Should You Insure Your Pet?

By  //  December 11, 2019

Share on Facebook Share on Twitter Share on LinkedIn Share on Delicious Digg This Stumble This
Owning a pet is one of the most exciting things for many people. But there are different levels of affection towards animals among the owners.

Owning a pet is one of the most exciting things for many people. But there are different levels of affection towards animals among the owners.

If you are one those whom we can call pet enthusiasts, you might have thought about purchasing an insurance policy for your pet.

You need to answer several questions: Is it good? Why should I have it? And what is the impact of the policy on my life and the life of my pet? That is why you need to take your time, research, and consider all the options you have.

Understanding pet insurance

If you use auto insurance, then you have a rough idea of what pet insurance is about. Most of them are similar as you choose the coverage you want to pay periodically, for example, monthly. Different options are depending on how much you wish to spend on your animal. 

The plans range from covering most health issues to major illnesses. Or you can choose a cover that only handles a few issues, which of course, has varying monthly rates.

Once you have settled on the most preferred plan, you can begin your monthly premium payments. There are other factors to consider, including the age, species, and reproductive status of your furry friend. In other words, the insurance company may determine whether or not they will cover your pet. 

Note that it is not up to the veterinarian to process pet insurance. You have to work as a team for the good of the animal. Your pet’s medical care is important if you want him or her to have a good life as you have. Your first and most important step is to consult your veterinarian. 

At this point, the insurance company has not even come into the picture. It is important to know that, in general, veterinarians do not directly process a pet insurance claim.

You just pay the bill and surrender the claim to the company at your convenience. The insurer can access the medical records of the pet through your veterinarian.

Depending on what your plan covers, the insurance company may or may not reimburse a percentage of the bill. This process can take a while to complete, therefore ensure you have some cash, or credit to settle your bills with the vet while waiting for a reaction.

It is vital to take your time and plan if you wish to have an easy time.

Should you consider vet insurance?

Just because something is good does not mean you have to go for it. There are instances when going for your pet’s insurance is the best decision you can ever make for them.

For instance, in case of sickness or injury, those who don’t have insurance may wish they had planned. And those who have it will be happy, especially where veterinary services are very expensive. 

It costs money upfront, but it is a great save when you don’t have enough to pay cash. In other words, it is like an investment plan where you keep money aside, specifically to handle the health issues of your animal.

On the other hand, it may seem like a waste of money if your pet is healthy throughout life. Deciding whether or not to dive in can be a real headache for some pet owners. 

Apart from the general health of your pet, to begin with, there is expense consideration. The lowest you can get for a good pet insurance premium can be $5 to $10 per month. Other costs are as high as $150 and above.

As stated above, each plan has varying benefits depending on the status of your pet and what you want for him or her. Typically, the lower the cost is, the lesser the benefits are and vice versa. 

A higher plan can cover up to 90% of the bills at the vet, and that is a real savior in times of financial crisis. 

You need to understand what your plan covers to avoid confusion and spending unnecessarily. Some plans cover wellness and preventive care, while others do not.

It can be a real win if your cover takes care of wellness and preventive plans for your pet. Not all plans cover wellness and preventive care.

In this case, you can breathe easily on routine veterinary services and preventive services. These services may seem simple, but they cost $300 to $1500 yearly, depending on the general status of your pet. Note that this does not include unexpected situations like injuries impromptu infections. 

Some owners may only consider insurance when their pet gets older. The truth is that getting insurance for your dog or cat when they are still young and energetic is equally important.

You will use some routine check-ups like wellness exams, vaccines, and other things. Of course, they can be costly if you don’t plan them, especially since some of them are mandatory. Besides, starting early can give some leverage to the premium costs in due course. 

Pet insurance is not a decision you just wake up one morning and pick. It is vital to take your time and research on the options you have, including the best cover to go for.

You can find good help from to make a more productive choice. Apart from this site, you have your veterinarian to ask for guidance. Also, visit some insurance companies in your location and ask for quotes. Take as many as you want.

What if Pet Insurance is not your thing?

The health insurance plans for pets can be a real savior for you and the animal you love. But it is not for everyone. There are instances when a vet owner breaks, or spend much less paying cash than with insurance.

The good news is that there are several other ways to take good care of your pet even in times when money is a bit tight.

Consider the following:

  • A savings account. If you are disciplined enough financially, you can start putting aside some money specifically for the health of your pet. Go for one with no fees (or minimal fees) and have interest rates if possible. This is the best approach for vet cost planning, as it does not cost you anything extra. You only save and get something in return.
  • A line of credit. Applying for a line of credit through a company is another great way to ensure your pet is getting the best care. However, do not go for this alternative before researching on the vet clinics in your area. Not all accept such plans. Alternatively, you can open a regular credit card specifically for your pet.
  • Consider what your veterinarian has to offer. There are vet clinics offering affordable wellness plans. The plans are intended to help you spread costs for your pet’s routine check-ups over a period. They start with a down-payment, followed by a monthly subscription. But then, you will be tied to that particular veterinary. The plans don’t go beyond wellness, too; this may be a disadvantage for some owners.
  • Membership programs. Some programs let you sign up at a fee. In return, you benefit from participating vet offices with a discount. As long as the member clinics are in your area, this is another great way to save on vet expenses.