Whether you are a first-time pet owner or a responsible caretaker of several furry friends, organizing pet insurance can feel like an overwhelming task. It might not be the most pleasant thing in the world to imagine a scenario where your pet may fall in harm’s way, but it’s best to get your preparations in order early.
When it comes to providing the safest environment for your pet, securing affordable pet insurance should be high on your list of priorities.
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What exactly is pet insurance, and why do I need it?
Very similar to health insurance for humans, pet insurance is a policy that can be purchased to secure protection and health benefits for your pets. There are several different forms of pet insurance, each having its own terms and conditions.
Pet insurance is a great way to alleviate some — if not all — of the financial burden associated with medical costs, but also provides peace of mind and the comfort of knowing your pet will be well looked after in the event of an emergency.
Whether you’re a proud owner of a cat, dog, or even an exotic animal, there are many options and different insurers at your disposal to help keep your pets well protected.
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How much should I expect to pay for pet insurance?
The cost of pet insurance varies based on a wide array of variables, such as pet species, particular animal breeds, your location, animal age, and prior medical history. Even if all other variables remain the same, different insurers will often charge different rates and offer varying coverage, so it’s best to do your research in advance to make sure you are receiving the best pet insurance plan for you.
Monthly premium costs for pet insurance can vary greatly depending on these variables — anywhere from as little as $10 to over $100 per month — but most people will spend between $20 to $60 per month on insurance.
While it may not seem like much now, choosing the right coverage can guarantee good protection while also saving hundreds of dollars annually on pet insurance.
In general, you can expect insurance rates to be higher for dogs than cats. This also applies to animals who are older or heavier than average, as medical problems can arise as these two factors progress.
The average cost of a pet insurance plan that covers both accidents and illnesses comes in at $50 per month for dogs and $28 per month for cats. Though it’s worth noting these prices can range dramatically depending on the particular coverage your pet needs, as mentioned earlier.
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Average Expected Monthly Insurance Cost
| Dogs | Cats | |
| Accident Coverage | $18 per month | $11 per month |
| Accident And Illness Coverage | $50 per month | $28 per month |
These costs are subject to change on a year-by-year basis but are roughly what you can expect to pay in premium costs on your pet insurance.
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Which provider should I choose for pet insurance?
When it comes to deciding which pet insurance provider is best for you, there is a multitude of important factors for you to take into consideration. Fortunately, you don’t have to make that decision alone.
A list of some of the best pet insurance providers and their specialties has been compiled by money.com, along with many other valuable resources when it comes to making the decision to purchase pet insurance. These are among some of the best pet insurance options available to you.
- Healthy Paws – Best for Alternative Therapies
- ASPCA – Best for Hereditary and Congenital Conditions
- Spot – Best for Unlimited Coverage
- Pumpkin – Best for Puppies and Kittens
- Figo – Best for Reimbursement Options
- Embrace – Best for Older Pets
- Pets Best – Best for Treatment of Mobility Issues
- Lemonade – Best for Fast Claims Processing
- Trupanion – Best for Direct Payment to Vets
- Nationwide – Best for Exotic Pets
As money.com also mentioned, there are several other quality providers worth looking into, including:
TrustedPals, Petplan, Metlife Pet Insurance, PetFirst, 24PetWatch, Hartville, Pet Assure, USAA Pet Insurance, and GEICO Pet Insurance.
With so many options to choose from, it’s best to research each to find which one best fits you and your pet’s needs.
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What does pet insurance cover?
It’s vital that you select the pet insurance coverage that best meets your current and future needs. Always examine the terms and conditions of your coverage plan thoroughly to ensure you comprehend the full ins and outs of the protection your policy grants you and your pet. For instance, most new plans will not pay for the expense of treating any pre-existing medical concerns your pet may have, so selecting the best policy from the outset ensures that your pet will be well covered.
According to the ASPCA, pet insurance may cover all of this and more depending on your policy:
1. Accidents
Accident coverage allows owners to look after their pets whenever they are injured without having to worry about the expense. It includes accident-related injuries and accidents such as fractured bones, bites, cuts, damaged ligaments, ingested objects, and other hazardous ingestions. Accident coverage also typically includes accident-related services such as X-rays, MRIs, ultrasounds, bloodwork, and anything else your pet may need following an unfortunate injury.
2. Illnesses
You can receive compensation for the costs of severe and minor diseases such as cancer, arthritis, hypothyroidism, ear infections, digestive disorders, and urinary tract infections if you have sickness coverage (UTIs). It can cover anything from the cost of identifying your pet’s health problem to the therapies your pet need to recover.
3. Hereditary and Congenital Conditions
This coverage covers the costs of genetic disorders and birth abnormalities that do not manifest symptoms until your pet is older. Heart disease, intervertebral disc disease (IVDD), eye diseases, and hip dysplasia are examples. Some pet insurance companies only provide protection as an additional option. That implies you’ll have to pay a premium if you want to include it in your plan.
4. Alternative Therapies
There are several alternative therapies available to assist pets in recovering from an accident or sickness. Acupuncture, physiotherapy, chiropractic treatment, rehabilitative therapy, hydrotherapy, and low-level laser therapy are among them.
5. Behavioral Issues
Persistent grooming, restlessness, and excessive chewing are all indicators of behavioral difficulties that may be stressful and detrimental to your pet. Furthermore, they might cause harm to your house and disturb your family’s life. This coverage is not accessible with all pet insurance companies and is sometimes solely obtainable as an add-on.
6. Chronic Conditions
These are conditions that need care across multiple plan periods, such as diabetes and cancer.
7. Prescription Medication
If your pet is injured or becomes ill, they may require prescription medications to relieve pain, decrease inflammation, or ward off infection. They may also require medicine to treat chronic diseases such as thyroid issues.
8. Prescription Food & Supplements
To aid your pet with specific health concerns, your veterinarian may offer prescription food or supplements. Some carriers do not provide this coverage or only supply it as an extra add-on. Some companies additionally establish time limitations as to how long this protection can be used.
9. Microchip Implantation
A microchip may appear to be a minor detail, but it may make a significant difference in ensuring that your pet is brought to you securely.