Understanding Pet Insurance Policy Terms

Pet insurance is one of those things that can give minor headaches when trying to sort out. A big reason for this are the terms that one has to deal with, and you’d be forgiven for thinking that a law degree is needed to wade through it all sometimes. This article will bring you up to speed, so that by the time you come to get a policy for your pet, you’ll make quick work of the selection process.

The Deductible
Deductibles are the insurance provider’s way of getting you come up with some of the cash when something goes wrong. Similar to the deductible you have with a car insurance policy, a pet insurance deductible will be a flat out of pocket rate, or some type of percentage amount. This deductible will be applied to the costs associated with a visit to the vet or any medication that is bought. So for example if your total vets bill is $500, and your deductible is $100, the insurance company will only cover $400.

Most policies have a per incident deductible and an annual deductible. Once you have settled your annual deductible, you only have to work with accident or illness claims that are made over the life of the policy. Keep these incidents down and you needn’t worry too much about per incident deductibles.

Policy Claims
As the title suggests, this is where you actually put in a request for the insurance company to deal with some cost associated with your pet. It could be anything from a vet’s bill, to a prescription for medication. The terms of your policy will dictate what you can and cannot put in a claim for so it is important to read it well.

Benefits Under Policy
Benefits under policy come only in the tragic event your pet dies. As such, you never want to have to deal with this type of scenario. But, if the worse does happen, you can be assured that any related expenses connected with the death will be covered by the provider.

Co-Pay & Exclusions
A Co-pay under a pet insurance policy is similar to the co-pay you pay when you visit a doctor. It is just the upfront fee that you have to find in order to get things rolling. An Exclusion on the other hand, is anything that the policy won’t cover, and can include certain types of illnesses that are expensive to treat.

You can’t go far wrong by taking the time to familiarize yourself with these terms. It will make the process of choosing a policy so much easier.