Pet owners know all too well that when they are home, they will always have some company. Their furry friends have become an integral part of their lives. The pet and their owners have a strong relationship, and the fondness is indisputable. However, there are times when these pets fall ill. Due to the love that the cat and dog owners have for their pets, they are willing to do anything for them to get better. So, they take the pets to the vet. Depending on the seriousness of the illness, they may pay little or much money. That begs a crucial question. Can having pet insurance make such situations easier to handle? That’s our focus. So, is pet insurance worth it? Read on to find out.
What Caring for Your Pest Will Cost You
Before answering whether pet insurance is worth it, let’s discuss the cost of taking care of your furry friend. There are basic expenses, including grooming supplies, licensing, treats, toys and food. According to ASPCA, pet owners spend $501 and $465 annually to cater to pets if they own a cat and a dog, respectively. In addition to that, there is preventive care as well as routine care that your pet requires to live a healthy life. Routine check-ups, flea or tick medication, and vaccinations will also cost the pet owner. On average, the annual cost is about $300 if you keep a cat or $410 in case it is a dog.
That’s already too much to handle for most people. So, can you imagine how the situation will be when an emergency comes up? For instance, you walk into your house only to find your cat restless and vomiting. In worst-case scenarios, it could be that your dog tore the ACL hence needs surgery. The latter will see the pet owner part with thousands of dollars. It is no secret that the figure can be hard to raise, especially in an emergency.
What are the Benefits of a Pet Insurance?
In the above segment, we discussed the common expenses of nurturing a pet. Now, let’s see what pet insurance covers to see the burden it gets off your shoulder if purchased. What it covers depends on your cover. Let’s take a look at the different plans and what they cover.
- Accident & Illness Plan
It covers the following;
- Prescription medications
- Disnitic testing
- Emergency care
- Chronic diseases such as diabetes
- Toxic ingestion
- Hip dysplasia and other conditions that affect specific breeds
- Dental illnesses such as gingivitis
- Broken bones
It is important to mention that breeds such as German shepherds, Great Danes, Labrador retrievers, border collies, among other large dogs, are prone to hip dysplasia. The cost of its treatment ranges from $3500 to $7000. In some cases, it can exceed that figure. So, is pet insurance worth it? If you have such breeds, I think it would be an excellent choice. However, let’s not judge that until we discuss the cost of having the cover.
- Accident-only Cover
If this is the plan you choose, it only covers instances related to accidents. So, here is what it covers;
- A case of a pet that swallows poison
- Torn ligament
If you visit the veterinary due to such cases, it will surely affect it. However, any other visit related to any illness, including cancer and ear infections, will mean paying from the pocket if you only have this plan.
- Routine Care or Wellness Cover
Its name says it all. It covers;
- Flea and tick prevention
- Other routine check-ups
The Cost of a Pet Insurance
Statistics show that the average annual pet insurance cost for a cat is $336. The average cost of a dog pet insurance is more than twice that of a cat standing at $684. This cost is specific to a case of a $5000 annual coverage. There’s also a $250 deductible coupled with a reimbursement level of up to 90%. That said and done, some factors play a significant role in determining the cost of pet insurance. They include;
- Your Location
The cost of veterinary charges differs from one area to the other. So, if it is high in your area, you will have to pay relatively more for a cover and vice versa.
- The age of your pet
Like in human beings, old age tends to come with illnesses and accidents, even when it comes to pets. Consequently, pet owners of old dogs and cats will pay higher premiums than their counterparts with young pets.
- The gender of your pet
Most insurance providers consider it a lower risk if you have a female pet. That term, lower risk, is always good news to people purchasing a cover. After all, it translates to paying lower premiums for the pet insurance and any other plan for that matter.
- The breed of your pet
Earlier, we pointed out that some conditions are breed-specific. In addition to that, they are also expensive to treat. So, if you have a breed that’s prone to these conditions, it goes without saying that you may have to pay more. An excellent example is large dogs which are relatively expensive to insure.
Is Pet Insurance Worth It?
Summing up the article, it would be great to answer this million-dollar question. So, is pet insurance worth it? The answer depends on a few factors, no doubt. For instance, a pet owner with a large dog, especially the breeds susceptible to conditions that are expensive to treat, may find it worthy of having a pet insurance plan. After all, the cost of the cover is multiple times more than that of the treatment. If its need arises, it will be easier to handle it if the cover exists. In the same vein, if your pet is quite old, pet insurance is also a great option.
On the other hand, people with your cats and dogs may find it unnecessary to insure their pets. The same case applies to female pets. If you reside in an area where vet charges are low, affording them is easier; hence may not be necessary to have insurance.
Nevertheless, regardless of the pet you have, if you can’t easily raise money in case of an emergency, do not hesitate to consider purchasing an insurance plan. The uncertainty of life demands that one be prepared for the unexpected. One way of doing so is to have pet insurance. One day, it could come to the rescue of you and the pet in a way you never imagined, no doubt. It is also easy to find the best quote depending on your situation.