Many people wonder if having pet insurance for older pets is necessary and whether it is possible to take out pet insurance for an older animal. Thankfully, there are many insurance companies that are willing to insure pets regardless of their age. However, in this article we will look at several factors that determine whether your pet is insurable. Some of the issues we’ll discuss will give you pause on whether you should take out an insurance policy for your pet.
Finally, we will take a look at some of the challenges faced by pet owners when deciding on whether or not to take out pet insurance for older pets.
Is Pet Illness Insurable?
One of the main questions that pet owners find themselves pondering is whether their pet(s) is insurable for illnesses. When the animals are younger, pet owners are mainly concerned with an insurance cover for accidents. However, as the animal gets on in years, those concerns shift to illnesses that are associated with age.
In some cases, insurance companies will not insure a pet for illness if they suffer from certain conditions, for instance, diabetes, cancer, Cushings disease, etc. The reasons why a pet might not qualify for an insurance cover vary from one company to the next.
A pet’s insurable status is determined after the pet owner applies for a cover during the underwriting process.
The pet owner should expect to be asked a series of questions regarding the animal’s medical history. In addition, you can expect that the insurance company will ask for your pet’s medical records. In the event that the pet in question has been recently adopted, the insurance company might require laboratory testing or a physical examination.
You should be prepared for the eventuality that the pet insurance policy will not cover all illnesses (such as pre-existing conditions) even if your animal qualifies for the insurance cover.
Higher Premiums for Older Pets
Another major concern that older pets have are higher premiums that are characteristic of insurance policies for older animals. There’s a direct correlation between high insurance premiums and older pets. Another factor that might cause insurance companies to raise their premiums other than the age of your pet includes inflation.
One thing you can do to reduce the high premiums on your pet insurance for an older animal is to customize the policy such that you end up with a higher deductible. Alternatively, you could coinsure. It might mean that you have to opt for a less expensive pet insurance policy if your insurance company does not offer coinsurance or does not allow you to customize the policy.
When you coinsure or customize the policy it means that you will incur great costs when filing a claim. To get a rough estimate of the costs you are likely to bear when filing a claim, you can sum up deductibles, maximums as well as coinsurance.