What Is Pet Insurance?

One of the most overlooked types of insurance is pet insurance. As most pet parents consider this insurance unnecessary and a waste of money. But this insurance acts as a shield against unforeseen financial emergencies that may affect your budget.

What Is Pet Insurance?

Just like health insurance, this type of insurance is a health care policy for pets. It covers health-related bills as well as reimbursement for specific health issues covered by the policy. Pet insurance is a type of health insurance that pays for the medical bills of your pet depending on your insurance coverage.

Generally, injuries and illnesses are unexpected events, and paying for them when they occur may affect your finances. In cases like this, this insurance is important to help you get over these bills.

Although pet insurance protects your finances and shields you from medical bills, not every policy works the same. It is important to be aware of what your policy covers as well as its limits. However, there are two common types, and these are cat insurance and dog insurance.

What It Covers

There are several things this insurance covers. This insurance covers different events depending on the type of insurance policy you purchase. However, there are three types of insurance policies you should purchase for your pets. They include:

  • Accident Only: This plan covers veterinary bills relating to accidents like bites from another animal, swallowed objects, lacerations, and broken bones.
  • Comprehensive Plan: This plan covers accidents and illnesses, which include cancer treatments, surgery, breed-specific conditions, allergies, hereditary conditions, hospitalization, and arthritis.
  • Routine Care: Routine care, also called wellness plans, covers preventive costs such as vaccines, blood work, dental cleaning, yearly checkup exam bills, and neutering or spaying.

You can purchase any two of all these insurance plans at the same time for your pet. However, depending on the plan you purchase, what it covers will be indicated in your policy.

What Pet Insurance Does Not Cover

While there are quite a lot of things this insurance covers, there are some events that are not covered by this insurance. Main vet expenses, non-vet-related expenses, and regular care on policies that are not routine plans are not covered by the insurance. Other things this insurance does not cover include:

  • Pregnancy.
  • DNA testing.
  • Elective processes.
  • Experimental treatments.
  • Breeding.
  • Cosmetic processes.
  • Accidents or illness due to negligence, racing, fighting, or cruelty.
  • Preventive processes.

However, pre-existing conditions and everyday expenses of parenting a pet, such as toys, grooming, food, vitamins, and boarding expenses, are not covered by this insurance.

Pricing

Generally, this insurance type is affordable to purchase. The average monthly premium cost is $29 for cats and $47 for dogs. These prices, however, depend on the insurance company. Some insurance companies sell higher than that, while others sell lower. However, using different factors, pet insurance companies determine how much it will cost. These factors include:

  • Breed.
  • Location.
  • Term and length of insurance policy.
  • Deductible.
  • Plan type.
  • Size.
  • Age.
  • Common outdoor and indoor risks in the area.
  • Reimbursement Rate.
  • Payout Limit.
  • Policy provider.

Because of this, it is important to check with your lender about how much your insurance costs. Also, it is advisable to purchase pet insurance for your pets while they are still young because it is more affordable than when they are older.

Should I Get Pet Insurance?

Since your pet is part of your family, just as you care for your relatives if they get sick or injured, it makes more sense to care for your pets too. Getting pet insurance helps you cover the medical bills if ever your pet falls sick or is injured.

Does Pet Insurance Cover My Pet for Life?

If you purchase accident and illness insurance coverage for your pet, it will cover your pet throughout its life span as long as you continue to pay premiums.

Is Pet Insurance Worth It?

Although it is possible to budget and save for unexpected pet care expenses, it can be very expensive and affect your finances. For instance, if your pet experiences a medical emergency that requires urgent hospitalization or surgery, paying off these bills from your savings can be a huge loss to your savings. With this insurance, paying off these bills is made easier and better to do. For this reason and more, it is worth getting.