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Having a pet insurance is a smart choice when it comes to caring for your beloved companion’s health.
Pets quickly become part of the family, offering companionship and loyalty, so when they get sick or injured, they deserve the best care.
In the U.S., where covering medical needs for yourself and family can already be costly without good insurance, unexpected vet bills can also strain your budget.
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Choosing a reliable pet insurance plan can help you prepare for emergencies and ensure your pet receives the necessary care without the financial burden.
What is pet insurance?
Having a pet gives you a loyal companion, an affectionate partner, and an extended family member.
But it also means that they acquire equal attention and additional care, as they cannot verbally express their pain or discomfort.
So, if your pet gets sick, and you are desperate to give them the care they need, what will it cost you? Maybe nothing, if you have pet insurance.
Pet insurance is a healthcare or insurance policy designed to ensure the safety of your pet in case of any emergency.
It also gives you financial security and keeps you worry-free if your pet gets sick or injured because unexpected veterinarian checkups and medical bills can cost a lot.
In the USA, people have acknowledged the importance of getting their pets insured, so the number of insured pets has increased by 22.5% every year since 2018.
Pet insurance can save you from the financial burden that can fall on you as a result of emergency visits to the vet.
Because vet bills can cost between $800- $1500, or sometimes even up to $5000. It is important to avoid such financial burden, while taking good care of your pet, to go for a healthcare policy for your pet.
How does pet insurance work?
Pet insurance policies can vary according to the insurance providers and the type of coverage, but finding the right pet policy will help cover you financially in case your pet gets hurt.
Although every policy is different, here is how it goes usually:
- Going to a licensed vet: When taking your pet to any animal hospital or a licensed vet, you would know that your out-of-pocket costs will be covered by the insurance. But you have to pay the bill momentarily.
- Submitting a claim: You can submit a claim through email, on a website, or through an app. But make sure to save all the medical records and receipts etc. to submit in case they ask for the history as proof.
- Reimbursement: Policyholders mostly receive their claims within 5–9 days. You may get reimbursed 70% or even 100%, based on the circumstances.
What does pet insurance cover?
Pet insurance policies are tailored according to your requirements.
It mostly depends on the plan you choose, but here’s what’s usually covered in pet insurance plans:
- Accidents-only: This plan only covers accidents such as broken bones, being hurt by another animal, swallowing foreign objects, or lacerations.
- Pet wellness plan: It includes routine care, which covers preventive care costs, regular checkups, blood work, spaying or neutering, dental cleaning, and vaccinations.
- Comprehensive plan: This plan includes everything from sickness to injury, hereditary conditions, cancer, allergies, surgery, hospitalization, and arthritis.
Some pet insurance coverages also offer coverage for:
- Death due to injury or illness
- Theft
- Behavioral treatment
- Lost pet rewards or advertising
- Acupuncture
- Hydrotherapy
You should know that no policies cover the pre-existing condition of your pet.
There might be a possibility that they provide coverage for your pet’s pre-existing condition if it is symptom-free for a specific duration, such as 6–12 months, but some companies don’t offer it at all.
How much is pet insurance?
Pet insurance can cost differently, depending on the policy providers as well as the policy customization, and some other factors.
But the average price of premiums per month according to NAPHIA (North American Pet Health Insurance Association) for accidents and sickness policies since 2021 is $49 for dogs and $29 for cats per month.
But you can get your needs covered in way less than that too. Because there are policy providers that offer cheap plans that will easily fit your budget as well as cover your needs.
For example, one of the cheapest pet insurance in the US is provided by Lemonade, which starts at only $19.44 for dogs and $11 for cats.
Some key factors decide the cost of monthly premiums for your pet insurance:
- Size of the pet
- Breed
- Age of the pet
- Your location
- Deductible
- Payout limit
- Reimbursement rate
- The type of pet you have
These and a few other factors might add up according to the insurance provider you choose.
Who accepts progressive pet insurance?
Progressive pet insurance offers customized coverage for your pets.
That can be accident-only or a comprehensive plan, depending on your needs and your budget.
You will have to pay your vet at the time of the visit, and then your insurer will reimburse you the amount after the deductible is met, they don’t have any concerns with the vet or hospital.
So, you can choose any licensed vet or animal hospital because your progressive pet insurance policy doesn’t require you to search and find a certain hospital.
You can opt for all the care you need for your pet as per your satisfaction.
Why should I insure my dog?
You should insure your dog to get the peace of mind that your dog is safe and is going to get the best care needed in case of a medical emergency.
If you have a dog breed that is susceptible to several health conditions or allergies, then it is even better to go for a pet insurance plan.
It can ease the stress of financial burden on your pocket and your mind if you have to visit a vet once in a while and the bills cost thousands of dollars.
Is pet insurance worth it?
Yes, although it depends on you if you want pet insurance or not.
The breed, type, size, and age of your pet are also a few factors that can help you decide whether you should go for pet insurance or not.
On the safe side, it is always comforting for a pet parent to know that his/her pet is safe and insured in case of any sickness or injury.
You can go for the cheapest insurance, even if that could save you from financial burden in any emergency.
For example, if your pet is hospitalized and the vet bill costs $3000, compare the total premiums paid over time. If your premium is, say, $30 per month, you’d pay $360 per year.
Over 8.3 years (or about 100 months), the total premiums would amount to $3,000—roughly equivalent to the cost of a one-time hospitalization without insurance.
Now you see one large claim could make it worth a while.
Pets are family. Being a pet parent, it is always difficult to see your pet in pain.
Proper vaccinations, regular checkups, blood work, etc. can save the most trouble. But anything like an accident, allergy, or rash could happen all the time.
In such scenarios, when you rush to a vet, financial trouble should be the least of your concerns because a pet parent would always prioritize pet health.
To find that peace of mind and a perfect bond with your pet, pet insurance is your best choice.
