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Pet Insurance Terms Explained – What Pet Owners Need to Know

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Blake Quinn
Written By Blake Quinn

December 16, 2022

Pet Insurance terms explained

Finding the right coverage for your pet requires an understanding of pet insurance terms. The below mentioned list will help you to give a closer look on the terms of the pet insurance that you should know before getting a pet insurance plan.

How Does Pet Insurance Work?

Companies generally demand a health checkup and impose a waiting period before coverage begins to avoid owners from purchasing insurance when their pet is already ill. The waiting period for accident coverage is typically a few days. When using the insurance, you must first pay the vet bill out-of-pocket before making a claim. Insurance companies will assess your claim and, if granted, either put the money into your account or mail you a cheque. This procedure typically takes two to three business days, but it may take up to a week if your claim is more difficult or you receive your reimbursement money by mail. Depending on how your plan is set up, you may be reimbursed.


The price of your pet insurance plan is known as premium. You have the option to choose whether you have to pay monthly, annually. Basically the cost of premium depends on three conditions:

  • the type of pet you own
  • the age of the pet and
  • the location where you’re living.


Before you can begin receiving reimbursement, you must first reach a deductible. You may have to pay that sum for each occurrence if your provider has a per-incident deductible. Other providers have a yearly deductible that, regardless of how frequently your pet is injured or ill, you only need to meet once a year. You have the choice of selecting an annual deductible of $100, $250, or $500 with the pet health insurance plan. If you want to be able to obtain more money back, you can choose a lower deductible or a greater deductible to pay a lower monthly premium.


Reimbursement is the sum that your pet insurance company reimburses you for medical costs. From 60% to 100% of a percentage can be used to express it. The majority of the more well-liked pet insurance policies cover between 80% and 90% of your overall medical expenses. Claims for pet insurance are determined using reimbursement and your deductible.

Pre- Existing Conditions

Many pet insurance companies do not provide insurance for those pets who are suffering from any medical illness or injury that occurred in the past. According to this term, any medical issue that your pet had symptoms of or was diagnosed with prior to the insurance policy’s start date is referred to as a pre-existing condition.

Accidental Coverage

This type of coverage aims at providing protection to your pets against any accidents. This type of policy is affordable and do not cover any illness. In the case of emergencies it works best for your pet as they get immediate treatment with the best doctors.

What is Co- insurance and How It Works?

In the context of human health co- insurance refers to the cost of a doctor visit. Whereas, under the pet insurance, a co- insurance refers to the portion of the cost of eligible conditions that you will receive after the deductible has been reached. A percentage is used to describe co- insurance. In the event that a policy has a 90% co- insurance clause, for instance, it means that the pet owner is responsible for 10% of the eligible sum following the deductible and the insurance provider for 90%. If you submit a claim for $500 in allowable expenses and the policy has a $100 deductible with a 90% coinsurance, you will receive $360 in compensation. The above mentioned illustration applies to businesses that apply the deductible first before figuring out the co- insurance. Some businesses calculate the co- insurance first, then apply the deductible. The amount you would be compensated is slightly modified by this.
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