Pet Insurance Project

7/30/2019 Pet Insurance Project

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CHAPTER I

Introduction

1.1 What is Pet Insurance?

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1.1 WHAT IS PET INSURANCE?

Do you have apet? For sure you are like other pet owners who sincerely andgenerously love their pets. Thus, you need to secure a pet insurance. This

insurance product is not very common yet, but it surely is getting more andmore popular as years go by. In fact, many pet owners these days aresecuring insurance for their pets. The market for pet insurance products israpidly and constantly expanding.

To begin with, a pet insurance is an insurance product that is bought to coverfor a pets overall health in case accidents or illnesses happen in the future.The product is provided so that the pet owner could be able to pay for all theveterinary expenses in case of possible sickness or accident. It is a fact thatveterinary costs are very high, often much more expensive than actual health

costs of pet owners. This is especially true when pets are of rare orexpensive breeds.

If you have your pet properly insured, you could always rest assuredwhatever happens to it. You could shoulder veterinary bills and claim torefund those expenses in the future. This is very helpful especially thesedays when it just much harder to earn money because of the global financialcrisis. Filing for a claim is not very tedious and difficult. That is one of thereasons why more pet owners are now deciding to insure their belovedanimal companions.

In the past years, insurance policies for pets have broadened to includecoverage for many other possible eventualities. Originally, such productsonly cover pet hospitalization. Now, most insurance for pets cover x-raysand surgery as well. Long-term treatments are also covered, though regularveterinary checkups are still not. Many products also cover alternative orcomplementary therapies. Some even go to the extent of offering advicelines to the owner so that claims could even be possible in case the pet islost.

Thus, many observers note that pet insurance policies pose more advantage

to the pet owners. This is because the animal owners are the one responsiblein case the pets get injured or ill. They would be the ones paying for thebills. And because as mentioned, veterinary costs are very high, it would bemuch of a help for anyone if he would be spared from paying out hefty bills,especially these trying times.

Veterinary professionals advise all pet owners to invest in pet insurancepolicies. This is because doing so could help treat and care for the animal in

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accordance to what is best for such companion animals. It is also idealbecause pet owners should make sure pets are given specific and necessarytreatment, not according to what is afforded. Thus, insurance for pets shouldonly cover circumstances that owners should be thinking about prior to or

during pet ownership.Whats more? Several pet insurance policies even offer third-party coverageso that you could even file for claims in case your animal companion incursinjury to others or damage to other peoples properties, which should beshouldered by the pet owner in most instances. Even pet boarding expensesduring hospitalization and even holiday cancellation bills are covered bysome products.

Most insurance policies cover pets in their lifetime, while some cover just afew years.

Taking out a veterinary pet insurance for your cat or dog will help you tomake sure that your pet can and will be taken care of in the event of anunexpected emergency requiring treatment by a vet. Pet health insuranceenables you to take an animal to the vet even when you might be in a

position where you might not have sufficient funds to afford it.

You can take out a pet insurance for any kind of cat or dog, and sometimeseven for other, smaller, animals such as birds, rats and hamsters.

www.petsalley.com

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Chapter II

Why do you need Pet

Insurance?

2.1 Peace of Mind

2.2 Responsible Care

2.3 Financing your Pets Health

2.4 Avoiding Difficult Decision

2.5 Planning for the Future

2.6 Advantages n Disadvantages of Pet Insurance

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WHY DO YOU NEED PET INSURANCE?

Did you know that the average costs of veterinary treatment have more thandoubled in the past ten years? And that costs for certain kinds of treatments,

including surgery, chemotherapy and even routine preventive procedures,have risen even faster? The costs of keeping your pets healthy or evensaving their lives have never been higher.

Consider these facts about pet health care:

There are roughly 6 million new cancer diagnoses made in dogs and asimilar number in cats made each year.

88% of dog owners and 63% of cat owners took their pet to theveterinarian at least once in the past 12 months.

The average number of visits to the veterinarian each year is 2.8 fordogs and 2.3 for cats.

The most common reason for veterinary visits for dogs and cats isroutine care, which includes physical exams, vaccines, dental workand other related services. These routine visits, on average, cost dogowners $211 each year and cat owners $179 each year.

In addition to routine care, dog and cat owners spend an average of$574 and $334 each year, respectively, on surgical veterinary visitsfor various illnesses and injuries.

Unfortunately, you never know when your pets may experience an injury orillness. But with a Pets health Care Plan, you wont have to put a price tagon their life. You can even choose a plan that reimburses you for routine

preventive treatments like dental cleanings and vaccinations.

2.1 Peace of Mind

No one plans on their pet getting sick or being in an accident. With Pet plan,you don't have to worry about being faced with unexpected medical bills.

You will be able to provide the best possible care for your pet when theunexpected happens.

2.2 Responsible Care

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In many European countries - like the UK and Sweden - insuring your pet isjust as common as insuring your home or car. It's second nature. Today,responsible pet ownership about more than loves them - it means being ableto provide the right environment, stimulation, lifestyle, exercise and activity

levels, nutrition and health care for your pet.

2.3 Financing Your Pet's Health

We all have the best intentions when it comes to saving money foremergencies, however it seems like something always comes up and we're

back to square one.

Our Cover for Life plans for dogs and cats are like an emergency fund that

never runs out!

Pet insurance is a way to budget and control the cost of keeping your pethealthy. You'll always know your monthly costs so you won't be caughtunprepared in the case of an emergency. You'll be free to provide your petwith your love and attention in times of need.

2.4 Avoiding Difficult Decisions

Did you know that many pets do not receive potentially life-savingtreatments because the cost is too great for the owners to bear?

Pet insurance allows you to provide your pet with the best possible care.Decisions regarding treatment are no longer complicated by financialrestrictions. Treatments that may otherwise be unattainable can be providedwithout a second thought. Your primary concern becomes the health of your

pet, not the cost of care.

