Today nearly 60 percent of the US population has pets with around 89 million dogs and 80 million cats in the count. People spend several thousand dollars each year on pets. Treatments and their general check-ups can be expensive. Many companies today provide pet insurance to lessen this financial burden on the pet-owners.
What is Pet Insurance?
Pet Insurance AKA Pet health insurance is similar to that of Human Health Insurance, where you can claim the treatment and general expenses of the pets through insurance. There can be different types of insurances where some cover the complete expenses while others cover the partial expenses. You can choose the right package suitable as per your income and pet expenditures.
Life is very uncertain, you can expect the unexpected. Today you may go to sleep with your pet with normal behavior. Tomorrow you may wake up finding your pet is ill or suffering from infection or disease. Insurances can help you meet such unexpected situations. Depending upon coverage plan that you choose, insurance plans can cover the following.
Accidental injury: This plan covers only medical expenses related to the accidental injury of your pet.
Illness: You get the coverage of all the expenses related to illness
Accidental injury and Illness: Covers expenditures incurred due to both accidental injury or illness.
Things that are usually not covered in a pet insurance
General Grooming services
Elective Medical treatments
Treatment-related to pregnancy
Factors on which your premium depends
Make a note, not everybody has to pay the same premium amount. companies look into several other factors and calculate the premium to be paid. Factors are
Pet-type: Usually pet dogs have higher premiums compared to that of cats. Reason being dogs are costlier in terms of their maintenance and treatments.
Breed: This factor comes in to picture only for dogs. Dogs with breeds of larger size have higher premiums as they tend to have a higher risk of health issues and they have a comparatively lesser lifespan.
Age: Pets with lesser age are charged with lower premiums, as a pet are less prone to health issues at an early stage of life.
Your Locality: If you are residing in a crowded place then you can expect a higher premium
Is it worth to have a Pet-Insurance?
There is an increasing demand in the sales of pet insurance every year. In 2018 nearly 20 million pets got their insurance done according to North American Pet Health Insurance Association. Before going for pet insurance you need to study about your pet and its expenses, that could help you conclude if you really need insurance for your pet.
Pets with lesser age have less risk of health issues, You can study the health pattern of your pet. If your pet is getting ill very frequently or having severe health issues then it’s a good option to opt for pet insurance. But if your pet is absolutely fine with physique and health, then it may not be a good option to go for such policies
as it may surpass the actual expenses of your pets treatment and check-ups.
Many people consider their dogs or cat, not just pets but a member of their family. If you are one such person and you do not want to take any chance with your pet’s health. then going for pet insurance is a better option.
You can compare your yearly expenditure on your pets treatment and the total cost of your pet’s insurance. If there is not much difference in both the figures then you can happily go for suitable insurance.