What Is Pet Insurance, And Is It Worth It?

OK so what is pet insurance, why do you need it, and what's the best deal out there? This handy guide offers everything you need to consider when choosing pet insurance to keep your furry friend healthy and happy.

Did you recently add a furry – or not so furry – friend to your family? Whether your new companion is a cat, dog, bird, or even a potbelly pig, you might want to consider getting health insurance so that you can sleep easy knowing they’re covered.

If you hadn’t considered purchasing pet insurance before and aren’t sure what it is or where to get started, you’re not alone. Plenty of first-time pet owners don’t think to insure Fido or Whiskers. Chances are, however, you’ll be bringing your pet to the vet regularly throughout their time with you for routine visits and the occasional accident or illness. Pet insurance can help you mitigate those costs so you can always give your bud the very best care.

What Is Pet Insurance?

Pet insurance works a lot like human insurance. You typically pay a monthly premium and, depending on the policy, you might also have a deductible you have to meet before your pet’s healthcare costs are offset, usually at a percentage of the bill. Some insurances include an annual max, which is the maximum amount you can be reimbursed per year. And just like with human insurance, there may be certain illnesses, pre-existing conditions, or types of vet visits, treatments, and procedures that your pet insurance doesn’t cover.

Why Is Pet Insurance Worth It?

Say your monthly premium is $30. Most years, you might not hit your deductible, and wonder if it’s worth spending money on insurance. But in the long run, chances are your pet insurance will more than pay for itself.

Accidents and illnesses happen, especially when a pet is very young (and eager to chew on everything in reach) or reaching their later years, when injury and illness may be more likely. The average cost of an unexpected vet visit can run from $800 to $1,500. Having pet insurance can considerably reduce your out of pocket payments. 

 

Always Enroll Young Pets

To save money, it is always best to insure your young pets. It will help you to save money on the health of your pet insurance. A young pet may not have any preexisting condition or ailments excluded from a health insurance policy. You can get approved for insurance for a healthy kitten or puppy.

Credibility of Insurance Provider

There is no need to select the first plan you find in the market. Take some time and do your research about possible insurance providers. Make sure to pick the best insurance provider after reading customer reviews.

Feel free to check the reputation of the insurance provider in the market. Google will help you in this quest. Make sure to prioritize a company who is expert in the treatment of pets. Your selected company must have ethical practices for customer service.

Evaluate your Need for Coverage

Remember, each plan is different; therefore, select the best insurance plan for your pet. Some policies cover surgeries and emergency care. Others are available to cover checkups and preventive care. Thorough coverage can be expensive than others.

If your pet is suffering from a health condition, you can add extra coverage to your insurance plan. Before signing on an insurance policy, you should read the fine print. Keep it in mind that insurance companies sneak exclusions in terms, conditions, and regulations.

You have to check coverage gaps in the fine print. If you are unable to understand the language of the policy, call your insurance company. It is your right to ask for any unclear thing.

 

How Do I Choose Pet Insurance?

There are a number of different factors that can affect the cost of your pet insurance, including your pet’s species, breed, and age, as well as the area you live in. The best way to choose pet insurance is to comparison shop. Get quotes from multiple insurers and consider what plan is the best for you. For example, a plan with a lower deductible and a high reimbursement level and annual maximum would likely be paired with a higher monthly premium, and vice versa; in one scenario, you’d pay more each month but less if your pet has an accident or comes down with an illness; in the other, you’d pay less each month but more if there’s an extensive vet visit.

Take Advice from Veterinarian

If you want to choose the best insurance plan for your pet, take advice from a vet. Your vet can understand the difference between policies for cats and dogs. Make sure to buy a perfect plan to cover the specific needs of your animal.

Pet insurance offers long term coverage for your lovely animals. It is similar to human health care. Your insurance plan can be expensive based on the age or health condition of your dog/cat. By investing in pet insurance, you can potentially get peace of mind and save the life of your pet.

Where Do I Get Started Choosing Pet Insurance?

There are a ton of great options out there. Consider doing a simple internet search or – better yet – checking with your friends who have pets to see what they like. Here, three possibilities you can use to begin your search.

Pet Assure

You can enroll your pet online with Pet Assure in less than two minutes. The insurer accepts every species from birds to llamas (but no humans), and doesn’t have an age limit or exclude pre-existing conditions. Other benefits include:

• No medical condition or service is excluded
• No claim is denied
• No deductibles
• No waiting period

MetLife Pet Insurance

MetLife offers pet insurance for cats and dogs which you can pay for through select employers or independently. It's the only provider to offer family plans, making it a great fit if you have multiple pets to cover. Other benefits include:

• Flexible product offerings
• Use at any licensed vet in the U.S.
• Competitive rates and discounts
• Most claims processed within 10 days

Healthy Paws

The owners of more than 570,000 pets trust their cat or dog’s care to Health Paws, the number one customer-rated pet insurance from 2010 to 2021. Healthy Paws plans do not include a per incident, annual, or lifetime cap on claim payouts, so if your pet has a costly accident or illness, you don’t have to worry about going beyond the max payout limit. In addition, for every quote Healthy Paws makes a donation to help homeless pets. Other benefits include:

• Most claims processed within two days
• Use at any licensed vet
• One simple plan
• Reimbursement up to 90% on vet bills

Pet Australia insurance plans help you to get coverage for illnesses and accidents. It is essential to get ready for happening and unfortunate events. By choosing the best pet insurance plans for cats and dogs, you can decrease your financial burden.

Remember, pet insurance entirely depends on the priorities of owner and veterinary care bills. It is not easy to bear the cost of the vet. For a tooth removal in pets, you have to pay almost $450, and treatment of torn ACL may cost almost $800.

If you want a pet insurance policy to cover veterinary bills, you must consider the following things.

Your pet becomes an integral part of the family. They sleep, play, and grow with your kids and other family members. For this reason, they deserve the best care and investment in health. Pet insurance is necessary for your furry friends.