2.5 Planning for the Future

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When you insure your pets before they develop health problems, you arecompletely covered if they develop anything in the future.

With Pet plan, your pets will be covered for any conditions that do not exist

before enrolling or that arise after the waiting period.

Don't be caught unprotected. Insure your pets before anything happens.

Protection from the Unexpected

When people choose their dog or cat, they often plan for how compatiblethat species or breed will be with their lifestyle.However, few people budget for the common illnesses and medical

problems associated with their pet's type or breed, or for the additionalaccidents or mishaps that occur over the course of an average pet's life;

things like ear infections, fights with other pets and swallowing foreignobjects.Pet insurance is your way of preparing for the costs of these unexpectedoccurrences, so you can go on with your life as quickly and easily as

possible

2.6 Advantages and Disadvantages of Pet InsuranceThere are many reasons to insure a pet, depending on the reason why you

decided to get a pet and possibly opt for a pet medical insurance in the firstplace.

Advantages to Insuring Your Pet

1. You always have the security of being able to provide your pet withproper medical care and you will be avoid to get and pay for treatment.

2. When other people are looking after your dog they dont have to hesitateto take the animal to the vet if they think that something might be wrongwith the animals.

3. You wont have to fork out a huge sum of money if your pet has anaccident and needs medical assistance or surgery.

Disadvantages to Insuring Your Pet

1. You have to pay a monthly fee, even if you dont need to take your pet tosee the vet.

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2. A pet insurance company will hardly ever reimburse you with 100% ofthe total amount that needs to be paid for your pets treatment. Usuallycompanies only pay out 80%.

3. An insurance repaying annual checkups visits and surgery and othermedical care can be expensive.

www.petinsuranceplans.com

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CHAPTER III

How Does Pet InsuranceWorks?

3.1 Step 1: Get a Policy

3.2 Step 2: The Waiting Period

3.3 Step 3: Making a Claim

3.4 Step 4: You Receive Your Claim Check

How Does Pet Insurance Work?

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Pet insurance is actually quite flexible. All pet insurance companies in theUnited States permit you to visit any veterinarian in the country includingemergency veterinarians and specialists. Some pet insurance companies,including Embrace, will even cover you in Canada, Mexico, and other parts

of the world when you are on vacation.

Pet insurance is what is known as a indemnity insurance where you pay theclaim up front and the company reimburses you after applying yourdeductible and co-pay, until you reach your policy's annual or lifetimemaximum.

3.1 Step 1: Get a Policy

Most pet insurance companies will issue a new policy to pets aged 8 weeksto up to 8 or even 10 years old, sometimes older if your pet undergoes amedical exam. Usually there is a waiting period and some pre-existingconditions may be excluded temporarily or permanently from your policy.

3.2 Step 2: The Waiting Period

The waiting period is the time between when you first sign up for petinsurance and when your full coverage kicks in. For example, if you sign up

and begin coverage on March 1st then your waiting period for accidents maybe two or three days after, say March 3rd, and for illnesses as long as 4weeks later, say March 31st.

Most pet insurance companies have a waiting period of 48 hours foraccidents and between 14 and 30 days for illnesses. The waiting period isthere so that no one takes out insurance immediately after an accident orillness.

The waiting period only applies in your first policy year, after that there is

no waiting period on your pet insurance.

3.3 Step 3: Making a Claim

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Once you've gone to the veterinarian, you pay the bill and fill out a claimform that your veterinarian signs. You fax or mail this form in to the petinsurance company along with your paid and itemized veterinary bill.

Some pet parents wonder why the pet insurance company can't reimbursethe veterinarian directly like in human health insurance.

The main reason is that pet insurance is a very, very small industrycompared to human health insurance. The computer systems aren't in placethat would allow direct reimbursement to the veterinarian and thesenetworks are incredibly expensive to build. However many companies,including Embrace, can and do make exceptions to this but these must bearranged between you, your veterinarian, and the pet insurance company ona case-by-case basis.

3.4 Step 4: You Receive Your Claim Check

Once you've sent in your claim form, it is assessed and you usually receive acheck or direct deposit back into your account minus any deductible or co-

pay that apply to your policy, until you reach your policy's annualmaximum.

If you paid for additional coverages like routine care or prescription drugs

then these will be reimbursed on your claim too according to your petinsurance plan's limits.

www.infiniteadvice.com

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CHAPTER IV

How Did Pet InsuranceCompanies Get Started?

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4.1 How Did Pet Health Insurance Companies Get Started?

Pet health insurance companies got their start in 1982 when a companycalled Veterinary Pet Insurance sold a policy to help protect the health and

welfare of one of the worlds most famous pets, Lassie. Pet health insurancecompanies actually started as a response to the notion that good people wereforced to put pets to sleep over curable conditions because those curableconditions cost too much money to get treated. It just seemed natural to the700 veterinarians that helped to start that first pet health insurance companyVeterinary Pet Insurance. People have people insurance companies so whycant pets have pet health insurance companies? The idea of pet healthinsurance companies blossomed from there.

Pet health insurance companies found the initial years rough going as pet

owners just did not see the need to invest in pet insurance for their petshealth. The idea of pet health insurance companies actually did cross the big

pond and make its way to England and it grew to the point where now theUnited States and England go hand in hand with offering pet healthinsurance for pets. But in the early days customers just did not see theimportance. The idea initially caught on with some larger insurancecompanies like Firemens Fund who tried to sell pet insurance but closedtheir pet insurance division in 1994 because they had sold less than 10,000

policies in 3 years. The only surviving pet health insurance company was

Veterinary Pet Insurance and they somehow managed to make it through atime when other pet health insurance companies were opening and thenclosing within a twelve-month period.

