A Guide To Understanding Pet Insurance

Posted by: TheGuarantors on October 6, 2021

Your pets are your family, your home is their home, and as a pet parent, you want to make their lives happy and comfortable. Keeping your pets healthy is a top priority. However, in recent years, pet healthcare costs have gone up, making it less affordable for everyone to give their pet the best care.

Annual expenses on your adopted pets can range from $400 to $1200. It goes even higher for any pets you purchase. Affordable pet insurance is a must to protect your pet's health and safety. Let's learn a bit more about pet insurance and why you need it.


What is pet insurance?

Pet insurance is health insurance for your pets. It is designed similarly to human health insurance. It helps you by covering costs associated with different types of veterinary treatments and pet illnesses.

Good pet insurance offers affordable premiums and deductibles for generous coverage on illness and accidents. Some policies only cover veterinary costs with specific vet networks, while other policies give you more flexibility. Pet insurance also provides preventive care coverage and add-ons.

What does pet insurance cover?

The coverage you get depends on the plan you choose. For example, an accident-only policy covers emergencies. A plan that offers accident, illness, and wellness coverage will provide better protection. Pet insurance typically covers:

  • Accidents (broken bones, accidentally swallowing something, etc.)
  • Illnesses (not pre-existing)
  • Dental issues
  • Cancer

Some insurers will not cover everything listed above, and that may mean having to buy them as additional riders.

How much does pet insurance cost?

The average cost of pet insurance covering both accidents and illnesses is $49 for dogs and $29 for cats monthly. Pet insurance premiums vary greatly, with rates being about 60% more expensive for dogs. An accident-only coverage will save you some money.

Your insurer will look into your pet's medical history, age, location, and budget to quote you a premium. Your pet insurance can also vary depending on the breed of your pet. Golden Retriever dogs usually have higher premiums, and British Shorthair cats have the highest premiums.

Is there any way I can get a discount on pet insurance?

Yes! Most insurers will offer you discounts and cheaper premiums if you have:

  • Spayed or neutered your pet. Spaying can help you get discounts and decrease the additional costs of taking care of an unplanned litter.
  • Opted for annual pay over monthly payments. Most insurers will offer you a discounted premium for purchasing a yearly plan.
  • Buy multiple pet insurance plans to cover your pets. Most insurers will provide you with a multi-pet discount if you buy more than one insurance plan at a given time.

How to file a pet insurance claim?

Pet insurance companies will ask you to pay out of your pocket when your pet gets discharged. Once done, fill out your claim, and then you'll get reimbursed once the claim has been processed.

Is pet insurance available for exotic pets?

It may not be easy to find insurers that provide insurance for exotic pets. Few offer protection for pets that aren't feline or canine. Always do your research on healthcare and budgeting before you adopt an exotic pet.

Is it worth buying pet insurance?

Let's look at the treatment costs of some common conditions your cat or dog may face.

Common Conditions Dogs Cats
Breathing difficulties $1200 $1000
Seizures $3000 $1800
Collapsing $2800 $1800
Bloat & gastric dilation $5000 $500
Profuse bleeding $400 $500
Diarrhea $3500 $800
Abnormal urination in male cats - $500
Severe pain $1000 $800
Sudden paralysis $2500 $1400

Treatment costs of common ailments are costly and can burn through your savings. Having pet insurance makes it easier for you financially and you can be better prepared for anything that turns up in the future. Your insurance also helps you cover more expensive ailments like fractures, cancer, or underlying genetic disorders.

Related: Pet Ownership Costs Guide for 2021

Pet insurance is your one-stop solution to protect your furry family members from dangers. A healthy and happy pet can, after all, make your day!