Is pet insurance worth it? This is the question majority of people ask because they see insurance as a waste of money and time. Well, let’s check out this scenario. Your most loved dog suddenly because gravely ill. Treatment is an option but it will cost you thousands of dollars that you currently don’t have.
You have been told that, if your dog doesn’t receive treatment as soon as possible, the pain will continue and could lead to the death of your dog. What will you do? Would you let your beloved die from a petty illness? Or rush to get a loan you aren’t prepared for?
This is where pet insurance comes in, it saves you the stress of running heater scatter when you need financial aid. Therefore, instead of asking several questions like is cat pet insurance worth it? Or is dog insurance worth it?
This is why in this piece, you will learn the essence of pet insurance and some other important details. But to start with, let’s check out pet insurance costs.
Continue reading to find out more.
Pet Insurance Cost
Pet insurance is a powerful tool for pet owners as its protects pet owners from unexpected bills for their cats and dogs. Although this insurance is one of the best to opt for if one keeps animals but unfortunately, it doesn’t often come cheap.
At the same time, its price is not fixed as costs vary depending on several factors. It is possible to get pet insurance coverage for less than $10 dollars monthly and it is as well possible to get policies that exceed $100.
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You might have been wondering why pet insurance is so expensive. Well, it might be! However, it all depends on the policy you sign up for. Below are three basic costs associated with pet insurance;
● Premiums: These are the monthly fees that the pet owner must pay to the insurance company each month to maintain the policy.
● Deductible: This is the amount of money you’ll pay when filing a claim for pet insurance before receiving any payment from your insurance company.
● Copay: this is a percentage of the pet’s car you must cover, even after the deductible has been sorted. For pet insurance, it’s 10% to 30% depending on the policy you sign up for.
Why is Pet Insurance so Expensive?
Often, there are questions like ‘’how much pet insurance do I need?“ or ‘how much are pet insurance’, flying around. The gist is that there is no specific price for pet insurance but there are several factors that influence the cost of your pet insurance premiums. Some of these determinants include;
- Age of the pet; Pets that are older are more expensive to insure. This is because they are susceptible to more health issues.
● Species: Normally, cats’ insurance is cheaper than insuring dogs.
● Breed: there are some cat and dog breeds that are prone to more health issues. These breeds are costly to insure.
● Location: if you stay in an area where veterinary care is high and expensive, your pet insurance is most likely to be expensive as well.
● Coverage Option: policies that cover more health conditions tend to be more expensive than policies that cover limited protection.
● Annual maximum: The amount that the insurance company will pay for a pet’s care is usually fixed at a certain amount every year. A larger annual maximum will make the policy more expensive.
● Reimbursement percentage: the majority of pet insurance coverage reimburses policyholders 70% to 90% of covered treatment. Therefore, if you choose a higher reimbursement percentage, your premium will be more expensive.
● Deductible: if you go for a deductible that is lower, your pet insurance premium will be costly.
Pet insurance cost for cats
Pet insurance for cats is mostly cheaper than that for dogs. According to NAPHIA, the average cost of a cat is around $11 per month for accident-only coverage and $28 dollars for illness and accident. However, the price still varies depending on the breed. Some of the expensive cat breeds that can make your pet insurance premium costly include;
- Devon rexes
- Maine coons
- Exotic cats
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Pet Insurance cost for dogs
No doubt, insuring dogs is a bit expensive but not too costly. Averagely, the cost of a dog insurance policy is about $18 dollars monthly for accident-only coverage. But if the coverage includes accident and illness, it cost $50 and above, depending on the breed. This is so because statistics show that dog owners are more liable to file pet insurance claims than cats. Also, dog visits vet hospital often and their treatment usually cost more.
Aside from that, large and older dogs are more expensive to insure compared to smaller dogs because they are more prone to health issues. Averagely, they cost at least $30 per month for accidents and about $70 or more if the breed is a Chihuahua.
Below are other expensive dog breeds that have their premium costly;
- Doberman pinschers
- French bulldogs
- English bulldogs
Is Pet Insurance Worth It?
Regardless of the prices of pet insurance, they remain one of the best options for you if you are looking for financial security. If you are not convinced enough, check out some of the reasons why pet insurance is truly worth it!
● Delivers peace of mind: Pet insurance allows you to select the best medical treatments for your sick or hurt animal without being constrained by your budget. After deductibles, most pet insurance policies pay up to 80% of expenses. therefore, you can rest assured that money isn’t an issue when emergencies surface.
● Provides an easy way to budget pet care costs: payment for pet insurance is convenient and works perfectly with your choices. You can pay monthly, quarterly, annually and even semi-annually. Whichever payment method suit you, you can always get it. In fact, if you opt for additional or multiple pet insurance policies, you might be offered mouth-watering discounts.
More Reasons Pet Insurance is Worth It
● Prevents you from digging into savings and emergency funds: True, you can create a pet savings account, but when faced with costly car repairs, home renovations, or other significant unforeseen needs, it might be difficult to maintain self-control and refrain from withdrawing money from this designated account. However, with pet insurance, your finances are secured.
● Comes with multiple Options: with insurance of this kind, you can opt for any package that you want. If you want a baseline level of insurance to cover vet visits and monthly checks, you can sign up for an insurance policy that covers just that. If what you desire is full coverage that will include surgeries and prescriptions, you can as well go for policies that cover all. Just like health and home insurance policies, you are exposed to a wide range of options. Just choose what you want and you will be good!
● It saves money: if you don’t have pet insurance, then you must know how expensive veterinary services are. Not only that, wellness consultation and visits increases at a fast pace. However, with pet insurance, you can save for rainy days, as it provides you financial stability by knowing that you have a backup plan if any unforeseen occurs.
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Frequently Asked Questions
Is MetLife pet insurance worth it?
Metlife is an excellent choice for pet parents who are looking for a simple and easy-to-navigate policy. This company offers friendly pet insurance policies. They offer a fairly thorough accident and illness plan that has no life or per-incident limits for pets of all ages.
Also, they cover any pet breed that is over eight weeks old,. However, they offer a low annual benefit maximum and some of their policies are expensive. In all, they are worth giving a trial.
How much pet insurance do I need?
There is no fixed rate for pet insurance and it is often inexpensive. However, how much you need actually depends on your pet’s breed, type and age and the type of coverage you want.
What is the cost of pet insurance per month?
Pet insurance monthly premiums range from $10 to $100 and above. It all depends on your insurance company, the policy you choose and the type of animal you are insuring. Note that animals that have reached old age, large and some specific breeds come at a higher price.
Do dogs have insurance?
Yes, do have insurance. In fact, they are one of the most popular animal people insure. dog insurance is one valuable choice as it protects you from veterinary costs ranging from unexpected happenings to expected ones. With an insurance policy, you can get your dog checked, operated on and treated at a low price.
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