Is pet insurance worth it if I am financially solvent? How to get the best pet insurance, according to veterans? You may ask these types of questions if you are thinking about pet insurance. Pet insurance is like property insurance. We have to do deep analysis to Understand pet insurance & we often need help understanding it.
Sometimes, we over-insured our pets & face financial hardship in managing family expenditures.
Are you a pet lover? If you want beginner pet insurance knowledge, you are in the right article. In this article, you will find the answer to some essential pet insurance questions you should consider before selecting an insurance premium for your pet.
Let’s start with the following:
- It would be best if you took pet insurance for better pet life. It will alleviate instant high pet care expenses & your mind will be less stressed.
- Before choosing pet insurance, you should estimate the initial cost of your pet. This estimated cost helps you to manage your income properly.
- Pet insurance is worth it for all ages of pets. Whether you have a young, healthy & newly adopted pet, you should consider pet insurance.
- Closely review pet insurance policies with other providers. Choose the one which is suitable to cover your pet’s care.
Will pet insurance help me during the financial crisis?
Yes, Pet insurance helps you manage unexpected veterinary costs during financial hardship. Some pet insurance company allows flexible premium plan & others give monetary assistance to mitigate financial burden during the crisis.
For example, your pet suffers from a serious body fracture due to an accident & needs $3000 for immediate surgery. If you have pet insurance, the insurance provider bears veterinary costs based on your premium plan. You need not cut extra family expenses for your pet.
What percentage of my monthly income should I spend on my pets?
10%, but you must ensure that you are financially solvent to bear this cost. As a rule, first, you must fulfill your necessary family expenditure, then 50% of the remaining money is invested in pet insurance & another 50% is saved in the bank.
Say, the monthly income of Samuel is $12,00 & thinking about a pet. In the US, the annual cost of owning a dog pet is between $736 & $1405, based on breed & size. For cats, this cost can range from $810 to $11,00. So, the monthly cost will be $61.34 to $117 for a dog & $67.5 to $91.67 for a cat. Now Samuel has to decide which pet match his monthly earning. If Samuel faces financial hardship to fulfill his family expenditure by owning a dog, then he should choose a cat as a pet.
How to make a cost statement on pets?
The estimated cost of owning a pet can vary depending on size & breed. Some breed requires extra money to care & some have few caring expenses compared to others.
Below is the estimated cost statement that includes food, veterinary & supplies.
|Pet Physical appearance||Estimated cost (Year)|
|Small dog (up to 20 lbs.)||$740 to $1100|
|Medium dog (21-50 lbs.)||$899 to $1,145|
|Large dog (51+ lbs.)||$1,045 to $1,407|
|Cat||$812 to $1,088|
|Costing Heads||Amount ($)|
|Initial cost (such as adoption fees, pet purchase cost, legal permit or licenses fees)||10 to 700|
|Veterinary care||210 to 550|
|Initial maintenance cost (such as a bed, crate, leash, collar, and toys)||99 to 310|
|Medicare||50 to 500|
|Other expenses (such as grooming, training, pet insurance, boarding or pet-sitting services)||40 to 700|
How much does pet insurance cost?
$25 to $62 for cats & $34 to $75 for dogs per month in the US. But this initial pet insurance cost depends on the nature of the breed, pet, age, location, sometimes gender & what type of plan you choose.
For example, some insurance providers require starting payment along with the monthly premium & some insurance providers need one-time enrollment fees. So, your initial pet insurance cost can vary based on your plan.
Should I take pet insurance after taking a pet?
Yes, because pet insurance can support you with unexpected veterinary costs.
Say Sam has a healthy pet dog. Older pets are prone to more health issues compared to healthy & young pets. Sam doesn’t need immediate pet insurance. But bear in mind that an accident can happen to a pet at any time & Sam may need immediate veterinary support. For unexpected illnesses, having pet insurance can give your pet good medical care & also get relief from an instant financial burden.
Is it wise to take pet insurance if I am financially solvent?
Yes, because pet insurance helps mitigate the accidental high medical cost.
Imagine Ava has sufficient savings to bear the pet’s veterinary expenses. Accidents with pets can happen at any time & in any situation. This unexpected illness cost can make you uncomfortable & can destroy your peace of mind. It is also possible that Ava cannot afford time for pet treatment. If Ava takes pet insurance, then most of the medical responsibility will take insurance provider. Therefore, it is wise to take pet insurance even if Ava is financially solvent.
How to choose pet insurance?
You must check each insurance policy to know which one matches your pet. Each insurance policy has uniqueness from others & you have to pick the insurance that can fulfill your pet care.
Below are the questions that you should ask yourself before choosing pet insurance:
What is covered? Review the policy carefully to understand what types of veterinary expenses the insurance provider covers. Did this insurance include accidents, illnesses, preventive care, dental care, and behavioral therapy?
What is not covered? Did the policy cover pre-existing medical conditions applicable to all illnesses or breeds? Did the pet insurance policy have lifetime caps on payouts? Read carefully & think, is this insurance policy covering everything your pet needs?
What are waiting periods? The waiting period is the time of pet insurance you must wait before making any financial claims. Most Insurance providers have 14 days waiting period before any coverage begins. Ensure you can manage your pet’s veterinary cost up to waiting time.
How to do deductibles & reimbursement work? Understand how the amount of deductible & reimbursement impact your pet insurance premium.
How much is the insurance premium? Compare the premium cost with other providers & make sure that you did not over-insured. Also, notice discounts for multiple pets and flexibility to pay premiums.
How easy is claiming process? Some insurance policy needs advance medical bill & then submit a claim for reimbursement. Choose an insurance company that has a straightforward & easy process for filing a claim.
How much is a reputed insurance company financially? Analyze past data to understand the success rate of claiming amount. Ask yourself, will the insurance provider financially be able to pay claims when I need it?
How good is the customer service of the insurance company? Select an insurance company with a good customer satisfaction rate. How friendly are they, and are they capable of providing fast services? Some policies may require you to pay the veterinary bill upfront and then submit a claim for reimbursement.
Does the insurance company have network restrictions? Say you live in the main town area of New York & suddenly, your pet gets sick in another state or country area of New York. Can your insurance providers have access to those locations for veterinary care? Ask yourself.
Choosing the right pet insurance takes a detailed analysis. Pets give us unconditional love & we are ready to do everything that gives our pet a better life. Having pet insurance helps our four-legged friends to take an easy breath & also provides financial security in emergency medical care.
Sometimes, we need early coverage with a clean bill of health. Therefore, you should analyze quotes from different insurance companies to select a better one. Please don’t assume that your pet insurance covers everything because most insurance providers won’t have it. Make sure you choose pet insurance covering everything to protect your pet.
Frequently Asked Questions (FAQ):
What are deductibles?
Deductibles of pet insurance are the amount of money you must pay from your pocket before your pet insurance coverage kicks in to pay the remaining veterinary cost. Higher deductibles have lower premiums & lower deductible has higher premiums.
Say, your total veterinary bills are $800 & you have an insurance policy with a $200 deductible. First, you must pay $200 deductible fees, & the insurance company will pay the rest of the $600.
The information provided in this article is author’s view & only for educational purposes. This is not a promotional post. By reading this, you agree that the information is not investment advice. Do your research before making any important financial decision. Therefore, FinanceIdeas.org will not be liable for your financial loss.