Though it was once the reserve of breeders and the rich, pet insurance has rapidly become a mainstream product since the rise of veterinary care costs in the US.

Despite this, many are still uncertain as to how exactly it works and what is covered. Here are some answers you might be looking for:

1. Which animals are eligible for pet insurance?

Almost every type of animal is suitable for pet insurance, including even exotic species and those which are normally considered wild. As you would expect, the more uncommon the animal, the more expensive it is to insure him/her!

2. Is pet insurance readily available in the marketplace?

Due to the recent surge in demand, which supply has risen to meet, there are now many companies offering pet insurance. Price battles have begun and deals are out there to be found. There are in fact quite a few price comparison websites now online, as is the case with conventional insurance.

3. How old does my pet need to be?

As with health insurance for a person, the younger you are the better price you can usually get on your policy. Likewise, as your pet gets older, its premiums normally increase.

4. Are there exclusions for any reason?

Again, as with human health insurance, animals with pre-existing problems or species which are particularly accident prone may find it more difficult to get pet insurance, or be offered a more limited policy.

5. How much does pet insurance cost?

This is the big one, and it varies a lot. Depending on many variables such as your location, the breed of animal and the extent of coverage, you could expect to pay anywhere between $5 and $60 each month.

6. Are people really purchasing pet insurance?

Simply put, yes they are! These days, major pet insurers have issued more than a few million policies each and are finding competition getting stiffer each and every day.

7. How do I get reimbursed?

Unlike conventional insurance, you must pay the costs for treatment of your pet and then seek reimbursement from the insurance company afterwards. This is something to bear in mind when looking at your monthly cash flow, as it is good to have a little spare in case.

8. Do I actually need insurance for my pet?

This is a relatively simple calculation. Have a read over your yearly costs for your pet and include what you would be prepared to pay for an emergency. Then balance this against the various options for yearly pet insurance premiums. You will likely find that one of the policies available makes more financial sense than no policy at all!