Most people who adopt pets don’t think too much about potential health problems later on in life. After all, we’re too involved and obsessed with the relationship, playing, and bonding time to think about illnesses. However, pet insurance can save you tons of money throughout your pet’s life.
If you’re considering buying pet insurance, you’re in the right place. There’s quite a bit to learn, ranging from prices to savings tips. Some pet owners might even feel that they don’t need it at all. Find out the truth below!
This post will cover everything about buying pet insurance, including:
- What the benefits and purpose of pet insurance are
- Price changes and tips
- Is it really worth the investment?
- What pets can be covered by pet insurance?
The Benefits of Buying Pet Insurance
Pet insurance is all about saving you money in the event of an illness or any other medical problem involving your pets. Nobody wants to think about such sad things. That being said, there’s nothing worse than finding out that your pet is sick, and you don’t have the money to deal with the problem.
Buying pet insurance provides all sorts of benefits to you and your pet. Perhaps the most immediately noticeable part of the process is peace of mind. Knowing that you can afford whatever problems lie around the corner means that you can do everything in your power to ensure your pet’s well-being.
There are certainly a few drawbacks of pet insurance. Most notably, you’d have a hard time finding anyone who enjoys making monthly payments towards something that they’re not sure if they’ll ever need. Pet insurance isn’t too expensive, but it can certainly add up when combined with other bills.
More pricing information will be detailed in the next section. It’s important to understand why people do not want to go through with pet insurance to know if it’s meant for you. The only other drawback is the fact that some companies will slowly raise the rate as your pet gets older. However, peace of mind is far from the only benefit.
The cost of cancer treatment for a dog or cat can range well into the thousands, sometimes more.
Related Topic: How Much Are Goldendoodle Puppies?: New Owner’s Guide (2022). Thinking about spending $1,000+ a year on pet insurance might seem like too much, but it’s better than $15,000 all at once. Many pet insurance companies also offer life insurance if your pet passes away.
Now, which pets are covered under pet insurance policies?
Almost all companies will cover nearly any pet. Rodents, reptiles, birds, dogs, cats, and more are all under plans.
To get an accurate answer for your specific pet, you might have to call an insurance company. Fish are often not covered, although it’s still worth looking into.
Pet Insurance Pricing
Every company offers its own prices, but you can expect to spend anywhere from $15 to $100+ a month on your pet. The species directly impacts the amount of money you spend on pet insurance. For example, a German Shepherd would cost much more than a hamster. Higher surgery and treatment costs result in a higher average monthly payment plan.
Another massive factor in determining the cost of pet insurance is their age. Puppies and kittens might cost as low as $30 for a premium insurance policy. However, if they’re in their older years, you might be looking at a premium cost of well over $100 for the same animal. It even raises a bit when they’re middle-aged.
Some pet owners might start to look at this as more of a bill than helpful insurance. After all, you’ll end up spending quite a bit of money on the policy over a decade or longer pet life. However, an unexpected injury might cost far over that price in a single day.
For example, Labradors are very susceptible to hip dysplasia. Surgery for this condition would cost well over $2,000 in some cases. You’d spend less than that with a premium pet insurance policy for 12+ years. Nobody likes to think in terms of ‘what-if,’ but it’s better than losing your money overnight. Even worse than that would be not having the cash-on-hand for the surgery.
Pet insurance prices should be seen as very similar to life insurance policies for people. Young animals receive lower payments, which increases over time as they get older. You might never need to use them, but if you do, you’ll be more than thankful to have it. You could even try to purchase the life insurance mentioned above that covers pets who have passed away.
It should be noted that not all pet insurance companies raise the price over time. There are a few that maintain the same rate throughout your pet’s entire life. This means that you can get an incredibly low premium quote when you have a kitten and pay the same amount when they’re old.
How to Save on Your Pet Insurance Policy
Even though we all want to help our pets, saving money is always nice. You can use a few different techniques to save yourself money on pet insurance. Other than the companies mentioned above that stick with the same price throughout your pet’s life, there are a few other ideas.
Try these five ideas for the best results:
- Check out all of the local pet insurance companies. Ask for a quote or use their auto-quote tool on their website.
- Find out what’s covered and what isn’t. This tip cannot be understated. You might think you’ve caught a deal when you’re practically being robbed!
- Get pet insurance as young as possible. Some pets can be rejected if they have an illness or they’re too old.
- Mess around with the quote options. There are a few policies that you can choose only to cover accidental injuries, which are usually far cheaper than illness policies.
- View your annual limit. You might still have to pay out of pocket if you’re not spending enough on your premium.
Some pet insurance companies also let you get cheaper rates if you insure more than one pet. You might also pet able to combine it with other insurances to receive a bundle discount. All in all, there are plenty of different savings tips to cut the cash that you spend.
Is it Worth the Investment?
Now that you’ve seen everything that pet insurance has to offer, you might be wondering if it’s still worth buying. After all, it’s a monthly bill that you might never be able to take advantage of. The truth is that pet insurance has something to offer everyone. Whether you’re spending the most each month or a small $10/month insurance, you’ll be able to benefit from it.
You might only benefit from the peace of mind, or you might end up saving $10,000+ on an unexpected surgery. In any case, the low price of pet insurance is one of the many decisions that you have to make as a pet owner.
Summary
Here are the key takeaways from this article:
- Pet insurance gives you peace of mind. Many pet emergencies happen without warning, and buying pet insurance ensures your loved one will get the help they need.
- It can save you thousands of dollars. Major surgeries are prohibitively expensive. Pet insurance can save you the money you’d otherwise be spending on these procedures.
- It’s not as cheap as some people might believe. The price you pay for a policy depends on the company you choose and the coverage you want.
- You can still have to pay out of pocket, even if you have insurance. Some policies – especially the less expensive ones – don’t offer thorough coverage.
