Pet Insurance

By: EconomyWatch   Date: 26 May 2010

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Pet insurance is a cover for financial losses suffered by a policyholder due to unexpected emergencies in his/her pet's life. This insurance covers medical expenses that you may need to bear due to your pet’s illness, allergy or accident. However, the insurance policy does not pay for routine or preventative treatment.

This policy also provides cover for kennel fees in case you are hospitalized. A dog insurance policy can help you cover losses to a third party in case your pet has destroyed their property.

Pet Insurance: Types of Coverage

One can select different types of pet insurance policies, based on individual needs, pets and budgets. The following are the various types of pet insurance policies:

  • Lifetime cover: This policy covers expenses related to a pet contracting any long-term or chronic illness. The illnesses covered in this policy include arthritis, eczema or any other sickness that requires your pet to be treated by a vet for a long period of time. Under this type of policy, a policyholder is entitled to a specific sum of money every year. This maximum limit can be reset when the policy is renewed. This cover is especially available for pet insurance bought for dogs and cats.

  • Time-limited cover: Through this cover, pet owners receive financial protection for a specific period after a pet suffers an injury or contracts any disease that requires him/her to be treated by a vet. This cover is usually cheaper than the lifetime cover and is extremely popular among people who own crossbreed cats and are worried about incurring high treatment costs.

  • Money-limit cover: Through this cover, pet owners can receive monetary benefit for every condition that falls under the purview of pet insurance coverage. There is no time limit and a policyholder can claim for as long the money limit is not reached. This cover is generally costlier than the lifetime cover, but cheaper than the time-limited cover.


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