Getting Some Big Names Involved Helped

In the late 1990s Procter & Gamble finally started to get involved with pethealth insurance companies through their pet food division, Iams, and soonother pet insurance providers started to break through and make a stand inthe industry. In 1997 Rhona Sutter established the Pet Protect Company and

Russell Smith III started the Hartville Group. Both companies were startedby people with extensive experience in the insurance industry and bothstarted with very low key marketing plans and relied more on the push beingoffered by pet supplies companies than trying to over do any marketing plan.The idea was working and started catching on with people all throughout theUnited States and England.

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In 2006 Pet Protect had to close their doors but the Hartville Group andVeterinary Pet Insurance are still going strong. There have been very fewcompanies that have tried to sell pet insurance in the past thirty years withonly about seven companies opening and closing since 1982. But more

companies are starting to make a go of it in the pet insurance field and thehope is that people will see that there is more support for the idea of petinsurance and they will get on board with it.

www.infiniteadvice.com

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CHAPTER V

Types of Pet Insurance

5.1 Pet Health Insurance

5.2 Pet Liability Insurance

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TYPES OF PET INSURANCE

To many families a pet can bring love, companionship and security to ahome. And with this relationship comes a responsibility on behalf of the petowner to provide for their pet's proper veterinary care - whether it's a routine

check up or emergency care. That's where pet insurance comes into play.

In fact, we're going to talk about two types of pet insurance that all petowners should seriously consider - pet health insurance and pet liabilityinsurance. We're also going to discuss each of these two types of petinsurance separately and for a very practical reason. Pet liability insuranceis often included as part of your homeowner's insurance policy and pethealth care insurance carriers specialize in the medical care / veterinariansegment of the insurance industry.

5.1 Pet Health Insurance

Regardless of whether you've purchased your pet from an expert breeder oradopted from a local center, all pets should see a veterinarian for an initialexamination. These initial visits can run anywhere from $50 to $250depending on where you live and the extent of the medical services

provided.

Most pets will then require regularly scheduled follow up visits to a

veterinarian as part of a well-care program that includes vaccinations,immunizations as well as routine medical examinations. The point here isthat the costs of providing routine pet health care can add up. If you add tothis the unplanned costs that can occur from accidents and illnesses youquickly realize why there is a steady and growing demand for healthinsurance that covers pets.

Pet Health Care Coverage

To protect themselves from the high cost of pet care, many owners areturning to pet health insurance plans or pet health care coverage. Theseinsurance plans cover both the costs of routine health care as well as thecosts for medical care administered due to illness.

Typical health care coverage for your pet included in this type of insuranceincludes:

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Routine and emergency veterinarian office visits

Pet hospitalization

Prescription medications

Diagnostic medical tests X-ray examinations

Surgeries

Heartworm Protection

Spaying and Neutering

Laboratory fees

Vaccines and immunizations

Selecting Pet Insurance

Whenever you're consideringbuying insurance you need to make sure youread all the fine print when comparing policies. As is the case with othertypes of insurance, pet health care insurance policies typically include:

Annual Spending Caps - while some heath care policies carry lifetimemaximums or caps on payments made, pet insurance often carries annualspending caps.

Deductibles and Co payments - you'll find that pet insurance typically

comes with deductibles or copayments that are higher than you might beused to seeing with an HMO. For example, pet heath care insurance carriersmay charge deductibles in the area of $50 per visit.

You'll find that the best pet insurance carriers will clearly spell out the termsand conditions of the policies they have to offer. Make sure you understandthe details of any policy before you start paying your monthly premiums.

Pet Health Care Insurance Cost

If you think pet health care insurance is too expensive, you might be

pleasantly surprised to find the monthly insurance premiums are prettyreasonable. A quick stop to VIP Pet Insurance allowed us to obtain healthinsurance quotations for both a dog and a cat.

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Example Pet Insurance Costs

Costs will vary according to the plan selected, but typical health insurancepremiums for a dog will be around $32 / month, while health care insurancepremiums for a cat are in the range of $25 / month.

Keep in mind that these premium quotes are for what's assumed to be a

relatively young and healthy dog or cat. It may be expensive or impractical

to obtain health care insurance for animals with pre-existing health

conditions.


The second type of pet insurance we're going to discuss has to do with petliability insurance. Every pet owner, especially dog owners, needs to

carefully consider purchasing liability insurance for several very goodreasons.

The first and foremost reason for considering this type of insurance has to dowith the simple fact that dogs do bite. Each year, nearly five million peoplein the US along are bitten by dogs. And the liability payments associatedwith these accidents now approach one billion dollars annually.

The second reason for carrying this type of pet insurance is because it helpsto protect those that are around the pet most frequently. That means

protecting friends and relatives from the expense associated with a dog-related injury.

Finding Pet Liability Insurance

In the past, it was pretty easy to find pet liability insurance. Typical rentersand homeowners insurance policies provide victims of dog bites with$100,000 in coverage. However, the insurance industry has been slowlymoving away from providing this type of pet insurance automatically withina homeowner's policy.

Today's new insurance policies may actually exclude bites and injuries

caused by dogs - while other insurance carriers are beginning to eliminatethis coverage from their existing policies. In addition, a more commontactic of an insurance company might be to identify certain breeds of dogsthat have been associated with these types of injuries and excluding themfrom coverage.

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The bottom line here is that pet owners, especially dog owners, should makesure their insurance policy provides them with the protection they need. Ifyou own a dog and your existing insurance policy explicitly denies thisliability coverage, then you may want to switch to an insurance carrier that

does provide you with this coverage.Finally, we're going to finish up with the same warning we gave earlierwhen talking about pet heath care insurance policies - read your policies sothat you have a good understanding of what's covered and what's notcovered. You don't ever want to be surprised when you're filing aninsurance claim.

What Is Pet Liability Insurance And Who Needs It?

