Pet Insurance: Is It Right for You and Your Pet?

The Importance of Pet Insurance

As a pet owner, we all want our furry friends to live long and healthy lives. But when emergencies arise, it can be difficult to manage those sudden and often costly medical expenses. Pet insurance can provide peace of mind by helping owners to cover the cost of veterinary care. However, pet insurance may not be the best option for everyone, and choosing the right policy can be a daunting task. Here’s what you need to know about pet insurance to determine if it’s right for you and your furry friend.

The Rise of Pet Insurance

The rise of pet insurance has been significant in recent years. In 2022, over 4.8 million dogs and cats in the U.S. were covered by pet insurance. The number of insured pets has nearly doubled since 2019. Despite this growth, many pet owners are still hesitant about investing in pet insurance or unaware that it’s an option.

Evaluating Pet Insurance Plans

When evaluating pet insurance plans, it’s essential to know what costs to expect. The average annual cost of an accident and illness policy is approximately $640 for dogs and $387 for cats. This equates to around $53 per month for dogs and $32 per month for cats. However, premiums can vary depending on factors such as breed, age, and location. As pets age, premiums tend to increase, and after several years of paying into the policy, the annual cost of pet insurance can grow.

It’s crucial to note that pet insurance policies come in different forms. Accident-only policies cost less but cover limited conditions such as hit-by-car accidents or poison ingestion. The more comprehensive accident and illness policy covers a wider range of health concerns. When selecting a policy, make sure to review all options carefully and choose the best one for your pet's needs.

Limitations and Requirements

Pet insurance policies also come with limitations and requirements that pet owners should know before making a decision. Deductibles, or the amount the pet owner is responsible for before the insurance kicks in, are often in place. Additionally, there are often limits on the amount that the insurance company will pay per year. Make sure to read the policy carefully to understand how much you will be reimbursed per claim, what types of treatments are covered or excluded, and whether reimbursement is provided by payout or reimbursing percentage.

What Is and Isn’t Covered

One of the most important things to understand is what is and isn’t covered by pet insurance. Most policies will not cover routine procedures such as spaying/neutering, vaccinations, and dental cleaning unless they are purchased as an add-on for wellness and preventive care. Pre-existing conditions are also generally excluded from coverage, meaning that any illnesses or injuries pre-existing before the policy will not qualify for reimbursement.

Considerations for Pet Owners

When considering pet insurance, pet owners should also factor in their pet’s health history. If their pet already has pre-existing conditions or a chronic illness, they may not benefit from pet insurance, as their needs may not be covered by the policy. Additionally, any illnesses or injuries sustained during a lapse in insurance coverage will not be eligible for reimbursement.

Pet owners should weigh the costs and benefits when deciding whether or not to invest in pet insurance. While pet insurance can be a significant investment, it may pay off in the long run if your pet needs significant medical attention. If you want a quote to see what pet insurance might cost for you and your furry friend, contact Family Union Insurance.