So you’re considering adding a rather more fluffy member to your family. You’re looking into it, as you do, with various questions being tapped away into the Google machine:
How much does it cost to own a dog?
Are cats really as unfriendly as they seem?
Is it okay to name your dog Zeus?
But while you’ve been frantically searching the web trying to work out if you fit the bill as a responsible pet owner, you’ve probably come across the phrase “pet insurance” pop up quite a bit.
Now, we’re not saying that all your other questions are invalid – although please don’t name your dog Zeus – but this is a question that should probably come above all the others. What is pet insurance? How much does it cost, and is it worth getting covered?
We’ll start at the beginning, shall we?
What Is Pet Insurance?
Pet insurance is essentially a health insurance policy but for pets. If your cat or dog has an emergency, for instance, then your pet insurance policy can provide payment or reimbursement for veterinary expenses.
These include the cost of diagnosing and treating illnesses or injuries, consultations about your pet, examinations, X-rays, MRI scans, CT scans, surgery, medication, and hospitalisation.
Any bump along the road that your pet might have, then pet insurance is there to balance things out and stop you from getting snowed under in pet-related fees.
How Much Is Pet Insurance?
The cost of pet insurance will vary depending on the company or policy package that you buy. A recent study of cost data found that the average cost of pet insurance for dogs ranges between $23.06 to $48.46 per month, while for cats, it is $14.58 to $24.41.
That being said, every pricing will be different depending on the company. For example, at Lemonade, a policy for a cat or a dog starts at $10 per month, so it really depends on what policy works for you.
A number of different factors will also come into play, depending on your pet and situation. For instance, cats are going to be cheaper to insure than dogs, as cats require far fewer veterinary visits, and they generally tend to have fewer health problems. Dogs, on the other hand, are prone to several conditions, including cruciate ligament problems and hip dysplasia.
Age will also impact a monthly premium, as when pets get older, they begin needing more healthcare. Different breeds can also be more costly than others, with American mastiffs, Saint Bernards and Boxer dogs typically needing the most expensive rates.
As well as this, you will have opportunities to lower your monthly premium, either by co-insurance – meaning your company will pay a percentage toward a claim, and you will pay the rest – increased deductibles – meaning you can pay a lower monthly premium – and annual limits – choosing what the limit of a payout is will lower your premium depending on the changes made.
Is Pet Insurance Worth It?
The big question, once you work out what the cost of your chosen pet insurance plan will be, is whether it’s worth it! To understand the answer to this, it’s a good idea to look at how many people in the US already have pet insurance.
Toward the end of 2022, 4.8 million US citizens were covered by pet insurance, which is a huge 22% increase from 2021. More Americans are becoming vigilant and spending more on their pets' health, with the pet care market, specifically, estimated to be worth around $211.1 billion – and expected to grow to $430 billion by 2033!
When you consider that pet veterinary costs range from $50 to $250 per visit, and an average of $700 to $1,500 per year, you can start to see why pet insurance is getting a lot more popular!
But if these figures aren’t convincing you, just take a look at your circumstances. Where do you live? Are you in a pet-friendly state, or are you living in a state that is notoriously dangerous for dogs and cats? How much is your average salary, and can you afford to keep a pet if they run into a lot of health problems?
Also, what is your work situation? Will you have to be travelling with your pet often? You need to weigh up as many of these questions and then go from there. In our humble opinion, we would say that pet insurance in 2023 is definitely worth it. You never know when it might be needed, and when it is needed, you are going to be so thankful that you have it! And your fluffy friend will, too!