Even if they seem sweet and docile, any pet can suddenly turn on a passerby,house guest, or family member, causing severe injury or even death, to thevictim. Because pets are unpredictable, every pet owner should purchase petliability insurance. These liability policies minimize the financial risk petowners face when their pet becomes violent toward people or destructive to

property. The pet owner with liability insurance protects not just himself orherself, but also the potential victims.

Why Carry Pet Liability Insurance?

Pets are simply unpredictable. Pet liability insurance covers the cost ofdamage, injury or death caused by their pet. Dog bites are the most common

claim, with nearly a million dog bites reported around the US last yearalone. This is vital, as most states will hold the dog owner liable for the costof injuries done to individuals or property by a dog, with the exception oftrespassers.

How Does Liability Pet Insurance Work?

If you are a homeowner, generally, your homeowners insurance providessome coverage for damage done by pets to others and their property, but

companies are beginning to drop this stipulation due to the increase ofclaims as well as the increased popularity of pets that happen to be prone todestructive behavior. Homeowners insurance companies will often list the

breeds of dog and types of animal that they will not cover. If you own one ofthese breeds of dog, or any other breed listed by your insurance company asa dangerous breed, looking into a pet liability insurance policy is necessaryin the event that they become violent or destructive.

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What It Covers

What It Covers Pet liability insurance covers the cost of injuries to thirdparties caused by a pet? This includes bites and attacks to third partieslegally on homeowners premises, as well as in some cases property damage

caused by your pet. Generally, the policy will have a maximum benefit in aspecific dollar amount.

What It Does Not Cover

What It Does not Cover The pet owner with liability insurance is stillanswerable to the legal system. Owners in the majority of states can besubject to criminal proceedings if they know their dog has a tendency towardviolent behavior. Just because you are insured does not mean you wont befined or jailed in the event your animal causes severe injury or death.

Can I Be Denied Pet Liability Insurance?

If your dog has a history of attacking, has bitten before, or is a member of aviolent breed, you might have difficulty getting insurance liability for your

pet, if not outright denied. Chances are, if your pet has a bad history ofviolence, the legal system will step in eventually. If not, however, there areseveral things you can do as a pet owner to improve your chances ofobtaining for your dog or liability pet insurance.

Sign up your pet for obedience trainingcertificates can be sent toinsurance companies.

Neuter males to curb aggressionmale animals generally calm downafter the procedure.

Fence in your propertypreventative measures will keep potentialvictims out of harms way.

Keep the animal on a leash when outdoorsreduce the animalsability to bolt after someone or something.

All of these can be observed and proved easily to an insurance company,

improving your chances of getting insurance for your pet. Also, maintainingcontact with your neighbors about your pet, as well as disallowing childrenany time alone with the animals, gives you better chances of insuring your

pet, especially if they are difficult to insure.

Being a responsible pet owner should be the most important thing to petowners, especially those owning potentially dangerous animals.

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CHAPTER VIHow to Buy Pet Insurance?

6.1 Do Your Homework6.2 Find an Agent

6.3 Discuss the Options and Ask Questions

6.4 Complete the Requirements

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How to Buy Pet Insurance?

With more and more people wanting to answer their paternal and maternalinstincts by owning pets, the need for a more comprehensive coverage on

pets health and life have become more urgent. This is perhaps why the

number of pet insurance products in the market has tripled in recent years.This gives pet owners more options when choosing the right pet insurance

product for their animal loved ones.

If you are one of those pet owners who have not bought a pet insurance yet,it will be a good idea for you to read this article. We will tell you the stepsthat you need to take in buying pet insurance.

6.1Do your homework

This means that before you buy a pet insurance or even contact an agent,you need to prepare yourself and read about insurance policies and theirfeatures. The internet is one of the most important sources of information.Most insurance companies will have websites where you will find the

products that they are offering along with their company profiles andservices offered. It will also be a good idea to talk to other pet owners whohave also bought insurance for their pets. Their experience will be a big helpto you. Ask them for recommendations on great deals in pet insurance andalso advice on what to look for.

6.2 Find an agent

One of the most important things that you need to do is to find an insuranceagent that you know you can trust. You can ask your family and your friendsfor recommendations. This is vital because you need someone who will putyour interest first and your pets before their own self-interests. You see theseinsurance agents earn a commission for every pet insurance that they sell.

6.3 Discuss the options and ask questions

Never be afraid to ask questions. If there are things in the policy and thefeatures of the product that you dont understand, never be afraid to ask.Understanding the policy will allow you to choose wisely and in turn get a

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great deal. When buying a pet insurance, you need to take into considerationthe duration of the coverage. Will you buy something that will cover your

pets who lifetime or will something that you can renew annually suffice?

This will largely depend on yourbudget and your pets condition. Another

feature is the amount of coverage. Depending on how sickly your pet is, youneed to choose the maximum amount that your pet will be covered. Otherimportant things that you should consider are when the insurance policy will

be covered and also if the policy will also cover vaccinations and shots.Some will be starting a month after you signed the contract.

6.4 Complete all requirements

Once you finally have finally decided on the kind of pet insurance that youwill be getting, the next step is to make the payment and accomplish all therequirements. You need to make sure that all your requirements are in order.Otherwise, you may have problem when it is time to reimburse the paymentsthat you have made. That is actually one of the things that you have to lookinto.

Because payments are reimbursed, this means that you need to have themoney first to pay the hospital. Otherwise, you will also not be entertainedeven with an insurance policy.

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CHAPTER VII

Factors to Consider Before

You Buy Pet Insurance

7.1 Consider the Type of Animal7.2 Asses the Animals Age7.3 Value of Pet Should Always Be Considered7.4 Capacity to Pay Should Not Be Overlooked

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Factors to Consider Before You Buy Pet Insurance

If you have own a pet, you should make sure it is insured. Pet insurancepolicies are now considered as necessities. That is because no pet owner

could tell whether the animal would not be spared from any illness oraccident in the future. Insurance products for pets are designed and made tohelp owners shoulder veterinary expenses for costly hospitalizations,confinements, surgeries, and x-rays of the companion animals in the future.It is a fact that healthcare of pets is very expensive, sometimes costlier thanhuman healthcare.

