Myths and Facts About Pet Insurance
Myth: You can't get pet insurance for an older pet.
Fact: Just because your pet isn't a puppy or kitten anymore doesn’t mean you can't insure him. Pet insurance companies will usually issue a new policy to pets up to 8 or 10 years old, sometimes older if your pet undergoes a medical. Your premium might be higher than on a younger pet and some pre-existing conditions may be excluded. The best thing is to enroll your pet when he's young and healthy and avoid pre-existing conditions. At Embrace we definitely offer pet insurance to older pets and the good thing is once your pet is insured you can keep him insured, you won't be kicked out because of your pet's age.
Myth: Since my pet is well now there's no point buying pet insurance.
Fact: Precisely because your pet has been well means that now is the best time to buy pet insurance because your pet has no pre-existing conditions. Why wait until after your pet becomes sick and you wish you had pet insurance? Why wait until your pet gets a pre-existing condition that pet insurance won't cover? No matter how well your pet is today, there is always a chance that your pet will get sick or injured. Wouldn't you want them to have protection in that case?
Myth: I have to wait until my pet's current medical condition has resolved itself before getting pet insurance.
Fact: Your pet's current condition may be considered a temporary pre-existing condition but that doesn't mean you can't get pet insurance to cover everything else. For example, if your pet recently cut its leg badly and is still undergoing treatment, conditions relating to this cut - and this cut alone - may be excluded for your first year of insurance but if everything resolves and clears up you will be eligible for full coverage again in the second and subsequent years.
Myth: Pet insurance is only worthwhile if you have a very active pet or an older pet that is likely to develop problems.
Fact: While it is true that an older pet is likely to require a greater level of medical attention than a younger pet that doesn't mean that younger pets don't get sick or injured. And just because a pet isn't highly active doesn't mean it can't get sick. Even indoor cats benefit from pet insurance.
Myth: Pet insurance should pay for routine care coverage such as vaccinations and spaying/neutering.
Fact: Here at Embrace we do not believe that the best interests of our pet parents are served by offering routine care coverage with pet insurance. To understand why we believe this read more about what insurance is really for.
Myth: I don't need pet insurance because I can save a small amount each month to pay for anything that might happen.
Fact: Setting aside a small amount each month as an alternative to pet insurance can definitely help. But there are two downsides to consider: one is that many of us find it hard to save something every month, the other is that you need to wait a long time before you've built up enough savings to pay for a serious illness or accident. For example, if you save $25 each month at 4% interest (paid monthly) after 5 years you will have saved $1,657. But your cat or dog is not going to wait until you've got enough money saved up to get sick! And a broken leg alone can cost $1,000 to $2,000 to fix.