Do You Need Pet Insurance?
Most adults are aware of the insurance options available to them and why they exist. In a nutshell, insurance is the cost of acquiring protection and managing risk against a catastrophic loss due to illness, weather, or accidents.
Now, a growing number of pet owners choose to insure their pets. As the veterinary profession makes advancements in medical procedures and drug treatments, the cost of visiting the vet has risen accordingly. One way pet owners can mitigate this increase is through a pet insurance policy.
Pet insurance isn’t new. In fact, the first policy was written more than 125 years ago by Lansforsakrings Alliance to cover horses and livestock in Sweden. Today, the North American pet insurance market annual premium value is estimated to be $660 million with about two million pets covered by a policy.
What Pet Insurance Should I Choose?
According to the North American Pet Health Insurance Association, there are several insurers located in the US and/or Canada. You can check out options here. Each has policy options as varied and as special as the pets we own but most have online quote generators that will show you an estimated monthly cost based on certain pet details, such as the kind of pet you have, the breed, the gender, and the age. Pet Insurance Review offers reviews and ratings of various insurers.
Which of My Pets Can Be Insured?
Most of the providers cover dogs and cats, but other pets can be insured as well, such as snakes, rabbits, birds, guinea pigs, iguanas, and more. Age is not necessarily a disqualifier, but will have an impact on the overall cost and types of coverages available.
What Does Pet Insurance Cover?
Lots of things but a usual policy will cover accidents, illnesses, behavioral issues, dental problems, prescription drugs, emergency visits, hereditary conditions (especially beneficial for those owning certain breeds), specialists, allergies, and diagnostic testing and imaging. But just like humans, there are certain things that are not covered, including pre-existing conditions, as well as cosmetic and breeding procedures.
What Are the Benefits of Pet Insurance?
There are plenty, beginning with peace of mind, but the monetary incentive is enormous as well. An example; Let’s say your dog was involved in an accident for which the vet invoiced you $5,000 to treat your pet. If you didn’t have pet insurance, you are on the hook for the entire $5,000. If, however, you insured your pet with a policy that contained a $250 deductible and an 80% reimbursement rate, your share of the cost is only $1,200 – the deductible of $250 plus 20% of the total charge of $5,000 less the deductible of $250. That’s a savings of $3,800.
Most experts recommend purchasing pet insurance as soon as you bring home a new pet. The last thing a busy household needs is to be hit with a huge veterinary bill and puppies get into all kinds of trouble, as puppies tend to do. They chew pretty much everything and you have to keep constant watch to make sure your pup doesn’t ingest something that could cause him serious harm.
So while we hope we never have to use it, pet insurance is smart move for the health of our pets and the health of our wallets!