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- Pet insurance quotes can range from $25 to $250 per month.
- Pet insurance does not cover pre-existing conditions. It is better to buy as soon as possible.
- Compare pet insurance quotes to find the right solution. The cheapest option may not be the best option for you.
Whenever finances and health overlap, emotions are sure to run high. This is especially true with our pets. As the owner of an older purebred dog, I hold my breath every time I go to the vet, fearing that this is the time when I have to choose between my financial well-being and my dog’s health.
I didn’t know much about pet insurance when he was a puppy. If anything happened, I would be left to foot the bill on my own, and I feel lucky that I never faced a costly emergency outside of my family’s budget. But many families are not so lucky. For example, a single emergency surgery for cancer in a dog can cost upwards of $20,000, and that with no guarantee that your pet will survive.
The costs can be similar after a car accident, if your dog is attacked, etc. Even families who can afford the initial blow may struggle to pay for drugs, rehabilitation services, and other medical costs immediately afterwards.
This is where pet insurance comes in. Like human health insurance, each policy has coverage limits, reimbursement rates, and deductibles, all of which are taken into account when you compare pet insurance quotes. However, unlike human health insurance, a pet insurance plan can cost as little as $25 per month. Some comprehensive coverage plans cost as much as $250, but most pet owners have no reason to pay that much.
“It can be difficult to sort through all the coverage plans available on the market today,” says Kari Steere, licensed insurance producer at Pawlicy Advisor, a website offering pet insurance quotes.
Fortunately, once you choose a policy, you’ll be covered as long as you meet your monthly premiums. Here’s how to find the right font and the one that’s best for your family.
Know what type of coverage your pet insurance company offers
There are several types of pet insurance. It is therefore essential to ensure that you are comparing quotes for similar coverage.
- Animal wellbeing or preventative plans cover your pet’s routine health care. The idea is to divide your annual veterinary expenses into a predictable monthly payment covering vaccinations, dental care, annual exams, etc. Plans may offer $90 for an annual exam, up to $150 for spaying or neutering, etc. If you don’t use the full value of these services, you don’t get your money back.
- Accident only plans cover emergency care after an accident. If your pet is hit by a car or breaks its leg while running, the plan usually covers treatment and testing. Some plans may also cover rehabilitation plans.
- Accident-sickness schemes cover accidents and illnesses like cancer, dental disease, and breed-specific conditions like hip problems. These plans are the most complete but also the most expensive. Accident-only and accident-sickness plans can have waiting periods as short as 14 days and as long as 18 months for coverage. Generally, waiting periods of 12 to 18 months are for chronic conditions.
Feel free to ask questions to compare pet insurance quotes
“Comparing pet insurance quotes isn’t as simple as putting your pet’s information into an online database,” says veterinarian Dr Brian Evans, medical director at Dutch, who provides online veterinary care.
“It can be difficult to compare pet insurance policies because the fine print isn’t clear and requires a decent amount of research,” he says.
First of all, you need to know what you are looking for. Here are the questions Evans suggests asking:
- What are the premium and deductible? Is the deductible annual or per claim?
- Does the policy cover the examination fees?
- How long does it take to get reimbursed for the procedures you paid for?
- Are there any breed restrictions or conditions that the policy will not cover for certain breeds?
- What is the coverage for torn cruciate ligaments and periodontal disease, two common problems, especially for dogs?
- Are there any waiting times before I can file a pet insurance claim for accident or illness coverage? If so, how long is the waiting period?
Consider the cost of the policy throughout your pet’s lifetime
No pet insurance policy covers pre-existing conditions. So, to get the most out of your policy, you should buy it when your pet is young. Evans says it’s ideal to have pet insurance the day you bring home your new family member. This way, you can ensure coverage for as many of your pet’s health issues as possible.
Most importantly, your pet’s treatable “pre-existing conditions” do not transfer with your pet if you change companies. So, for example, if your pet develops allergies covered by your insurer, they won’t be covered if you switch pet insurance companies. Researching and choosing a good plan the first time is essential.
“Often insurance premiums also increase as your pet ages,” Steere says. So be sure to consider your premiums ten years later and don’t be seduced by a low starting premium. Of course, depending on the company, you can get reduced premiums as your pet ages based on loyalty (i.e. you enrolled your pet on their first birthday and stayed with the company).
Unfortunately, if you wait to insure your pet, premiums go up, pre-existing conditions are excluded, and you don’t get loyalty discounts.
Remember Pet Emergencies Are Inevitable
When you compare pet insurance quotes, the average cost for pet insurance can be $60-80 per month. However, companies have started to increase their rates, with some reaching as high as $200 and more per month. Although it may seem like a lot, good pet insurance pays for itself quickly in an emergency. Since one in three pets needs emergency care each year, insurance often pays for itself over time.
In addition to comparing the cost of each plan, consider the cost of being uninsured. “A bad weekend in an emergency room can cover years of insurance premiums,” says Evans.
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