It helps if you are sure you would not have to worry much about whetheryou would have enough money in case inevitable accidents and illnesses hityour pet. However, you have to make sure your pet insurance policy isappropriate and has a broad coverage. Before you buy any insurance productfor your pet, make sure you take note of the following factors first.

7.1 Consider the type of animal

It is best to invest in a pet insurance policy if you own a cat, a horse, or adog as these animals are usually falling ill and sometimes need medicalattention. A hamster or a gerbil may not need insurance because it is notlikely to require veterinary or medical attention. Such animals are usually

just confined within the cage, thus, there could be no accident. Life

expectancy is also just about three years. Pets that are exotic and are rareshould take more expensive insurance policies with greater premiums.

7.2 Assess the animals age

Take note that there are age limits observed for pet insurance products. Ingeneral, some insurers would not accept insurance applications for pets thatare already exceeding a specific age. If your pet is about five to 10 years old,it may not already be qualified for some ideal pet insurance products.

Many insurance products for pets cover the animals in their lifetime, whileothers only provide insurance for just several years. Also check terms andconditions so you would know what adjustments are made in the premiumsas your pet ages further. Coverage for older pets are more expensive, so it is

best to buy a policy the moment you the pet is born or bought.

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Pedigree pets are logically requiring more expensive insurance productscompared to cross breeds. Experts say this is because costs of owning andmaintaining a pedigree pet are high due to significant veterinary bills. Theseanimals are also more prone to hereditary conditions, thus their higher vet

bills. Selective breeding could require much higher insurance policies alsodue to the involved hereditary conditions. The best advice experts give to petowners is to immediately buy an appropriate policy as soon as the pet isowned.

7.3 Value of the pet should always be considered

Your pet needs insurance if it is expensive. Take note that policies couldalso cover pet replacement in case the animal is lost. Thus, the moreexpensive the pet is, the more costly the insurance company would pay.

7.4 Capacity to pay should not be overlooked

If you think the policies are costly, you could opt for the cheaper ones.Remember that without a pet insurance you would incur more expenses inthe future in case the animal figures into an accident or fall very ill.

www.money-zine.com

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CHAPTER VIIIThings That You Need To

Do When Buying a Pet

Insurance

8.1 Ask People for Recommendations8.2 Have Your Pet Checked8.3 Choose a Reputable Company

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Things That You Need To Do When Buying a Pet Insurance

Pet insurance is very important. You may not realize it early on but it will

dawn on you once yourpet starts to visit the veterinarian every week andyou start to rack up the bills. And like the medical expenses of humans,clinic bills for your pets are not inexpensive. They can be a burden for youespecially if you dont have thebudget for it.

It is actually for those who do not have the emergency money that petinsurance are for. It is important that you also take care of these expenseswhether or not your pet is sickly. This is because as they grow older, theywill get sick and a veterinarian needs to attend to them.

There are two kinds of pet insurance policy. One is the one that will cover

your pet in his or her own lifetime while the other one is a policy that willonly cover an animal for a specific period of time. You need to decide onwhat to purchase for your pet. It will depend on your budget of course andalso the personality and health of your pets.

But before you purchase your pet insurance, you need to make sure that youdo all these things. That way, you will have a better deal, a great deal foryour pet. Here are some of them.

8.1 Ask people for recommendations

If you really want to get the sweetest deal you can find, ask people what theythink. Ask pet owners their recommendations. They will surely know someof the best pet insurance products in the market today. With hundreds of petinsurance products about their coming from different companies, you needadvice on how to choose the very best of them.

If you are going to ask for recommendations, make sure that you also ask petowners who have had their pet insurance for a long time. That way, you can

be sure that what they will be sharing with you are things that they haveactually experienced. Also, ask them anything about the policies. They will

be able to tell you and explain to you in great detail than maybe someonewho is selling the pet insurance.

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8.2 Have your pet checked

Although it is important that you purchase a pet insurance for your pet, ifyou do not have the budget for it, why do so? Before you buy one, have your

pet checked. Is he someone who can potentially have a health problem? Is hesickly? Is he prone to having accidents? Is he an animal who needsnumerous check-ups every year? These are the things that you need to know

before buying that insurance. Also, check if he had already completed all hisshots and vaccines before you bought him or before he was given to you. Ifyou got him from an animal shelter, all the more that you should have himchecked, especially his shots.

8.3 Choose a reputable company

As much as you can, purchase a pet insurance from an insurance companythat you know will not fold overnight. This is important because you willnever know when your pet will get sick and you need to make sure thatwhen that happens, the company still exists.

www.money-zine.com

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CHAPTER IXVarious Reasons for

Getting a Pet Insurance

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Various Reasons for Getting a Pet Insurance

Pets are not just animals that we take care of just because they entertain us.

Pets are our companions. For some people, they are indispensable membersof the family. As pet owners, we are not just responsible in giving themfood. It is our responsibility to make sure that they would be living a longand healthy life. Pet insurance is something that would ensure we are doingour responsibilities.

There are different situations that would call for a pet insurance. Pets getsick often, with a pet insurance we get to know and carry out the best optionto save our pets life. Pet owners can get overwhelmed by the cost of petmedication. A simple health problem like a fracture could cost about $2,000.This is something you cannot pay immediately, unless you would have a petfund allocated for this kind of emergencies.

Another overwhelming fact is that the trips to the vet are getting more andmore expensive. Faster than your wage increase. Most of us think thatgetting a pet insurance is very expensive. There are pet insurance companieswhich offer good coverage but do not have to cost too much.

