Pets, just like people, are vulnerable to accidents and disease. Even though they are small in size, hospitalizing can cost for pets just as much as it costs for people. In order to avoid huge expenses for treatments and hospitals, you need to insure your pet. However, as simple as it sounds, insurance is a very complex product. Before you insure your pet, make sure you check out the following factors.

First, make sure you know the age of your pet, or at least an estimate. Insurance companies must know this detail, because their risk increases with the age of your pet. An old pet is much more likely to get sick than a young one, and you must tell the truth in order to keep the policy alive.

Also make sure you know the breed of your cat or dog. As funny as it sounds, different breeds may get different premiums. That happens because some breeds are more vulnerable to some disease than others, and for this reason you may get higher quotes for them. However, they must be very important to you, so any price increase can be easily accepted.

Microchips are something you need to consider seriously when you apply for an insurance policy for your pet. Usually, if your pet has a microchip, you qualify for an instant 5% discount on the premium. This is a great advantage to use, and if your pet is microchipped, don't forget to specify this information on your application form. It can save you hundreds of dollars.