Should I Get Pet Insurance? Here’s 9 Reasons Why You May Want It
From home to flood insurance, it seems that you can find coverage for just about anything. Well, it's time to add pet insurance to the list. Unlike many other types of insurance coverage, insurance for your pet is worth a look.
And it's more than a fad. The pet insurance industry grew by almost 18% in 2017. As veterinary costs rise alongside prices and pet medication, more people are turning to insurance for their pets to annualize the expense of pet ownership.
If you didn't know about pet insurance, I'm betting that caught your attention. You might be asking yourself, should I get insurance for my pet?
And to figure that out, we need to take a deeper look into what pet insurance actually is.
What is Insurance for Pets?
Pet insurance is health insurance coverage for pets. You pay the insurance provider a monthly premium, and in return, they'll cover your veterinary bills. The coverage and insurance cost depends on your personal plan.
Accident-only coverage will reimburse you for pet bills that result from a mishap. Some providers include coverage for routine checkups and testing, which is known as wellness coverage. You could also opt for illness coverage, in case your pet develops cancer or chronic health conditions.
Note that insurance for your pet does not cover pre-existing conditions. If you need help paying vet bills that result from a pre-existing condition, consider a veterinary discount plan, such as Pet Assure. Read more here about pre-existing conditions and pet insurance coverage.
As a final word, you should know that pet insurance pays you for the cost of medical services. You must first compensate your doctor and show the receipt to the pet insurance company. Then they'll cover the costs according to your coverage and reimburse you directly.
Should I Get Insurance for My Pets? Yes. Here's Why.
Think about how important health insurance is for you and your financial security. It should be no surprise that pet insurance can provide a powerful safety net for your savings.
But that's not all. Here are nine reasons you should get insurance for your pet:
1. Save Your Savings Account
Whether you're saving up for a trip or retirement, you have a goal in mind with your savings account. But an unexpected and expensive vet bill can dry up your funds before you get to use them.
And even if your savings account is part of an emergency fund, you'll be in a vulnerable position until you can create another. But with pet insurance, you can save thousands of dollars on surprise vet emergencies.
2. Prioritize Healthcare
When we think about the health of our family members, we don't worry about the cost. One way or another, the bills will be taken care of.
Well, most people consider their pets to be family members. You shouldn't be in a position where your pet has to experience a diminished quality of life -- or worse -- because you can't afford the vet bills.
The best pet insurance policies ensure this is never an option. Does your beloved pet need a veterinary service? Money is no object.
3. Unexpected Emergencies Happen
If you think you'll never have to take your pet to the vet, insurance might seem like a luxury. But the reality is one in three pets will require unexpected vet services with an average cost of $1,150.
Is that a surprise bill you're able to pay? It is with pet insurance.
4. Improved Quality of Life
Humans and animals alike develop issues that require medical attention. Especially as pets grow older, you may have to worry about arthritis and other age-related illnesses. So long as your pet is insured beforehand, the pet insurance provider can cover the cost of these chronic conditions.
The alternative is not paying for these services at all, considering they can be so costly. But that will severely diminish your pet's quality of life as they continue to age.
5. Discounts for Multiple Pets
Most pet insurance providers have discounts if you enroll multiple pets at a time. How much does pet insurance cost? Well, in 2017 the premiums were about $43 a month.
That might seem prohibitive if you want to cover several pets. But with the multiple pet discount, it could be more tenable.
6. Don't Worry About Networks
Unlike human health insurance, pet insurance providers don't have a network. That's because they pay you instead of the veterinarian.
You don't have to worry about leaving your favorite doctor in the dust just to enjoy the benefits of a pet insurance program.
7. Peace of Mind
Many people worry about their finances and want their pets to live long, healthy lives. Put those worries to bed with insurance. You can rest easy knowing that, if anything bad does happen, your money and pet won't be at risk.
8. Covers All Pets, No Exceptions
Think it's too late to get health insurance for your pet? Think again. Although it's wiser to get pet insurance for younger pets, all breeds and ages are covered.
9. Love Your Pet Longer
If you've ever skipped a routine vet checkup or decided against an expensive procedure, then your pet paid the price. Pet insurance ensures you'll always have the capital to help your pet live a long, healthy, happy life.
Pet Insurance is Worth It
Should I get pet insurance? The answer is yes if you've ever worried about vet bills. While you pay a little more every month, you can save big when a medical emergency occurs.
Plus, the peace of mind is often worth the cost alone.
To find the best insurance provider, compare coverage plans and prices to determine which is right for you and your pet.
Remember that you can rely on a veterinary discount plan such as Pet Assure if your pet has pre-existing conditions that wouldn't normally be covered.
Additional Resource: Is Pet Insurance Worth It?