Pet insurance became accessible to consumers in the United States in 1982.In the span of 27 years, the pet insurance company underwent rocky times.There used to be about 30 companies before, currently, there are 10

companies in the United States as well as in other countries like Canada andcountries in Europe. Shockingly, United States residents are not into gettingpet insurances. Only 3% of pet owners in the United States got insurance fortheir animal companions. That is low compared with the 19% in Englandand 49% in Sweden.

Pet insurances operate the way insurances for people do. There are flexibleinsurance plans which enable the pet owner to get the desired veterinarian.However, just like in insurances for people, there are also conditions or fine

print that could be a problem when claiming insurance benefits. Because ofthis, even if it is your pets insurance policy, you would still need to analyzeand read the agreement and policies well. This would ensure that your petswell-being would not be compromised in the future.

The cost of getting a pet insurance depends on different factors. Dogs andcats do not cost the same. It could depend on the breed and the location.There are some breeds of animals that have genetic problems. Your four-

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legged friends are not the only one that could get pet insurance, birds andexotic animals like reptiles could also be covered with insurance.

Pet insurance would normally cover accidents, illnesses, scans and x-rays,surgeries, cancer treatments, hospitalization and prescription medicines.

Regular insurances would not cover vaccinations, examinations, and sprayor neuter. But if you prefer to have this part of the policy, then you could get

premium plans. Accidents would include ingestion of poison, laceration,fractures, falls and vehicular accidents. Not everything is covered by the petinsurance, like congenital diseases or pre-existing health problems. It is amust to look out for fine print when choosing your pet insurance.

Those owners who have expensive pets are advised to get pet insurances forthem. There are situations when maintaining your pets health becomesmore expensive that the pet itself. But just because there are people telling

you to buy insurance, you dont just jump into the water. It is best to choosewisely and take your time before making any kinds of decision. Rememberthat this is about your companions life.

www.doughroller.net

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CHAPTER XAVIVA Pet Insurance

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AVIVA PET INSURANCE

What are the different levels of cover?

Aviva pet insurance is available in three different levels of cover:Silver, Gold and Platinum.

Will Aviva insure animals other than dogs or cats?

No, Aviva only insures pet cats and dogs.

What will happen when my pet reaches old age?

Your cat or dog will continue to be insured for the cost of vets feesfor treatment of illness and injury for as long as you renew the policyand pay the premium - no matter what age he or she reaches (cover fordeath caused by accident or illness only applies to pets aged under 9years (dogs) or under 11 years (cats) at the start of the policy).

Will Aviva pay my vet direct?

With your permission, we will pay your vet directly for the treatmentrequired.

Can I insure a dog or cat of any age?

Your pet can be insured from the age of eight weeks. There is noupper age limit when claiming for vets fees with Aviva pet insurance(excluding death by accident or illness).

Does Aviva pet insurance have a no claims discount?

We want to ensure that pet owners are not discouraged from making aclaim if the need arises, so we dont operate a no claims discountsystem. Your pet insurance premiums are calculated according tovarious factors.

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I have more than one pet can I insure them on the same

policy?

We can only insure one pet per policy, but you will receive a 10%discount for each additional Aviva pet insurance policy you purchase.

Will I be covered for medical problems my pet has suffered in

the past?

Pre-existing conditions (i.e. health/medical problems that haveaffected, or are currently affecting, your pet) cannot be covered whenyou take out a new pet insurance policy.

Will my pet be covered if I take him/her on holiday with me?

Aviva pet insurance automatically covers your pet in countriesparticipating in the PETS Pet Travel Scheme (excluding non-EU andlong-haul countries as defined by DEFRA) for up to six months in anyone period of insurance (12 months).

The PETS Pet Travel Scheme allows owners to take their pets to

participating European Union countries (plus Eire) without having toquarantine them; you can read more about the scheme on the DEFRAwebsite.

Whats the excess on my pet insurance?

The vets fees excess is 75 per condition per year.

Is dental treatment covered?

Dental treatment required as the result of an accident is covered;routine procedures, preventative treatment and dentistry needed due toillness is excluded from the policy.

If my pet requires ongoing treatment, do I need to wait until

the treatment has finished before I can make a claim?

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No, you can make a claim as soon as the treatment for the first new (i.e. notpre- existing) illness occurs after the exclusion period, or straight away if anaccident. You can continue to make claims until the limit for that insurance

period (12 months, or the maximum payout limit) is reached.

How can I pay for my Aviva pet insurance policy?

You can pay for your policy each year securely by credit or debit card, ormonthly by Direct Debit.

Can I insure a working dog?

Sheepdogs, gun dogs, dogs for the blind and other assistance dogs can beinsured with Aviva, as long as the policyholder is the owner of the dog.

Dogs that are used for commercial, guard, security or racing purposes cannotbe covered.

Are there any types of dogs or cats which Aviva cannot insure?

Aviva cannot insure:

Any dog that is required to be registered under the Dangerous DogsAct 1991 and the Dangerous Dogs Act (Northern Ireland) order 1991.

Dogs that are used for guard security, racing or commercial purposesexcept for sheepdogs, gun dogs and dogs for the blind.

www.avivalifeinsurance.com

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Eight Reasons You Need Pet Insurance

1 - No Need to Decide Under Emotional Stress

If your pet suddenly falls sick or is injured, the last thing you want to worryabout is having to make a tradeoff between what you feel is right and whatyou can afford. Pet insurance allows you to avoid life-or-money decisionslike these.

2 - Pets Can Get Sick Any Time

Young dogs eat stuff they shouldn't, indoor cats don't get enough exerciseand can become overweight and unhealthy, older pets get arthritis and high

blood pressure. Stuff like this happens; you can't really plan for it.

3 - Do What Is Right, Not What You Can Afford

When you are discussing treatment options with your veterinarian, you wantto focus on doing the right thing, not the cost. Pet insurance helps you dothat.

