Is Pet Insurance Worth it?

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Pet insurance is becoming increasingly versatile and beneficial in 2019 for pet owners almost everywhere in the world. Acting as a safety net against unexpected costs related to pets, pet insurance gives you the peace of mind that you won’t have to dig deep in your pocket in case your pet is stolen, gets sick, has behavioral problems or even dies due to accidents.

So is pet insurance really worth it? Let’s take a look at the benefits and the risks of pet insurance before diving into its actual costs.  

Benefits of Pet Insurance:

  1. May save you a lot of money: despite the high premiums, pet insurance keeps you protected in case your pet is prone to getting sick. Once it is young and healthy, premiums are quite low, just like with health insurance for people, so you can afford to pay it. In case your animal is stolen, you’ll receive a hefty amount of money from your insurer. Moreover, in case of a serious disease such as cancer, you can save thousands of dollars in the long run.
  2. Gain peace of mind: pet insurance allows you to enjoy life together with your closest friend. It serves as a guarantee that you are financially protected in case an unexpected accident occurs. Insurance companies pay over 95% of claims they receive, especially those that cover a wide range of conditions or accidents.  
  3. Wide range of services: most insurers cover most types of conditions a pet might have. From hereditary and congenital to behavioral issues, you can rest assured that your dear friend is fully covered in case of an unexpected accident. You can even ask for a customizable plan to suit your needs.  
  4. Cover almost any pet: you can find insurance providers to cover almost all pets available in the US. Starting from dogs, rabbits and cats and up to snakes, turtles or parrots, you can basically get coverage for almost any animal. Of course, the prices and the conditions differ, depending on the actual treatment costs and the common illnesses in your area.

Drawbacks of Pet Insurance

Probably the only drawback of insuring your pet is the high premiums. In 2019, the average premium is $900 a year. However, you can pay over $2,000 if your pet already has an ongoing condition. Note that older pets cost more to insure than young animals.

Another drawback is that pet insurance companies are now offering reduced insurance against common conditions. Dental diseases, hereditary conditions, preventative check-ups, grooming or hip dysplasia are excluded by most providers in 2019

Nevertheless, you can dramatically reduce costs of premiums if you get a policy for your pup and select a lifetime policy. For older pets, choose a policy that only pays for vet bills for a year. At this point, it’s not worth paying thousands of dollars for your dog. Moreover, consider that most providers will not be willing to offer you insurance for conditions or ailments your dog already suffers from.  

Pet Insurance Explained

So how does pet insurance actually work? In simple terms, it helps you cut down the vet costs when your pet get sick. It also protects your finances in case your dog, cat, snake or any other exotic animal gets stolen. Just like any other regular health insurance policy, the policyholder, which is you, has to pay only a fraction of the total cost. The insurance company will pay around 95% of the cost directly to the vet.

With pet insurance, you can decide to go with a large expense or a large medical treatment, without having to break the bank. Without insurance, one of these medical treatments could cost you over $10,000.   

What happens if your cat get sick with cancer. The radiation therapy may cost over $7,000. without insurance, you have to pay all that money out of your own pocket. With pet insurance, you only have to pay around 5%, plus the monthly, annual or lifetime insurance premium.

Is Pet Insurance Worth it?

Overall, you can cut costs by over 50% on a yearly basis with pet insurance. Even if your pet is protected and does not require any costly surgery, you could still save money if you find a great deal. More than anything, pet insurance gives you the peace of mind that your finances are in good hands if something bad should ever happen to your dearest compassion.