More and more people are realizing the benefits of pet insurance every year. By the end of 2019, almost 2.82 million pets were insured, an annual increase of 22.1% over the past 5 years. These pet owners understand why insurance is so important: when your beloved animal gets sick, you want it to be covered. Read on to learn more about how pet insurance works and how it protects you and your lovable companions.
How Does Pet Insurance Work?
Pet insurance works like all other types of insurance: you pick a company and a plan, pay a monthly or annual premium in addition to the deductible, and your insurance policy covers your pets’ needs. It’s most often needed for emergencies. When your pet gets sick or breaks a bone, pet insurance will cover many of these costs. The level of coverage depends on your plan. Most pet plans cover 50% to 100% of these emergency costs.
There are important limitations of pet insurance. For example, an important caveat is that many insurance plans have an annual maximum: after you reach this maximum, your insurance will no longer cover these costs, and you will be expected to pay out of pocket. Additionally, pet insurance does not cover many routine pet needs. For example, your plan does not cover:
- Dental Needs
- Preventative care/check-ups
- Pre Existing conditions
- Obedience training
Why Is it Important to Have?
While pet insurance only covers your furry companion in emergency events, it still saves you money. For example, normal vet visits can cost anywhere from $45-$200 for dogs and $50-$400 for cats. If your pet has an emergency, expect to pay up to $2,000 or more. This insurance is designed to cut down on these unexpected costs. If your pet has an emergency that costs $2,000 for the first visit, another $500 for procedures and medications, and $200 for follow up visits, you can easily see how these costs begin to snowball. Serious conditions like cancer can cost anywhere as high as $10,000. While you love your pet, many people do not have the extra cash to pay out-of-pocket for medical treatment. By paying for a pet policy, you save anywhere from 50% to 100% of these costs and avoid making hard financial decisions.
Call Redwood Agency About Pet Insurance
Pet insurance is an easy decision to make. It saves you money while providing coverage for your best furry friend. Call a Redwood Agent to get started today!