What is a Pet Insurance Policy?
A pet insurance policy is a contract between you and your pet insurance provider. A pet insurance policy is typically a standard form contract that determines what claims the pet insurance provider is legally required to pay for. A pet insurance policy will clearly define what your pet insurance plan covers, such as accidents or certain chronic conditions, and will also list exclusions that the provider is not legally required to pay for. A policy should also include terms and conditions and the agreement between the pet parent and insurance provider.
How Pet Insurance Policies Work
Your pet insurance policy defines (on the declaration page) what claims you will be reimbursed for and ensures that you are appropriately compensated for eligible expenses. It also details your deductible, reimbursement rate, annual limit, exclusions, waiting periods, and more.
Key Takeaways
- A pet insurance policy is a contract defining your coverage, what your pet insurance provider is legally required to pay for, and how much they are required to pay.
- A policy should outline coverage, exclusions, terms and conditions, policy period, definitions, and the agreement between pet parent and provider.
- Your pet insurance policy reimburses you for eligible claims.
