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When shopping for pet insurance you might see the term “deductible.” It could be mentioned in the policy documents, or perhaps it is one of the options that you need to pick when signing up. What is it? What does it mean for your pet (and your wallet)?
The deductible is the fixed amount of money that you pay before insurance benefits “kick in.” Some companies require that you pay one deductible per incident while others reset the deductible at the beginning of each year. This is an important distinction to make when reading over policy documents.
The lower your pet insurance deductible, the higher your premium typically is. Conversely, higher deductibles often mean lower monthly premiums.
How do pet insurance deductibles work?
If you have a $100 deductible and your pet requires $1000 worth of case, you are responsible for paying the first $100 of the bill. Your benefits then apply to the remaining $900.
Let's say you have an annual pet insurance deductible of $100. If your pet gets hurt again you won't have to pay another $100 before benefits start.
The deductible is one variable you will commonly see when choosing a pet insurance policy. Most companies let you choose things like deductible and co-pay to allow you to pick a plan that fits your budget.(?)
Speaking of co-pays (sometimes called (co-insurance), they are the other variable you will probably have to choose.
We hope this gives you more information about deductibles and how they work when you are shopping for pet insurance.