Should I get pet insurance?
As a responsible pet owner, you're probably running through a checklist of things you'll need to ensure your animal is healthy and safe. At some point, you'll probably wonder whether pet insurance is worth it.
You're probably questioning: Can I afford pet insurance? Will the monthly payments be worth it long-term? What are the chances my pet will need emergency care or other treatments and medications? These are all good questions. And while it's hard to see the future, there are some statistics and known facts that we can look at to help make your decision easier.
To get a full picture of what's included in pet insurance coverage or if you're interested in buying add-ons or bundles then start by comparing multiple pet insurance companies now.
Should I get pet insurance? 3 things to consider
Still not sold on pet insurance? That's okay. You should take your time to compare pet insurance providers and ensure you're making the best decision for yourself and your pet.
However, you don't want to wait too long if you're a new pet owner and your dog or cat is young.
"The younger your pet is when you enroll, the better. As pets get older, their risk of getting sick or hurt goes up, which means they'll cost more to insure," Fetch by the Dodo explains online, emphasizing that it doesn't cover pre-existing conditions. So, you don't want to wait to get locked in at a good price while you still have coverage.
The "more injuries and illnesses your pet goes through before you enroll, the more limited your coverage will be," Fetch by the Dodo adds.
If you're not sure whether pet insurance is right for you, here are some things to consider:
It can be affordable
You may be surprised at how much pet insurance costs. The price ultimately depends on the type of animal (dog or cat), breed, weight, age and location. But you'll typically pay anywhere between $15 to $70, possibly more if you have an older animal or a high-risk breed. You'll also need to pay more if you're planning on buying insurance for multiple pets.
Fetch by the Dodo says the average for dogs is around $35 a month and cats are around $25 a month. If you want a realistic idea of what your insurance may cost, simply insert your dog or cat's breed, size (estimated weight), age and when you want the plan to start to get a free quote.
For example, if you're looking for pet insurance for Jan. 1, 2023, for a mixed-breed, medium-sized dog (23-70 pounds) that's 1 year old in the Chicago area, then Fetch by the Dodo recommends a plan that costs around $32.25 per month.
However, you can customize the price by switching the max annual payout, annual deductible and reimbursement. If you switch to a $5,000 max annual payout, $700 annual deductible and 70% reimbursement, then you can lower your monthly cost to $24.80 per month.
At Lemonade, a policy for a dog or cat starts as low as $10 a month. Check it out.
The potential long-term savings
Trips to the veterinarian can get pricey, especially within the first year of owning a pet. Plus, as inflation hovers around a 40-year high, the cost of vet services continues to climb.
Each year, pet owners will spend an estimated $1,391 for a dog and $1,149 for a cat, the American Society for the Prevention of Cruelty to Animals (ASPCA) reports. But in the first year, expect to spend even more — the costs of spaying or neutering, microchipping, vaccines and more will cost an additional $1,030 for a dog and $455 for a cat, the ASPCA says.
But the unexpected trips to the vet or animal hospital are the biggest concern. An overnight hospitalization can cost up to $1,700 a night and up to $3,500 or more if your pet needs to stay several nights in the hospital, Lemonade notes on its website.
If you don't want to get stuck paying 100% of the bill, then you may want to consider investing in pet insurance. When you sign up for pet insurance, you're protecting yourself from paying out of pocket for unexpected medical treatments or procedures. Get started with a free quote now.
While it's hard to predict how much you would save over your pet's lifetime, it's a good backup plan in the event of an emergency. With comprehensive pet insurance, you can potentially get reimbursed for coverage for a variety of things, including prescription drugs, emergency vet visits, sick-visit exam fees, overnight stays and more. Here's how you can get reimbursed for vet fees and services after your wrap up your visit.
It gives you peace of mind
No one likes to see a family member sick. But the sad reality is accidents happen. While you may never be truly prepared when such a day comes — you can at least be prepared with coverage so you're not worried about paying bills when you should be focusing on your pet.
According to Fetch by the Dodo, one out of three pets will need emergency medical care at some point over the course of their life.
So, don't delay. Explore your pet insurance options today, so you can get some peace of mind in case an accident happens.
