While there are some unique aspects of pet insurance, these policies operate much like other insurances. When you purchase a pet insurance plan, you will be expected to choose your deductible. This is the amount you must pay before receiving compensation from an insurance claim.
Deductibles vary depending on your plan and insurer. Most pet insurance plans range from $100 to $500. While a higher deductible may mean lower monthly premiums, it also means paying more out of pocket before you can receive reimbursement. Lower deductibles mean higher premiums, but it also means less you have to pay before receiving compensation. 
Carefully consider your pet insurance needs before choosing your deductible. Everyone’s insurance needs are different, so if you have any questions about where to place your deductible, be sure to speak with your insurance agent.
How Does a Pet Insurance Deductible Work?
Say your pet is suddenly and unfortunately diagnosed with cancer. The recovery will be expensive, so you wish to file a claim on your pet insurance policy. Your deductible is $100. This means you must pay $100 toward your pet’s care before receiving compensation from your policy. If your deductible is $500, you will have to pay $500 to file a pet insurance claim.
This is a one-time payment that you must make when you file a claim rather than a recurring payment. Once you file a claim, you should continue to receive compensation for the same claim once your deductible has been paid. Keep in mind that you will not receive compensation if you do not reach your deductible. For example, say your pet’s vet bills add up to $200 and your deductible is $500. You cannot file a claim for the $200 since it does not meet your deductible. However, once you spend a total of $500 on the same injury or illness, you may be able to file an insurance claim.
Is Pet Insurance Expensive?
There are a few factors that go into the cost of pet insurance, but this type of policy is relatively inexpensive. Many policies cost less than $100 a month. In return, this insurance covers expensive vet bills that you may face if your pet is suddenly injured or ill.
In general, pet insurance is worth the price to ensure that your pet gets the care it deserved after an accident or illness.