Pet insurance provides financial protection against veterinary treatment of the ill or injured pet. Some insurance policies may even pay if your pet dies or be lost. Nowadays the number of family with pets is increasing and owners have higher expectations for their pets’ health care and living standard. As veterinary medicine is also increasingly employing expensive medical techniques and drugs, the market for pet insurance has increased.
In fact, pet insurance is a form of property insurance, so the pet insurance reimburses the owner after the pet has received care and the owner submits a claim to the insurance company. Policies in the United States pay off a benefit schedule or pay a percentage of the vet costs (70-100%), after reaching a deductible, depending on the company and the policy. The owner usually pays the amount to the veterinarian and then sends in the claim form and receives reimbursement, which some companies and policies limit according to their own schedules of charges. For very high bills, some veterinarians allow the owner to put off payment until the insurance claim is processed. Most American and Canadian policies require the pet owner to submit a request for fees incurred.