Once you’ve decided to purchase a pet insurance policy, there are several factors to consider before signing on the dotted line. Knowing the types of coverage that are available as well as deciding on the right option for your pet’s needs will make finding the most beneficial pet insurance policy easier.

What Questions Should I Ask?

First, determine if your pet will be covered by a policy. Certain breeds or types of animals may not be covered. Find out if any pre-existing health conditions are included or excluded. Specifically ask what services are covered in the plan. While vaccinations and routine checkups are usually included, find out about cancer therapies or chiropractic care. Remember, if a procedure isn’t stated in the policy, don’t assume that it’s covered. Most pet insurance policies will also have a range of ages for the animals. Sometimes a policy won’t start until the pet is 8 weeks old while other policies may not offer insurance beyond 8 years.

Since cost is always a consideration, determine the amount of the monthly premiums, your deductible and whether there are any annual limits on the policy. Ask if you can go to any veterinarian or if you must use certain ones as outlined in the policy. Make sure you find out how to submit a claim and how long it takes for it to be processed. Since some pet insurance policies can be cancelled by the insurer, understand all the terms and your complete obligation before signing.

How Are Premiums Calculated?

Premiums for pet insurance policies are calculated on several risk factors that determine if your pet is likely to require veterinary treatment and the resulting cost of any such treatments. The insurer carefully considers where you live, the type of pet, the pet’s age and sex, and whether your pet has been spayed or neutered. These criteria have been chosen after careful research and are designed to allow the insurer to write policies that are fair.

Your location is important to determine the prevailing cost of veterinary treatment in your area. The type of pet you have may also affect your coverage. The breed of dog for instance, may affect the cost of your policy because studies have shown that certain types of dog are more susceptible to particular illness or medical conditions. Since the advancing age of a pet usually brings additional medical issues, some pet insurance policies will raise the premium after the dog reaches a certain age or even cancel the policy. Spaying or neutering a pet eliminates many health issues and this may be reflected in lower monthly premiums.

Your pet is a precious member of your household and a pet insurance policy may be the best investment you can provide.