Is Pet Insurance Worth It? – Pros and Cons

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Normally we have insurance for each and everything that we find precious like a car, our home and health but don’t you find your pets precious as well? So, why not have a pet insurance. If you don’t have pet insurance right now, don’t worry, because a study says that among 68% of the households in the US that own pets only 1% have a pet insurance. 

We have to recommend it to you because we are aware that vet prices are very high in America and getting insurance for your pet is definitely worth looking into. 

To get pet insurance, there are certain things that you must have about your pet and these are also the things that will impact the overall cost you will be paying for the insurance these things are:

• the name,
• age,
• pre-existing conditions that you have,
• Vet’s name and contact information and
• breed of your pet.

On an average annual cost of regular veterinary visit may cost around $45 to $200 for dogs and $50 to $400 for cats, this also depends on your pet’s age. These prices are only for regular visits, in case of emergency, the costs may spike up to 2000 dollars. So, getting a pet insurance is definitely worth it if you want to get the best treatment for your pet without worrying about the cost factor.

How does a pet insurance work?

Pet insurance is not very different from human’s health insurance, the company tries to reduce the overall cost structure for medical needs. There are different types of plans in Pet insurance, they charge a cost of premium which can be monthly or annual based on the plan you choose. 

Some plans are cheaper, while others are expensive but naturally the cheaper ones do not cover much of the damages and only cover those damages that are very critical like accidents and injuries and other such diseases. Keep in mind, more comprehensive your coverage is, the higher amount you will be paying as premium.

In case of some plans the amount is deductible, which means as the time passes by, the company will pay the money back at some percentage depends on coverage to coverage. You must keep in mind that different companies will offer different coverages and the cost will be different as vets prices differ in different regions.

What is the cost of pet insurance?

As we mentioned above, the insurance coverage plans are very scattered and the cost depends upon the company that you are going to for the insurance, and the coverage plan that you choose. The cost will also vary upon specific factors like your pet’s age, health, bread, and the tier you opt for. Average cost of pet insurance for cats is around $16 per month in premium and $22 premium per month for dogs.

Pros and cons

Pros of having pet insurance

It is easy to compare: In case of human health insurance, you will need the help of a professional, in order to understand each and everything and have clarity about the coverage of the plan you are about to choose. But in the case of pet insurance, it is not that difficult, the terms and conditions are pretty straight forward and very easy to compare with other coverage policies and choose the best one of them.

Low premium: Talking about premium factor, it can also be a negative if you think that your pet’s age and health is not good because the company will charge high amount in premium but otherwise if it is healthy the prices can be very low for high quality of insurance services. 

Choosing your vet: In the case of pet insurance, you do not have to worry going to a vet hospital that is out of your area just to apply and confirm that your insurance still applies, In the case of pet insurance you do not need to worry about this, you can go at any vet of your choice and avail the insurance easily.

Cons of pet insurance

High premiums: As mentioned above, payments can be very high if you think that the coverage you are going for is very comprehensive and the overall health and age of your pet is deferred.

Pet insurance does not cover everything: One may wonder that now that they have insurance and are paying a premium for them, they can do everything with their pets and if they get hurt their insurance will take care of the costs,  but you have to keep in mind that insurance policy is not meant to cover everything. There are specific types of diseases and damages that they cover and some part of them as well you have to pay out of your own pocket.

The healthy pet owner will not save much: If you think that your pet is healthy enough to get only routine vet check-ups and doesn’t require intensive care, you will not be saving much by going for a pet insurance.

Is pet insurance worth it?

You must keep in mind that just like each and every other insurance, it is not about making money or saving money, it is about being sure that you do not have to worry about the money factor when it comes to your pet’s health, it is more about peace of mind.

If you think that your pet is young, you can get maximum savings out of pet insurance, because that is how they are supposed to be structured. Some people may think, my pet is completely healthy and will not require any veterinary attention, that is completely lying, every pet requires at least routine vet check, apart from which injuries can happen to anyone, so having pet insurance is not at all a bad idea if money is not the factor here.