Pet insurance is a valuable way of covering unexpected costs associated with caring for your furry family members, but it doesn’t come cheap. An accident and illness policy with unlimited annual coverage costs about $55 a month for an average-sized dog.
Premiums typically increase as your pet ages. To reduce monthly premiums and claim payouts, choosing an annual or lifetime limit with higher restrictions could lower monthly premiums but reduce claim payouts from insurers.
Age
Pet insurance costs vary greatly depending on several factors, including your dog’s age and breed and location and the cost of veterinary care services, which varies wildly by locale. Furthermore, many companies provide add-ons and policy options, which may alter plan prices accordingly.
Deductibles and reimbursement rates are integral in determining the cost of pet insurance policies. Deductibles represent the initial out-of-pocket amount you will owe before payments start coming from an insurance provider – these amounts typically range between $200 to $1,000. Insurers also offer annual and lifetime limits for reimbursement; selecting higher limits usually reduces monthly premiums.
Switching providers could help you find a more cost-effective pet insurance policy; however, be aware that switching may reduce coverage for preexisting conditions or other terms and could prolong establishing new policies. Switching is a hassle and could add extra time and stress to establishing an account.
Accident-only pet insurance plans tend to cost less than complete coverage plans and help cover vet bills when your pet tears a ligament, gets lacerations, or swallows a foreign object. Figo offers top-of-the-line accident and illness pet insurance with $5,000, $10,000, or unlimited annual coverage and 70% to 100% reimbursement rates.
Pet insurance’s value lies with you and how comfortable you feel paying unexpected vet bills; many pet owners likely find it worthwhile when significant expenses such as a knee or hip replacement arise unexpectedly.
Breed
Pet insurance costs depend on many variables. Your dog or cat’s age, breed, and location all play into this equation, as will coverage limits, deductibles, and annual maximum benefit amounts that define how much is covered each year. Younger and healthier pets typically enjoy lower monthly premium rates, but additional coverage to protect your furry family member can significantly impact costs.
Large dog breeds may be predisposed to health conditions such as hip dysplasia and arthritis that necessitate frequent veterinarian visits with increased vet bills. Treatment for these ailments can be costly and may necessitate surgery – therefore, having an excellent dog insurance policy in place can help offset some of these expenses.
Bulldogs and boxers tend to have additional health concerns due to their short snouts, which may impact insurance rates. Though this doesn’t guarantee higher premiums, it should still be worth considering when purchasing one of these breeds.
Pet insurance costs depend heavily on factors like deductibles and reimbursement percentages. A deductible refers to an out-of-pocket expense you must cover before your policy starts paying claims, typically between $200 and $1,000, and once paid, will usually reimburse 70-90% of associated costs.
Your choice of deductible and reimbursement rate will affect the overall cost of pet insurance. Plans with higher deductibles tend to have lower monthly pet insurance premiums, while plans with a low reimbursement rate will cause premiums to go up significantly. Various pet insurers provide discounts for multi-pet plans, AARP members, vet employees, and those adopting animals from shelters – so select carefully!
Location
Covering your pet can be expensive, with vet bills quickly adding up. On average, treating a common condition like ingesting foreign objects costs over $1100, while more severe conditions like cancer could cost thousands of dollars.
Location can dramatically affect how much pet insurance costs; veterinary fees vary by state and city. For instance, veterinarians in Los Angeles tend to charge more per visit due to higher living expenses that translate to increased veterinary fees for their patients.
The breed is another factor influencing the cost of pet insurance, as certain breeds are predisposed to developing health problems like hip dysplasia or heart disease that require multiple vet visits and higher vet bills overall. While pet parents cannot control this aspect, they can select an accident-only policy with limited coverage limits that fit best within their budget.
Pet insurance policies typically require covering medical expenses upfront before filing a claim and receiving reimbursement at a percentage you select (typically between 70-90%). You can also select your deductible amount, which will determine what portion you must cover upfront before your coverage kicks in.
Though some pet owners may choose to set aside funds for unexpected vet costs, emergencies can still be expensive and unpredictable. Therefore, many prefer having the security of having a plan in place that covers them should they experience any unexpected circumstances with their animal.
Pre-existing conditions
As more medical conditions your pet has, their insurance premium will increase as your vet will have to spend more time diagnosing and treating them; additionally, you’ll become responsible for paying more of any claims (once they exceed your deductible).
Some providers allow pet parents to tailor their plans with customized deductibles, annual limits, and reimbursement rates for maximum flexibility. Lower deductibles usually increase premiums, while higher annual limits or reimbursement rates can decrease them.
Before shopping around for new policies for your pet, it is also essential to consider any preexisting conditions they may have. This could include injuries or illnesses before purchasing their current plan. It was subject to a waiting period – typically just days for accidents, weeks for most illnesses, and months-years in cases such as cruciate ligament or hip dysplasia.
Pet insurance providers require you to supply records from your veterinarian detailing your pet’s medical history before providing coverage. Some offer forms you must fill out, while others utilize an online medical questionnaire – it is wise to speak to prospective insurers regarding these methods so you can provide all of the relevant data necessary for an accurate diagnosis.
Some insurers provide coverage for certain inherited conditions in certain breeds of pet, like English bulldogs that may be susceptible to demodectic mange (which can cost hundreds of dollars to treat). At the same time, Rottweilers and German shepherds tend to inherit hereditary conditions such as hip dysplasia more quickly than other breeds. It’s essential to keep these considerations in mind if your breed of pet is predisposed to hereditary issues, as coverage for these can often be tricky.
Add-ons
Many pet insurance providers provide add-on plans that cover routine annual care for dogs, such as wellness exams, flea and tick prevention, vaccinations, and dental cleanings. While these packages are cheaper than standard accident and illness policies, they may not provide sufficient coverage to offset potential vet bills for your pup.
Cost-wise, pet insurance plans vary significantly based on factors like your pet’s breed and age, where you live, and your preferred policy limits. Accident and illness policies tend to cost between $45-55 monthly on average;
Accident and illness policies provide ample protection, but you can customize your deductible amount to reduce monthly costs. A deductible is an upfront sum you pay toward eligible medical expenses before your pet insurance provider reimburses 70-90% or more of the bill; deductibles typically range from $0 to $1,000.
Most pet insurance providers require their policyholders to wait at least a set period before any eligible claims can be submitted; this helps prevent people from filing false claims and ensures the insurer isn’t being used fraudulently. Depending on your insurer, waiting periods typically range from one to two weeks.
Before selecting a pet insurance provider, carefully evaluate their customer service and coverage options. Most companies provide online support via webchat, phone, or email support and discounts such as multi-pet discounts, military/AARP member discounts, or those offering adoption discounts from shelters.