What to consider before purchasing a pet insurance policy.

Pet insurance policies are, like any other insurance, a trade off between the policy cost and the amount of future protection. Therefore there are two important areas to consider when evaluating a policy, the coverage side and the cost side.

Coverage Considerations

Feline and canine pet insurance policies can be seperated into two major categories, accident only coverage and full coverage. Accident only coverage is the more popular choice and provides protection against catastrophic illness or accidents. Insurance buyers need to be wary of what exactly will be covered with accident only policies. Pay particular attention to exclusions for genetic exclusions if they apply to your pets breed.

Cost Considerations

Pet insurance has become competative enough that it can make good financial sense to invest in a policy for your dog or cat. The three most important aspects to understand about the cost of the policy is the deductible, co-payment and maximums. The dedutibles and co-payments affect how much much out of pocket expense you will incur if you need to use the policy. These amounts need to be balanced against the insurance premium to make sure the plan will work for you. The limits of coverage are also important to consider. Policies typically set a yearly or per incident limit to how much coverage they will provide. If these limits are surpassed, the owner will be responsible for any overages.