4 - Seemingly Simple Things Can Cost Thousands

A simple fracture can cost $2,000 or $3,000 to repair. Could you pay this ifit happened today?

5 - You Have How Much Saved Up?

You keep saying you want to set aside an emergency fund for veterinarybills ... how much have you saved up so far?

6 - Vet Costs Rising Faster Than Your Wages

Veterinary care is expensive and continues to get more expensive as itbecomes more sophisticated. The statistics say that our wages are havingtrouble keeping up.

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7 - It's Not Expensive

Pet insurance that is designed properly can help you plan for life's

unexpected turns and be inexpensive too.

8 - Because They Would Do It for You

The unconditional love your pet shows you every day tells you.

www.petinsurancetips.com

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ARTICLES

Advertising Your Pet Health Insurance Company

In any business, one thing that you must not forget about is the importanceof advertising. This holds true even if you are running a pet health insurance

business. The idea here is to let as many people know about you.

You must take extra care to come up with marketing tools periodically. Onceyou started to advertise, you should not stop all of a sudden. If the financialaspect is your biggest dilemma, you must know that you have a lot ofoptions when it comes to marketing and not all those have a price tag ofgold.

In fact, as the business of pet health insurance is booming, so does theindustry of printing. The print medium has become the popular choice for

business people in order to come up with marketing tools that can help themcarry out their goals while staying within a specified budget. You actuallyhave a lot of options when it comes to this. You can settle for direct mailing

pieces like postcards, catalogs and brochures. You can also have flyers orcompany newsletters.

But if you want to try the large format route in terms of print ads, one of themost popular choice among the materials available are posters. The vastspace of posters can be filled with everything that you want to tell youraudience in a manner that they will be interested with what you are saying.

If you think that this can help you carry out your marketing goals, you mustremember the following steps in order to come up with effective posters.

1.Your poster must be focused. What does this mean? Given the fact that

you have a lot to say, you must choose whats the most important for you atthe moment. Highlight that factor on your posters design and the delivery ofyour message. You can have this done after a time and choose anothermessage. But do not commit the mistake of saying everything all at once.People may not understand what you are trying to tell them. As a result,instead of capturing their attention, they might get easily turned off.

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2.Use graphics on your materials. Take advantage of the posters size tocome up with the kind of design that will appeal to your target market. Youcan hire a professional to accomplish this for you. But you must tell themwhat it is that you want to impart to your audience. What do you want themto feel upon seeing your poster? From such ideas, your graphic designer cancreate variations of designs that you can choose from.

Do not get lost with the process though. You must not forget to include thevital elements about you on your posters. These are your contact details,your company name and your company logo. These three must be uniformwith all the other tools that you have used before or that you are planning touse in the future.

3.Use colors. This will add more life to your posters. You must aim for theeyes of your target market. And once youve got them, those eyes mustlinger on your materials until they have understood what you are trying tosay.

After doing the abovementioned for your posters printing venture, you mustseek out the services of the right printing company to process your materials.With all the right elements well taken care of, your posters will surely help

boost your pet health insurance business.

www.dogtips.net

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CONCLUSION

Pet insurance is slowly but surely catching up in India. Pet insurance

schemes essentially pay for the veterinary costs in case ones pet falls sick orsuffers an accident or injury. Some pet plan insurance products also make

payments for loss or death of the insured pet.Pet medical insurance is essentially a risk mitigation strategy for guardingagainst significant medical expenditure for treatment of sick or injured pets.With the recent developments in the field of veterinary medicine the lifeexpectancy of pets has increased, so did the cost of medical treatment. Thishas widened the market for pet insurance. Nowadays customized pet plan

insurance programs are available for animals like cats and dogs.

Pet care insurance in India is still at a nascent stage. Most of the clientscome from the super rich sections of society. However, the insurers foresee ahuge untapped potential in this sector, in the coming years. Pet insurers putthe number of pets at over 4 million, counted across Rs 400 corers. Industryinsiders in India expect pet insurance business to boom with the increased

public awareness about the concerned schemes.

Oriental insurance, a premier Indian insurance company, provides insurance

for dogs, horses and elephants. Currently the other key players in the Indianpet insurance market are United India Insurance Co, National Insurance Co,Bajaj Allianz General Insurance and New India Assurance Co.

Usually the premium for pet insurance varies between three to five percentof the amount insured in India. Pet medical insurance plans in Indianormally provide coverage for death from disease, disability and sickness.Insurance coverage is also extended for public liability and accidental death

pets.

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Bibliography

http:// business.mapsofindia.com/insurance/pet-insurance.html

http://dogs.net/article/pet-insurance/

http://www.doughroller.net/insurance/should-you-buy-pet-insurance/

http://www.petarticles.co.uk/

http://www.bestpetinsuranceplans.com/why-pet-insurance.htmls

http://www.mypetcover.com/pet-insurance-articles/pet-liability-insurance.html

http://www.petsalley.com/infowhatispetinsurance.html

http://www.pettravel.com/0001230.cfm.

http://moneycentral.msn.com/content/insurance/P76008.asp

http://www.infiniteadvice.com/pet-liability-insurance

http://www.money-zine.com/financial-planning/buying-insurance/pet-insurance-explained

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UNIVERSITY OF MUMBAI

PROJECT REPORT ON

PET INSURANCE

BACHELOR OF COMMERCE

(BANKING & INSURANCE)

SEMESTER-VI (2011-12)

SUBMITTED BY: MOHIT J. ZAVERI

ROLL NO. 44

PROJECT GUIDE

PROF. PRAVIN AKOLKAR

SHRI CHINAI COLLEGE OF COMMERCE &

ECONOMICS

ANDHERI (EAST), MUMBAI: 400 069

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CERTIFICATE

This is to certify that Mr. Mohit J. Zaveriof B.Com. [Banking & Insurance]Semester-vi (2011-2012) has successfully completed the project on Pet

Insurance under the guidance of Prof. Pravin Akolkar.

