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When many people think of pet ownership, they understandably think of the fun parts: the long dog walks, playing with their new cat, the snacks, and the cuddles and kisses. But owning a pet, as fun and rewarding as it often is, can also be expensive. And those costs usually remain high throughout the pet’s life.
The average price of owning a dog is about $1,400 per year and is only slightly cheaper for cats (about $1,200), according to a recently published report. Because many cats and dogs live to be 15 years or older, this can generate significant amounts of money. Fortunately, owners now have a cost-effective and valuable way to ease that financial burden: pet insurance.
In exchange for a modest compensation to a provider (which is often the case). discounted if paid annually), owners can get coverage for a wide range of treatments, vet visits and even some medications. Depending on the policy and provider, you may be able to get them refunded up to 90% of their medical costs.
If you think you could benefit from pet insurance, request a free quote here.
How pet insurance can reduce costs
Pet insurance doesn’t work exactly like health insurance does for people. But that doesn’t mean it isn’t valuable. Compared to the thousands of dollars owners are used to paying, a minimum fee of $70 or less every month (on average) could be worth it. There are several types of pet insurance to choose from – and diverse own risk owners can choose. They can then continue with their normal care routine, but instead of being stuck with a big bill, with pet insurance, they can file a claim with the company to get reimbursed for the money spent.
“Insurance helps cover the unexpected costs of pet ownership and can be a huge relief for owners as it typically covers 80-90% of the cost depending on the plan,” Dr. Sarah Gorman, veterinarian at Small Door Veterinary in New York, previously shared CBS news.
“Insurance helps us cover the unexpected,” continued Dr. Gorman. “Veterinarians don’t like to hand out big bills and we want our members’ dollars to stretch as far as possible. Working with insurance companies helps us provide a gold standard of care for our pet patients.”
However, as with any financial product or service, it pays to shop around to find the best rates and terms. Interested owners can get a free pet insurance quote in 30 seconds here, or they can use the table below to shop and compare some of the top providers.
Pet insurance tips owners should know
Are you considering pet insurance now? Here are three tips all owners should know
- Prices will increase as your pet ages. A young pet is considered healthy and the owners are less likely to submit claims to the provider, resulting in lower premiums that the owner must pay. So don’t wait to insure your pet. You’ll just get stuck with a higher bill.
- Pre-existing medical conditions are not covered. Pet insurers may deny coverage to pets that do these problems. This is another reason why it makes sense to get pet insurance early. If you wait and your pet develops these conditions, you will be offered less coverage (at a higher price) than if you signed up earlier.
- Different breeds entail different costs. Although pet insurance is generally affordable, different cat and dog breeds will incur various costs. That can add up to significant amounts over time, so if you don’t have a pet yet but are considering getting one to adopt soon, make sure you do your research ahead of time so you know what pet insurance would cost for the breed in question.
it comes down to
With pet care costs high and no relief in sight, pet insurance can provide much-needed financial relief. However, to get the most out of a plan, owners should understand that prices will increase the later in their pet’s life they wait to get a plan. And pre-existing medical conditions aren’t covered, so it’s wise to get a policy in place before these problems arise. Finally, different breeds have different costs. But when owners understand these three key factors, they will be best prepared for a personalized and cost-effective pet insurance plan. And, most importantly, they will start to reduce their overall pet care costs.
