Pet insurance: all the rage among pet owners who can afford it. The thing is that there are so many different plans out there. So you may be asking yourself, “how much pet insurance do I need?” In today’s blog, we discuss the factors that can affect the cost of a pet’s insurance policy.
What Is Pet Insurance?
You are probably wondering why you should get pet insurance when your cat or dog is healthy today. “Healthy today, but what happens tomorrow?” you wonder nervously. If you’ve ever been to a veterinarian and paid your bill, then you know how expensive veterinary care can be. And that’s just for routine care — not emergency treatment. Imagine having a serious illness or accident requiring costly surgery. Pet insurance covers your pet in case such a thing happens.
- Accident-only – as it literally means, it only covers accidents
- Accident and illness – the most common of plan types where both accident and illnesses are covered, yet pre-existing conditions get no coverage.
- Wellness coverages – this is usually for routine check-ups and other additional wellness treatments.
Pet Insurance Reminders
Having pet insurance doesn’t mean that veterinary bills or emergency procedures won’t require you to have ready cash. But, the great thing is, as long as your policy is in place, getting reimbursement for unexpected expenses shouldn’t be a problem – and you get your emergency money back.
When you’re talking about surgeries or treatments that cost $5000 or more, a 20% co-pay would mean you’d have to shoulder $1000. Lower premiums could mean higher co-pays. Higher premiums could also mean lower co-Pays.
What you pay for goes towards your own peace of mind that if anything happens to you will not have to deal with additional expenses. Coverage may have limitations, depending on the plan that you choose (or which company you choose to trust with your pet’s insurance).
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Enough Insurance Coverage
Remember to always ask about the inclusions and exclusions of a plan. Pet vaccinations, for example, are very important. If your pet already has them, then there’s not much point in getting a plan that covers them unless it has other inclusions that would definitely benefit you.
People with pet insurance have more visits to the vet for their pets than those who don’t. This means they’re more likely to be treated for conditions that require surgery or expensive treatment. Many people opt to put their pets down when they can’t afford it.
So Just How Much Insurance Do I Need?
Depending on your pet’s specifics, the monthly fee might be as high as $100. Most pet owners, however, spend between $30 and $50 monthly on pet insurance. However, the price depends on a number of factors, which we’ll look into below.
How Old Is Your Pet?
There are some diseases that are more common in older animals. Age-related diseases include cancer, kidney disease, diabetes and arthritis. Most pet insurance plans cover preexisting conditions. Some companies will take on younger pets with pre-existing conditions if they’re eligible under their exclusions list. In fact, according to the ASPCA (American Society for Prevention of Cruelty to Animals) “older dogs develop cancer more often than younger ones do.”The risk of developing cancer increases with age; as a result many providers require that pets have been alive for at least seven years before they’ll offer coverage—but some companies will take on younger pets with pre-existing conditions if they’re eligible under their exclusions list.
Pet Insurance covers for any accident, illness or wellness needs of your pet.
Protect them from unexpected vet bills.
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What Is Your Pet’s Breed?
Your pet’s insurance premium will cost you more if your dog is a purebred than if it’s a mutt. Purebreds are more likely to have issues related to their bloodlines, and may have predispositions towards health problems that aren’t covered by typical plans. These breeds will require more medical care because they are higher-maintenance pets with special needs (think Labradors).
What Is Your Pet’s Health History?
Before you can determine how much pet insurance you need, you must first get a snapshot of your dog’s health history. If your pet has been diagnosed with any conditions or treated for any conditions, write those down too. Most carriers will cover pre-existing conditions for up to six months after sign-up. So long as they aren’t newly diagnosed within that time frame, pre-existing conditions should not negatively impact coverage eligibility or cost.
What Type Of Pet Do You Have?
54% of households have dogs and 44% have cats, according to the American Pet Products Association. Exotic animals can have different health care needs than cats or dogs. Consider how much insurance coverage applies to what type of animal before signing up with an insurer. We’ve broken down how much coverage your furry friend gets.
Not all fur parents have pet insurance and when the inevitable happens, they come round thinking maybe I should get one for my furry family member. Here’s a good read for you, Can I Get Pet Insurance After An Accident?
Average Cost Of Pet Insurance
The average cost of pet insurance is about $20 per month, but it varies depending on the type of furry companion and the types of coverage you choose. You should consider how much money you can afford to pay out-of-pocket in case your pet needs treatment that isn’t covered by their policy or if they have chronic health conditions that require ongoing care like diabetes.
So there you have it, folks. Getting your pet insured is one of the best things you can do for your pets, but it’s also an investment in their health and happiness. We hope this has helped you answer the question of how much pet insurance I need.
Call or text Advantage Insurance Solutions in Denver, CO at (720) 221-8168 for a pet insurance quote today!