Did you know that on average, 1 in 3 pets will need veterinary care within a given year? Investing in pet insurance can help cover the financial costs associated with veterinary care for your pet.
If you are a pet owner, you are likely well aware of just how expensive the veterinarian can be, especially when the visits are unexpected. You can never predict what will happen to your pet but having pet insurance can help cover unexpected bills, offer peace of mind, and allow you to make the best medical choices and decisions for your pet. Learn about the many benefits of having pet insurance below.
Why is Pet Insurance Important?
Peace of Mind
By obtaining pet insurance, you will be able to choose the best treatments needed for your pet without the financial stress that comes with having to pay veterinarian bills out of pocket. Your decisions will not be restricted or dictated by your finances. According to a recent joint analysis by Nationwide and VetSuccess, owners with pet insurance are more likely to seek medical care for their pets than those without. Dog parents with insurance visit their vet 73% more often, and cat owners visit 43% more often. Decisions become easier when you aren’t burdened with the worry of finances, and you are more likely to choose what is best for your pet if you have pet insurance. 50% of dogs that are 10 years or older may develop cancer, having pet insurance can offer assistance if they need treatment.
Easier to Budget Pet Costs
A premium for pet insurance can be paid monthly, quarterly, semi-annually, or annually. You can choose which payment plan works best for you and your financial situation. If you have multiple pets, you may be eligible for further discounts as well. Most pet insurance policies will reimburse up to 80% of costs after deductibles, so there are many ways you can save money on your premium and receive money back in the future. If you are looking to save money on pet insurance premiums, it is recommended to obtain pet insurance when your pet is still young.
Saves You from Using Savings or Borrowing Money from Friends or Family
When an unexpected situation involving your pet’s health and wellbeing arises, the veterinarian costs and fees can be more than anticipated, causing you to dip into your savings or have to borrow money from friends and family. 80% of pet owners reported taking their pet to the vet during the past year, so these situations are quite common and are more likely than you may have expected. Having pet insurance can help to prevent you from reverting to your savings or borrowing money from friends and or family to get the best care for your pet.
What Does Pet Insurance Cover?
Accidents
Accident coverage can cover accidental injuries to your pet, including ingestion of objects, being hit by a car, or other physical injuries. Owners who have older pets will often opt for an accident-only type of coverage.
Illness
This kind of pet insurance policy covers expenses for injuries, illness, disease, and any change in your pet’s normal healthy condition.
Surgeries
Most pet insurance policies will cover emergency surgeries and may cover preventative procedures. Elective surgeries or surgeries that are related to a pre-existing condition may not be covered, so make sure to speak with your Insurance Broker to clarify exactly what is and is not covered under your pet insurance policy. Most policies also cover diagnostic tests and x-rays, MRIs, and ultrasounds.
Prescription Medications
A great benefit of pet insurance is that most policies will cover prescription medications your pet may need.
Additional Wellness Coverage
If you are looking for a policy that covers routine or preventative care like vaccinations, tests, and dental work you may want to consider adding a wellness plan addition to your pet insurance policy. There is often no deductible for wellness coverage, but you will need to also have accident or accident and illness insurance on top of wellness.
Factors that Affect Pet Insurance Premiums
- Gender of the animal
- Height and weight of the animal
- Age of the animal
- Breed of the animal
- Amount of coverage
- Where you live
The average cost for pet insurance can range from $30 to $80 a month, but a vet bill for a broken leg, ear infection, swallowing foreign objects, or even hip problems can cost pet owners thousands of dollars. The benefits of pet insurance far outweigh the upfront costs of pet insurance and due to this, it is becoming more and more common to obtain pet insurance. It has been increasing at an average growth rate of 22.1% each year for the past five years.
If you would like to know more about purchasing pet insurance, reach out to one of our independent Insurance Brokers today.
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Disclaimer: The information provided on this blog is for educational purposes only and is not intended as professional insurance advice. The coverage, terms, and conditions of each insurance policy are unique and subject to individual circumstances. The information provided does not guarantee the availability or suitability of any insurance policy for your specific needs. You should not rely on the information in the blog as an alternative to professional advice from your insurance broker or insurance company. If you have any specific questions about any insurance matter, please consult a licensed insurance broker for personalized advice and guidance.