Principal

Course Coordinator

Project Guide/ Internal Examiner

External Examiner

DECLARATIONI, Mr. Mohit J. Zaveri the student of B.Com (Banking & Insurance)Semester-vi (2011-2012) hereby declare that I have completed project onPet Insurance. The information submitted is true & best to my knowledge.

Signature of the student(Mohit J. Zaveri)

Roll No. 44

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ACKNOWLEGEMENT

It gives me immense pleasure in presenting my topic on Pet Insurance.

I would firstly like to thank my institution and sincerely thank my Principal

for providing me support and giving me an oppportunity for doing Banking

& Insurance course and completing the project.

I take this opportunity to highlight the valuable contribution of Banking &

Insurance Coordinator Prof. Pravin Akolkar.

I would also like to express my profound gratitude to my Project guide

Prof. Pravin Akolkar who has so ably guided my research project with her

vast fund of knowledge, advice & constant encouragement without which

this project would have not been possible. I candidly appreciate her implicit

& valuable contribution in drawing up of my project.

My colleagues and especially my parents who have always supported and

encouraged, the success of this project report to large extent is also dedicated

to them.

I also thank all those who have helped me & whom I have forgotten to

mention in this space.

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EXECUTIVE SUMMARY

Apart from insurance for human being (life insurance, health insurance, and

other) or for properties (car insurance, home insurance, and others), there are

also arrangements for insurance for pet animals .pet insurance is the

insurance which plays the veterinary costs if ones pet is ill, injured due to

an accident, or in case it had died, or is lost or stolen (all payments towards a

claim have to be made by the pet owner). It does not cover the veterinary

treatment like vaccination and neutering.

Pet insurance largely means insurance for dogs and cats, with some special

insurance available for horses. (Insurance agency like veterinary pet

insurance covers other exotic animals also like chameleons and turtles).

Such insurance are more practice in developed countries and insurance cover

policies differ from company to company.

There are a certain amount of people who find comfort and joy within thecompany of animals such as dogs, cats, fishes, and birds. These examples of

animals have been tagged for the longest time as not only ordinary pets but

more so as mans unconditional friend. Pets are not like people who demand

so much from you physically and emotionally. These animals readily accept

whatever it is that you can give. But this doesnt matter that you will take

them for granted. When you have procured an animal to be your domestic

companion it is your sole responsibility to keep it well-nourished and safe.

One sure fire thing to show your love and respect to spot or kitty is to get a

pet insurance.

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The need for pet insurance came into its peak for the reason that veterinary

medicine which is linked to the industry has been adding up improvements

via technological breakthroughs in the drugs and techniques utilized to treat

animals. Pet owners have also increased their expectancy rte in the quality of

care and lifestyle their animals can have. Home animals at present are now

enjoying the same kind of status as that of the people living in the house.

Basically a pet insurance takes care of your pets affairs particularly in times

of illness, injury, or accident. There are also policies that include payments

done when the pet gets lost, is stolen, or suffers from death. 1947 was the

first time when the market accepted pet insurance and the first policy waspurchased in Britain. 2009 records show that the country ranks second in the

most number of pet insurance which is rated at 23 percent.

At present companies are giving consumers more involvement in the choice

of the policy that they think fits their current economic conditions. The

entire coverage of the insurance is being discussed with pet owners and then

companies allow them to decide to what extent deductible and co-insurance

levels are. Thus, the consumers get more comfort and control in terms of the

monthly payments that need to be accomplished.

In order to get the best quality of policy you must be diligent enough to

double check all the details as it may not adequately cover all the need of

your animals in their present condition. There are some companies that

employ benefit schedule wherein only the procedure that are really needed

are included while others tend to avoid the coverage of hereditary

conditions.

It is a possible scenario that the insurance policy for your pets are not

renewed even after the end of its term or there may be factors and pre-

existing conditions to be reviewed initially before renewal can take place.

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Although there are several setbacks circling the acquiring of insurance for

your beloved pet its benefits surely make pets face unwanted negative

conditions.

Times have changed for animals especially those in domestic vicinities. The

rise to fame of pet insurance is a prime example of how people are taking

emphasis of their duty as stewards to every bit of gods creation.

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INDEX

SR NO TOPICS PAGE NO

I

1.1

Introduction

What Is Pet Insurance?

II

2.1

2.2

2.3

2.4

2.5

2.6

Why Do You Need Pet Insurance?

Peace Of Mind

Responsible Care

Financing Your Pets Health

Avoiding Difficult Decision

Planning For The Future

Advantages N Disadvantages Of Pet Insurance

III

3.1

3.2

3.3

3.4

How Does Pet Insurance Works?

Step 1: Get A Policy

Step 2: The Waiting Period

Step 3: Making A Claim

Step 4: You Receive Your Claim Check

IV How Did Pet Health Insurance Companies Get Started?

V

5.1

Types Of Pet Insurance

Pet Health Insurance

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VI

6.1

6.2

6.3

6.4

How To Buy Pet Insurance?

Do Your Homework

Find An Agent

Discuss The Options N Ask Questions

Complete The Requirement

VII

7.1

7.2

7.3

7.4

Factor To Consider Before You Buy Pet Insurance

Consider The Type Of Animal

Asses The Animals Age

Value Of Pet Should Always Be Considered

Capacity To Pay Should Not Be Overlooked

VIII

8.1

8.2

8.3

Things That You Need To Do When Buying A PetInsurance

Ask People For Recommendations

Have Your Pet Checked

Choose A Reputable Company

IX Various Reasons For Getting A Pet Insurance

X Aviva Pet Insurance

XI Eight Reasons You Need Pet Insurance

XII Articles

XIII Conclusion

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XIV Bibliography

PET INSURANCE

Documents

Pet Insurance Project