Pet Insurance

Mar 3

Written By Collin

Pet insurance is something that was almost unheard of 20 years ago. Even if it was around, who would buy it anyway? Times have changed, with pet insurance being more popular than ever, and with more options available every day. Actually, pet insurance was started back in 1890! At that time, it was mostly for cattle, horses, and livestock. The first dog insured wasn't until 1924 in Sweden. The first U.S. dog insured was, of course, Lassie, the star of her own TV show. As the cost of major surgeries and treatments for animals have grown over the years, and as pets have become recognized as part of the family, people have begun to insure their 4 legged, furry, friends. So, what is pet insurance?

It’s a type of protection insurance that covers pet medical expenses related to accidents and illnesses. Preventive or wellness insurance, usually sold separately, covers routine exams, vaccines, parasite prevention, dental cleanings and microchipping. Most companies primarily offer dog and cat insurance, but some cover pets such as birds and reptiles. Generally, there are no doctor restrictions with pet insurance – coverage applies to any licensed vet or specialist nationwide, but be sure to check with any insurance company you are considering.

Pet insurance costs vary widely and based on several factors, including the pet’s breed, gender, age, location, and your chosen coverage options and deductible. Some options available are: accident only, accident and illness, and comprehensive - which may cover not only accidents and illnesses, but preventive and routine exams. What the policy offers and costs is crucial to knowing and understanding before buying any policy.

There are other factors to consider such as exclusions, restrictions, waiting periods, pre-existing conditions, and maximum coverage limitations. Also, look at whether you will be paying out of pocket, and then reimbursed, (and at what percentage), or if the insurance company will pay the vet directly.

The average annual cost for an accident and illness policy is about $594 for dogs and $342 for cats, which is about $50 a month for dogs and $28 a month for cats.