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How to Buy Pet Insurance

Veterinarians have adopted many of the diagnostic and treatment methods used in human medicine, and the cost of health treatment for pets has skyrocketed. Here's how to purchase health insurance for your pet.

Instructions

  • Step 1: Shop around Shop around when looking for a policy. Policies and premiums vary from plan to plan.
  • Step 2: Consider your pet's needs Compare the coverage offered by the health plan with the predictable needs of your pet. Make sure the plan covers annual shots and vaccinations.
  • Step 3: Understand policy exclusions Make sure you understand any policy exclusions and the costs of the insurance. Find out if the premiums remain the same as the pet gets older.
  • Step 4: Investigate the underwriter Check whether the insurance underwriter is registered with insurance regulators in your state.
  • TIP: Consider signing up with a pet health discounter or a prepaid plan provider as an alternative to purchasing pet insurance. The disadvantage of these plans is that you have to use in-network clinics.
  • Step 5: Set up a savings account Set up a dedicated pet health care savings account whether you decide to buy insurance or not. Depending on your pet's health needs, you may spend more money on your pet by buying insurance than you would without. Be sure that you select a health plan for your pet based on your pet's needs.
  • FACT: As of 2004, approximately 63 percent of all households in the United States had a pet.

You Will Need

  • Policy alternatives
  • Terms of coverage
  • State regualtors
  • Savings account
  • Discounter or prepaid plan provider (optional)

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