What is the coverage provided by a pet insurance policy?
Pet insurance does not only provide coverage for medical costs, although this is undoubtedly the most important aspect of pet insurance.
Depending on the pet insurance plan you choose (which also has corresponding premiums required), your pet insurance may provide coverage for:
- Medical bills: this includes veterinary costs for surgery, hospitalization, anesthesia and prescribed medicines.
- Life insurance: Like the life insurance policies of humans, this will pay a certain amount if the pet passes away. You can use this to replace your pet so that the grief of losing a dear pet is alleviated, especially for young family members. Although this will not bring your pet back, this will help you and your family move on.
- Pet recovery: In case you pet wanders away or is stolen, this component of the insurance will help defray the expenses involved in your attempt to recover your pet. This will provide a certain amount for you to spend on the printing of advertisement, a spot on the radio or TV, as well as the reward money to be given to those who were instrumental in the pet's return.
- Boarding or kennel fees: This coverage will pay for the boarding or kennel fees of your pet during the time that you are hospitalized.
- Pet wellness programs: These are treatments aimed at illness prevention by way of regular check-ups and wellness strategies. It can include routine treatment and diagnostics, as well as payments for laboratory tests, x-rays, vaccinations and neutering or spaying surgeries. These help both the pet owner and the pet insurance company. If the pet is in good condition, it is less susceptible to illness and injury and that would mean less claims on the policy.
- Owner's bequest: There may be instances when the pet outlives its owners. If this is your concern, you can buy this insurance to provide and care for your pet in case of your untimely demise.
- Accident coverage: This will provide indemnity for injury or damage related to accidents
- Personal liability and dog bite liability: These will pay for the legal obligations of the pet owner in case the pet causes damage or injury to property and to humans. Personal liability is when the dog harms the owner himself while dog bite or third party liability is when the dog harms other people or their property.
Pet insurance, then, is an ever growing insurance product, where you can get as comprehensive as possible.
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