In the vast majority of households, we consider our pets to be another member of the family. This is why we should consider getting a pet insurance policy. Sometimes, having to cover unplanned veterinary expenses can represent a significant step back from our financial status. Luckily, there are several companies that offer pet coverage, with as many plans and options available as there are pets in our homes.
We’ve seen continuous growth in the pet insurance market during the last couple of years, and it will keep growing. This is because pet owners are becoming more and more aware of the advantages of insuring their fury (or scaly) friends. Besides, insurance companies are also becoming aware of the importance of offering pet coverage policies. Before purchasing a pet insurance policy, though, we need to know why we should get it. Understanding what it covers and what it doesn’t cover will help us understand if pet insurance is worth the cost.
Why Should I Get Pet Insurance?
Pet owners in the US spend around $250 every year for routine visits to the vet. Unfortunately, such a figure does not include unexpected visits, which might turn out to be more expensive. Also, because of the growing market of pet health care, the costs of vet visits are also increasing. Besides, there is specialized care for pets available, like ophthalmology and oncology.
This means that a typical corrective procedure can cost around $1000 to $2500, depending on the age of our pet, seriousness of procedure, and hospital where it takes place. On average, policyholders pay around $20 to $60 a month for pet coverage. When we see it this way, the numbers seem to add up in our favor.
What Does Pet Insurance Cover?
Just like with any type of insurance, there are different types of pet insurance that we can choose for our pets. The most common types of coverage include accident coverage, illness coverage, and wellness coverage. Depending on the one we choose, is the kind of coverage our pet will get.
With accident coverage, we can prevent and avoid having to pay high medical bills that can result from unforeseen mishaps. This includes broken bones, torn ligaments, and even bite wounds. With illness coverage, treating our pet’s ailments can become more affordable. This might include illnesses like cancer, allergies, arthritis, etcetera. Wellness insurance might be the most convenient kind of coverage we would get, as it tends to cover routine visits. It might also include annual tests, vaccines, flea treatments, teeth cleaning, fecal testing, and the list goes on.
What Doesn’t It Cover?
Even when pet insurance plans are becoming more and more complete, most (if not all) won’t cover any pre-existing conditions. With this, we mean that any condition, illness, or disease that has been documented on your pet’s medical record won’t receive coverage. This is why specialists recommend getting insurance when your pet is still young and healthy.
Also, depending on the plan and company, routine care and wellness tests might not be part of policies for pets. This is because we know that we will have to comply with such checkups as responsible pet owners and can plan the expenses in advance.
Is Pet Insurance Really Worth the Cost?
Despite all the information available, there is no straight answer to this question. Since every pet (and their corresponding owner) is different, and their needs might vary, getting a pet insurance policy can suit some more than others. Also, each company will offer different insurance plans, and choosing the best one depends on the coverage we are looking for.
Nevertheless, we are seeing rapid growth in the pet insurance market, and every day, more and more pet owners become aware of the advantages. Shopping around, having a clear idea of what we want to be covered, and setting a reasonable budget can be some steps to follow before getting this kind of coverage.