Insurance for your dog or cat helps lower the costs associated with maintaining their health. The Getty Images/iStockphoto collection
Insurance for your dog or cat helps lower the costs associated with maintaining their health. Similar to human health insurance, pet insurance will pay for part (or all) of your pet’s treatment if he or she has an accident, becomes unwell, or develops another ailment.
This can be really useful if you lack finances or would otherwise be unable to afford emergency care for your pet. It can also ensure that your pet receives the finest possible care, regardless of your financial situation.
If you believe you could benefit from pet insurance, start by requesting a free estimate so you know exactly what to expect.
How is pet insurance administered?
Insurance for pets operates on a reimbursement basis. You take your pet to the veterinarian, pay for their care before leaving, and then file a claim with your pet insurance company in the days that follow. They will then refund you for any services that are covered.
Keep in mind that the deductible for most pet insurance coverage ranges from $100 to $1,000. This is the amount you must pay out-of-pocket before your insurance company would pay anything. The bigger your deductible, the lower your premiums will typically be (and vice versa). Some insurance providers offer plans with no deductible.
There are numerous types of pet insurance, such as accident-only pet insurance policies, which only cover treatments in the event of an accident, and accident and illness pet insurance policies, which also cover a variety of illnesses and diseases. The majority of pet insurance carriers provide wellness plans that cover preventative treatment, vaccinations, and annual checkups if you desire more extensive pet insurance coverage.
Obtain an estimate from Spot, a pet insurance provider, in order to determine which option is best for you.
How much can you save with pet insurance?
Thomas Dock, public information officer for Noah’s Animal Hospitals, has witnessed pet insurance’s effectiveness firsthand. Once, Noah’s had a client whose Boston terrier puppy had vomiting episodes. The illness rapidly deteriorated into a hospitalization, and the owner suffered total expenses of almost $10,000.
“Fortunately, the owner had recently obtained an insurance policy and paid his first premium,” Dock adds. He received reimbursement for $9,000 of the $10,000 he spent.
According to Dock, incidents of this magnitude are “rare cases,” but the possibility exists at all times. Here is a comparison of the cost of key veterinarian treatments and services without insurance and with a policy that reimburses 90% and has a $250 deductible.
| Service/treatment | Cost without insurance | Cost with insurance | Savings |
| Bladder stone removal | $1,800 | $430 | $1,370 |
| C-section | $2,000 | $450 | $1,550 |
| Foreign body removal from stomach/intestines | $2,250 | $475 | $1,775 |
| Splenectomy | $1,900 | $440 | $1,460 |
| Amputation | $1,850 | $435 | $1,415 |
| Bloat treatment | $1,850 | $435 | $1,415 |
| GI tract resection | $1,625 | $412.5 | $1,213 |
| Dental surgery | $1,250 | $375 | $875 |
Clearly, if your pet had surgery, a C-section, or other severe treatment, having insurance may save you a significant amount of money.
Pet insurance may or may not be useful.
If your pet is involved in an accident or develops an illness that threatens its life, pet insurance will have been a sensible investment, saving you money and guaranteeing that your pet receives the care it needs to thrive.
However, your pet may live a long and healthy life with minimal medical intervention. In this instance, pet insurance may have been unnecessary.
As Dock says, “often, pet insurance is purchased but never utilized.”
Consider your pet’s health, age, and its breed’s susceptibility to a variety of medical disorders in order to determine if you should purchase pet insurance. Your emergency money must also be considered. If you lack substantial savings, pet insurance could be a prudent financial safety net.
Comparison shop for a policy
Before deciding on which pet insurance provider to purchase a policy from, you should compare a variety of plans and premiums. You should also examine any exclusions, as many insurance exclude coverage for preexisting conditions.
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