Pet insurance terms, explained
Pet insurance lingo can be confusing, but it doesn’t have to be. Let us help you make sense of it all with this A-Z guide to some of the most common pet insurance terms and what they mean.
Get Fetch nowAccident and illness coverage
With Fetch, accident and illness coverage comes as a package deal in one comprehensive plan. The “accident” part of accident and illness pet insurance covers your pet when they get hurt. This means Fetch covers unexpected injuries and the treatment your vet recommends as your pet recovers, including X-rays, surgery, specialty care and more.
The “illness” part of accident and illness pet insurance provides coverage when your pet unexpectedly gets sick. This includes common gastrointestinal issues and gum disease as well as more critical conditions like cancer and diabetes. Fetch also provides coverage for prescribed medications and sick-visit treatments.
Alternative and holistic care
In terms of pet insurance, alternative and holistic care refers to non-traditional treatments like acupuncture, aromatherapy, massage, chiropractic and homeopathic therapy. These alternative therapies can ease pain and aid in the healing process for dogs and cats. Fetch covers many alternative and holistic therapies when administered by a vet. Not all providers do.
Chronic condition
A chronic condition is a long-term illness or disease that may require ongoing treatment or medical attention. Fetch offers coverage for chronic conditions like diabetes, cancer and arthritis.
Claim
A pet insurance claim is a request you send to your insurance provider asking for reimbursement for care that’s covered in your plan. After your vet visit, you’ll submit your claim with supporting documentation to your provider. With Fetch, filing a claim is as easy as snapping a pic of your pet’s vet invoice and medical records and submitting them through the Fetch app or your account.
Coverage
Coverage refers to the treatments, prescriptions and types of care that are eligible for reimbursement under your pet insurance policy. Fetch offers the most comprehensive pet insurance that covers up to 90% of unexpected vet bills, including what other providers charge extra for or don’t cover at all.
Deductible
Your pet insurance deductible is the amount of veterinary care you need to pay for yourself each year before we can reimburse you for claims. So if your annual deductible is $300, you have to pay for $300 worth of approved veterinary care before we can start reimbursing you.
Exam fee
Every unexpected visit to the vet comes with an exam fee, which can cost around $50 – $250. That’s in addition to any tests and treatment your pet may need. Unlike other pet insurance providers, Fetch covers the complete sick visit — exam fee included.
Exclusions
An exclusion refers to a specific condition, treatment or situation that would not be covered under your pet insurance policy.
Hereditary condition
Pets can be prone to medical conditions based on their breed, like breathing problems in French Bulldogs or kidney stones in Burmese. Not all pet insurance providers cover hereditary conditions linked to breed. Fetch does.
Invoice
An invoice is the bill or receipt you receive from your vet after a visit. In order to file a pet insurance claim, you need proof of a paid invoice. It should also be itemized, meaning it details exactly what you were charged for.
Lifetime limit
A lifetime limit is the maximum amount of money an insurance provider will reimburse you for veterinary treatment over the lifetime of your pet. Fetch doesn’t have lifetime limits.
Max annual payout
Your max annual payout is the maximum dollar amount you can be paid back each year. Choosing a lower max annual payout will make your pet insurance price lower.
Medical record
A medical record is a report from your vet that details your pet’s medical history. This includes exam notes, lab results and any medical information.
Policy
Your policy is the document that tells you exactly what is and isn’t covered by your pet insurance plan.
Pre-existing condition
A pre-existing condition is any injury, illness or condition that you or your veterinarian notice your pet has (or shows signs of) before you enroll with Fetch, before your policy’s effective date or during the waiting period of up to 15 days.
Premium
Your premium is the amount you pay for your pet’s coverage. It’s just another way of saying how much pet insurance costs. You get to choose if you pay monthly, quarterly or annually.
Preventive Care
Preventive care refers to routine veterinary care that keeps your pet healthy. It includes services like annual exams, vaccinations, heartworm prevention and dental cleaning. Fetch Wellness offers routine and preventive care as an optional add-on to your accident and illness policy. Learn more about the differences between accident, illness and wellness coverage.
Quote
A quote is an estimate of the cost of your pet insurance plan, based on specific information about your pet and your desired level and coverage. Want to see how it works? Start a quote with Fetch to get your price.
Reimbursement rate
Your reimbursement rate is the percentage of an approved claim total that pet insurance can cover. For example, if your reimbursement rate is 80% and you submit a claim for $500, we can cover up to $400 (once you’ve reached your deductible).
Rider
A rider (sometimes called an “endorsement” in insurance-speak) is an add-on to your standard pet insurance policy. For instance, some providers don’t include sick-visit exam fees in their base plan. It’s something you have to add and pay extra for.
Waiting period
A waiting period is a specific amount of time between when you sign up for pet insurance and when your pet is covered. With Fetch, there’s a waiting period of up to 15 days.
Wellness plan
With Fetch, a wellness plan is separate from your accident and illness policy and is offered as an optional add-on to cover routine and preventive care. If you think of accident and illness as pet insurance coverage for the unexpected, think of a wellness plan as coverage for what you can expect — the routine care that helps keep your pet healthy.
Underwriting
Underwriting is the process an insurance provider uses when determining your policy, eligibility and price. Your provider may ask your pet’s breed, age, medical records and other related information as part of the underwriting process.
