Many people may think that pet insurance isn’t worth the added monthly cost, but the investment in pet insurance can help save a life and keep you from financial stress. Believe it or not, less than 1% of pets in the US are covered with pet insurance plans. Here are the top 10 reasons to consider pet insurance for your beloved pet.
# 10. Accidents and Illness Coverage
A single accident or illness may cover the entire cost of your pet insurance bill for the life of your pet. Consider this, the average pet insurance policy costs somewhere around $25 per month or $300 per year. It’s really less than a dollar a day, or less than a cup of coffee at the local doughnut shop. If you pet lives an average of 10-15 years, your total cost of pet insurance would be between $3000 – $4500 for the entire life of your pet. One accident or illness during your pet’s entire life could easily cost $3000 – $4500 and if your pet is like most pets, there will be at least more than one accident or illness in his lifetime.
# 9. Vet medicine is better than ever
Years ago a pet would be euthanized or die of natural causes from devastating illnesses. Today, many of those illnesses that were once considered a death sentence for a pet are now very manageable, treatable and even curable. Do you want to have the means to care for your pet if he gets sick, or do you want to have to struggle with a decision because of the cost?
# 8. More pets equals more discounts
Many pet insurance policies offer discounts when more than one pet is insured on the policy. More pets typically means more vet visits and more chances for accidents or illnesses.
# 7. Insurance is easy
Pet insurance companies have made the entire process easy. You can have them automatically withdraw premiums each month, and when you file a claim, you can do so online answering a few simple questions and submitting a copy of your vet bill. Within a day or so, most insurance companies will reimburse you through direct deposit or a check.
# 6. No limit on claims
Years ago, pet insurance companies placed lifetime limits on certain illness. Today, there are many pet insurance companies that do not have such restrictions. When a pet becomes ill during a time when you have pet insurance, the pet’s medications and treatments are covered for the rest of the pets life.
# 5. Deductibles are low
Unlike insurance for people, deductibles for pets is much lower. Typically, deductibles are on a per illness basis, meaning that you pay a deductible once for a given illness, then everything after that is covered at your payout rate.
# 4. No breed or size restrictions
Although many policies will adjust premiums based on age and pre existing conditions, most pet insurance companies offer insurance regardless of pet’s breed or size.
# 3. Plans are flexible
Many pet insurance companies let you choose the deductible and payout you prefer. Plans with a lower deductible typically have a lower payout and plans with a higher deductible have a higher payout
# 2. Better quality of life for older pets
Older pets get sick or have accidents that require medical attention. Older pets often develop chronic illnesses that require constant treatment for months to years. Medications, check ups, testing, monitoring and surgeries can really add up quickly for older pets; getting pet insurance when they are young will save you heartaches and headaches in the long run as your pet ages.
# 1. Peace of mind
For pet owners without pet insurance, learning that your pet needs a very expensive operation or course of medical treatment can be financially devastating. Having to choose between your wallet and your pet is heartbreaking. Insurance will afford you the opportunity to do what is right for your pet and not just what you can afford.The majority of pet insurance policy holders claim that they are comforted by the peace of mind pet insurance affords them. The idea that they never have to choose between caring for their pet with what is medically needed and “economic euthanasia” is of great comfort in dire circumstances. Having the financial ability to take care of a sick pet in their time of need is the number 1 reason most people have pet insurance today.
For more about what pet insurance covers, read our blog