What Is Pet Insurance and Should You Have It?
If you’ve ever owned a pet, you understand how quickly they become part of the family. And just like any other family member, they can cost a pretty penny – especially when it comes to medical expenses. Every pet, at some point or another, is going to need medical treatment, whether it’s a shot or an expensive surgery. This is part of the reason for pet insurance, which is popular in Europe but seems to be catching on in America. Here are some answers to questions you might have about pet insurance.
What Does Pet Insurance Cover?
Like most other types of insurance (be it automotive, health, life, or whatever else), pet insurance policies can vary in what they cover. And, as any pet owner will know, there are many things worth covering. Some examples of what your pet’s insurance plan may cover include surgery, veterinary fees, prescriptions, cancer treatments, and specialty care. Those things, when not covered by insurance, can be extremely costly, which is what makes pet insurance so appealing.
Who Offers Pet Insurance?
While pet insurance isn’t as popular in the United States as it is overseas, you can still find plenty of companies, well-known and not, who are willing to offer your pet an insurance plan. These companies range from general insurance companies–like Geico, Farmers Insurance, and State Farm–to specialized companies that exclusively offer pet insurance, such as the ASPCA and the AKC. It’s worth checking to see if any of your current insurance providers offer pet insurance, as they might be able to offer you a discount.
How Much Does It Cost?
Owning a pet and caring for it without pet insurance coverage can be extremely costly. But how do the costs of an uninsured pet stack up against the costs of one that is insured? Naturally, with so many things up for possible coverage, there are many tiers of pet insurance, so that comparison can be a little difficult to make. Plus, the premium you decide to pay can affect the deductible you get when you file a claim, complicating the matter even more. Further, your cat or dog’s breed could very well affect the rates that you pay. That said, a general rule of thumb is that you’re going to pay anything within the ballpark of twenty to a hundred or so dollars per month.
Is It Worth It?
Unfortunately, there’s no simple answer as to whether pet insurance is worth it for you and your pet. As with any insurance plan, you’ll have to look at the amount of money you’ll expect to pay over time without insurance and compare that to the monthly installments you’d pay with insurance. While you might have to spend an afternoon calling around to different insurance companies and comparing rates, you might find that choosing to go with insurance saves you a good amount of money in the long run. Plus, the peace of mind you’d gain by having your pet covered by insurance might be something you can’t put a price on.