Pet insurance is pretty straight forward, you pay a monthly premium and in the event that your pet needs medical attention, your insurance will cover it. Of course it’s never this simple; costs can differ depending on the breed, and in most cases there’s a deductible to be paid. So many people ask: Is pet insurance worth it?
Let’s be clear, if you’re going to get a pet, you need to be in a position to provide proper care for it. Skipping pet insurance is fine if you have a “pet savings account” in place, but no pet should be put down just because their owner didn’t budget properly.
What pet insurance covers
Coverage can be incredibly confusing, we’re talking about insurance after all. Coverage differs depending on the breed; It shouldn’t surprise you that Bulldogs have respiratory problems or that Pugs have eye problems. When you decide on a breed, look into their health history as it could save you thousands in medical bills.
Generally speaking, pet insurance covers diagnostic tests, surgery, and medication. Annual check-ups and vaccinations are not covered by per insurance, nor is micro-chipping and teeth cleaning. Pre-existing conditions are almost never covered so if you’re thinking about getting pet insurance, do it when your pet is at a young age and relatively healthy.
What pet insurance costs
Everything is insurable for a cost; even your pet lizard can be insured if you really wanted. For the purpose of this article, I’m going to assume we’re talking strictly about cats and dogs.
Pet insurance can be had for as low as $8 a month or as high as $100. Premiums increase for various reasons including; what city you live in, the medical history of the breed, and if you require illness coverage. Dental work is usually not included with pet insurance, but generally speaking, the higher the premium, the more coverage you’ll get.
Set up a pet savings account
What most people don’t realize is that pet insurance doesn’t usually cover the entire amount of any services required. Some plans cover up to a certain percentage while others will require a deductible. When you add that to the regular monthly costs you’re paying, it’s no wonder many people ask themselves: Is pet insurance worth it?
An alternative to pet insurance is setting up a pet savings account. That money you would have spent on insurance goes into a savings account, which pays for any medical bills that come up. The advantage of this is that, if your pet is relatively healthy, you still have the money. If your pet requires any medical attention in its early years, you may not have enough funds saved up yet.[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][icon name=”share” class=””] Related: What’s your savings rate?
Well, is pet insurance worth it? In my opinion no. With so many exclusions and the fact that policies don’t cover all the costs; having a pet savings account seems to be the better solution. Pet insurance does have its benefits, but usually, it’s better suited for owners who don’t want to put aside money every month, or those who prefer the peace of mind that comes with insurance.
If you decide to purchase pet insurance, check out ConsumerAffair’s pet insurance guide where you can compare brands, features, and options available to you. Every policy is different so take the time to get multiple quotes and read the fine print to find out what exactly is covered before committing to an insurer. Don’t forget to check out petinsurancereview.com to read reviews of the different pet insurance providers.