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When many people think of pet ownership, they think of the fun parts: the long dog walks, playing with their new cat, the snacks and the hugs and kisses. But owning a pet, as joyful and enjoyable as it often is, can also be costly. And those costs are likely to remain high throughout the life of the pet.
The average price of owning a dog is about $1,400 a year and slightly less for cats (around $1,200), according to a newly published report. With many cats and dogs living to be 15 years old or longer, this can add up to a significant amount of money. Fortunately, owners now have a cost-effective and valuable way to ease the financial burden: pet insurance.
In exchange for a modest fee paid to a provider (which is often with a discount if paid annually), owners can ensure coverage for a wide range of treatments, vet visits and even some medications. Depending on the policy and provider, they may be able to paid up to 90% of their medical expenses.
If you think you could benefit from pet insurance then start by getting a free price quote here.
How pet insurance can help reduce costs
Pet insurance doesn’t work exactly like health insurance for people. But that doesn’t mean it’s not important. Compared to the thousands of dollars that owners are used to paying, a minimal fee of $70 or less per month (on average) can be worth it. There are many types of pet insurance to choose from — and various deductibles can choose from the owners. Then they can continue with their normal care work, but instead of being stuck with a heavy bill, with pet insurance, they can submit a claim to the company to reimburse the money spent.
“Insurance helps cover the unexpected costs of pet ownership and can be a huge relief for owners as they typically cover 80-90% of costs, depending on the plan,” Dr. Sarah Gorman, managing veterinarian at Small Door Veterinary in New York, previously said CBS news.
“Insurance helps us cover the unexpected,” continued Dr. Gorman. “Veterinarians don’t want to hand out big bills and we want our member’s dollars to stretch as far as possible. By working with insurance companies, it helps us provide the gold standard of care for our pet patients.”
As with any financial product or service, however, it pays to shop around to find the best rates and terms. Interested owners can get a free pet insurance quote in 30 seconds here today or they can use the table below to shop around and compare some top providers.
Pet insurance tips owners should know
Considering pet insurance today? Here are three tips that all owners should know
- Prices will increase as your pet ages. A young pet is considered a healthy one, and owners are more likely to submit claims to the provider, thus resulting in lower premiums that the owner has to pay. So don’t wait to insure your pet. You’ll just end up with a bigger bill.
- Pre-existing medical conditions will not be covered. Pet insurance providers may deny coverage for pets that have the problems. This is another reason why it makes sense to buy pet insurance early. If you wait, and your pet develops these conditions, you will be given less coverage (at a higher price point) than if you applied earlier.
- Different races have different costs. Although pet insurance is generally affordable, different breeds of cats and dogs will come with different costs. This can add up to significant value over time, so if you don’t have a pet yet but are considering buying one or reinforcing one as soon as possible, be sure to do your research ahead of time so you know what pet insurance costs for the considered breed.
The bottom line
Since the cost of pet care is high and there is no relief in sight, pet insurance can provide some much-needed financial assistance. To get the most out of a plan, however, owners need to understand that prices will increase as they wait out their pet’s lifetime to get a plan. And pre-existing medical conditions won’t be covered, so it makes sense to take out a policy before these issues arise. Finally, different races have different costs. But if owners understand these three key factors, they are best prepared to get a personalized and cost-effective pet insurance plan. And, best of all, they will begin to reduce their overall pet care costs.
