number three mentioned above, out of love for their pet. This is good but only if you have lots of cash. The reason you are better off going with option number two is that wellness exams, visits to the vets etc. are things you can plan for since they are known in advance. Pet insurance should really give you a buffer against unexpected events and so you should avoid going over the top with coverage.
Mistake #3: Opting for a Limited Term Policy
Regardless of the rates you get quoted, you’ll have the option to get a policy over the life of the pet or just simply for a limited time (usually 12 months). A limited term policy will most likely not give protection against certain conditions that are systemic in the type of pet you have. This will make it difficult later on in the life of the pet to get coverage for these eventualities. It therefore makes sense to go with a life term policy from the beginning. The premium itself can be managed over a period like 12 months so you don’t have to find all the money at once.
Avoid these three mistakes and you and your pet can breathe easy. When a problem does arise, you’ll be covered.