If we own a pet, we know just how expensive it can be to keep our four-legged friend alive and well. As soon as our furry companion is old enough for their first vaccine, their medical bills could pile up and make insurance worth the investment.

What is Pet Insurance?

Pet insurance is one of the most popular types of insurance. It is specifically designed to protect our pets from accidents or injuries. In 2017, the market for pet insurance was worth $30 billion. That’s a lot of money! Here are some interesting facts about pet insurance:

  • The average cost of pet insurance is $131 per year
  • The most common reason people buy pet insurance is to cover their pets in case of an accident or illness
  • People with pets generally have a much higher risk of having an accident or injury, and pet insurance helps cover those risks
  • Pet insurance can also help cover our pet’s medical expenses if hospitalised
  • Most pet insurance policies cover animals of all ages, sizes, and breeds

Types of Pet Insurance

There are a few different pet insurance policies, each with advantages and disadvantages. Here’s a look at the most common types:

Partial Pet Insurance

This policy only covers specific medical expenses for our pet, such as surgery or medication. The policy may have annual or lifetime limits on coverage, and we may need to pay upfront for some services.

Full Pet Insurance

This policy covers all costs associated with our pet’s health, including surgeries, medications, emergency care, and even cremation or burial costs if our pet dies. Policies typically have lower annual or lifetime limits than partial policies, and we may be able to claim reimbursement for certain expenses without having to file a claim.

Supplemental Pet Insurance

This type of policy is similar to full insurance but only provides coverage if our standard pet insurance policy does not cover our specific needs. For example, supplemental policies might only cover veterinary bills if our ordinary policy doesn’t cover illness or injury treatment. Supplemental policies typically have higher annual or lifetime limits than other types of pet insurance policies.

Declawing Coverage

Some pet insurers offer coverage for declawing procedures done on cats and dogs as part of their comprehensive plan. Declawing is a surgical procedure that removes the last bone in the paw so cats and dogs can’t claw the furniture and other surfaces inside and outside the home. Because declawing is considered a cosmetic

Things to Consider When Buying Policy

When shopping for pet insurance, there are a few things to consider:

  • The first is the deductible. This is the amount we have to pay before our policy starts coverage. The higher the deductible, the less we’ll have to pay premiums.
  • The next thing to consider is the coverage type. There are three types of coverage: general liability, personal injury protection, and property damage liability. General liability coverage protects us from lawsuits that arise from our pet’s actions or injuries. Personal injury protection covers us if someone else is injured due to our pet’s behaviour. Property damage liability covers costs if our pet damages someone else’s property.
  • We also want to consider how much insurance our pet needs and what risks we’re willing to cover. Some policies only cover pets up to a certain weight or size. In contrast, others will cover any animal, including horses, cows, and reptiles. Finally, comparing rates is crucial to find one that fits our budget and meets our needs.

How Much Does it Cost?

A few factors go into setting the price of pet insurance, but the biggest one is the type of policy we purchase. For example, policies with higher deductible levels will cost more than those with lower ones. Additionally, there are typically specific features that come with each type of policy, such as coverage for accidents caused by other pets, which can add to the cost.

One important thing to remember is that pet insurance is only sometimes necessary. A lot of times, if something happens to our pet and it’s not covered by their health plan or our homeowner’s insurance, we can still gather some money together and pay for veterinary care. That being said, there are a lot of benefits to buying pet insurance, so it’s worth researching before making a decision.

Things to Know Before Buying a Policy

When it comes to pet insurance, the price can be deceiving. Here are a few things to know before buying a policy:

  • The price of a policy is based on the type of coverage we need and our pet’s age and breed
  • A standard policy for a dog or cat costs about $25 per month
  • If we have more than one pet, we’ll need to buy an individual policy for each one
  • Some companies will offer discounts if we purchase a policy online or through an agent
  • There are several types of policies available, including medical only, health plus accidents, and health plus death
  • We should also consider whether our pet needs specific coverage, such as vision or dental care

Pet Insurance Only for Our Beloved Furry Creatures

There are a lot of myths surrounding pet insurance, but one of the most prevalent is that it’s expensive. Pet insurance can be affordable, depending on our needs and coverage. One crucial factor to consider when shopping for pet insurance is the deductible. This is the amount we have to pay out-of-pocket before our policy kicks in. A low deductible will save us money, while a high deductible may provide more protection in an accident or emergency. Another essential consideration is coverage type. Many policies offer medical and behavioural coverage, but some only provide medical coverage. For example, purchasing just medical coverage may be sufficient if we only have behavioural issues with our pets. Finally, make sure to compare rates and policies before signing up. Several online resources offer free comparisons to get the best pet insurance deal tailored to our needs.