This article discusses Pet Insurance. It covers the history of pet insurance and then covers some details as such as what the policies may cover and how they work.
The pet insurance company is the one responsible for paying the veterinary cost if your pet becomes sick or is injured in an accident. Some pet insurance policies may also pay out when the pet dies, or if in case it is lost or stolen.
Why Do We Need Pet Insurance?
The purpose of pet insurance is to mitigate the risk of incurring potential expense to treat ill or injured pets. In the field of veterinary medicine, expensive medical techniques and drugs are increasingly employed. Pet owners are now very expectant about the health care and standard of living than before, thus the market for pet insurance has significantly increased.
History Of Pet Insurance
The very first pet insurance policy was authored by Claes Virgin in 1890. Virgin is considered as the founder of Länsförsäkrings Alliance wherein during those times, he focused on horses and livestock. In 1947, the very first pet insurance policy was sold in Britain and as of 2009, Britain is the second highest in the world for the number of pet insurance policy owners (23%), behind only Sweden. In 1982, the first pet insurance that was sold in the United States was issued to the famous TV Lassie by the Veterinary Pet Insurance (VPI).
As of today, there are many pet insurance companies that are starting to offer the pet owner the ability to customize their respective coverage. They do it by letting them choose their own level of co-insurance or deductible. This will allow the pet owner to control their monthly premium and choose the only premium that suits them best.
How Pet Insurance Policies Can Differ
A good customer will always check every important detail before signing a policy which may not cover his pet’s condition. Some pet insurance companies will make use of a benefit schedule. This manifests the figure of reimbursement that is available toward each procedure or condition. Some pet insurance companies will cover certain part of the veterinary bill up to what they deem to be a customary or usual amount. This applies within a specific geographic area. Others will not cover hereditary conditions.
And lastly, the pet insurance company will not renew your yearly policy at the end of a given term. They will consider a certain condition that is pre-existing after renewing your annual contract. After which, they refuse to cover the illness of your pet.
Pet Insurance Overview
Despite these different set backs, pet insurance plays a very important role in caring for the security and life of our pets. They can give financial support that enables the dedicated pet owners to have a reassurance. A reassurance that they will have something to use in case their pets meet an accident or become ill. They are dedicated pet owners because they do not factor the economic considerations as this insurance entails about the security needs of their pets.