Currently, the rate at which pets are being adopted has significantly increased. But, as you are considering getting your first or second pet, you’ll need to plan for more than just food and toys. Like us, pets can get injured or contract serious diseases that could end up costing you a lot of money for care.
To reduce the risk of a huge vet bill and peace of mind, you may want to consider pet insurance. However, while pet insurance protects you from paying huge medical bills and gives you peace of mind, it can also cost a hundred to thousands of dollars a year. So you may want to weigh your options. In this article, we’ll try to see if pet insurance is truly worth it.
How Pet Insurance Plans Work
Pet insurance provides health coverage for your pet in the event of an injury or illness. There are different levels of health coverage for pets you can choose from, with each plan costing a monthly or annual premium depending on the coverage you choose. Some plans cover basic situations such as injuries and accidents, while others only cover accidents, and others including injuries, accidents, and genetic conditions.
The more comprehensive a pet insurance policy is, the higher premium it will cost you. Many pet insurance plans have a deductible. And while human insurance works on a copay basis, pet insurance is primarily a matter of reimbursement. This means when your pet requires care, you will be required to pay the full amount. Then you’ll submit a claim to the insurer.
Depending on the pet insurance policy, you will be reimbursed anywhere between 20 to 100 percent of covered costs. Keep in mind that you will be required to contact each vet company for a personalized quote, as the rate will likely be calculated based on your pet’s breed and age, as well as your location.
Is Pet Insurance Worth It?
This is a personal decision you’ll have to make. Pet insurance can be worth having in certain conditions. While you may not get the most for your money with a relatively healthy pet, there is no way you can predict what injuries, illness, or disease your pet may contract, and for a lot of pet owners, knowing they have a safety net in place for their pet is value enough.
You may want to talk to your vet to have a complete understanding of the kind of health problems common to your pet’s breed. And if you decide to opt for catastrophic coverage, opt for the highest deductible possible. Moreover, when you understand what pet insurance covers and doesn’t cover and how it works, you’ll be able to make a more informed decision for you and your pet.
Ready to Purchase a Pet Insurance Policy?
Getting the right pet insurance policy can be quite overwhelming with all the costs, coverage, and more. At Redwood Agency Group, we can help. We are experienced insurance experts to can help you choose the best pet insurance policy for you and your pet’s need. Contact us today!