Americans spend billions of dollars each year on their pets. With so much money being spent, it’s no surprise that many people are contemplating investing in pet insurance for their furry, scaly or slimy companions. As with any type of insurance, there are several pros and cons of buying pet insurance.
Coverage of Pet Insurance
One of the biggest advantages of pet insurance are the varying degrees of coverage, making it flexible to meet the needs and wants of the owner. Depending on the provider, some plans may cover basic annual needs such as vaccines. Other plans may offer accident coverage for pets who are hit by a vehicle or accidentally ingest a toxic substance such as antifreeze.
Pet Insurance Costs
Depending on the plan, the provider or the owner, the cost of pet insurance can either be a pro or a con. As with any insurance, the cost can vary greatly in yearly or monthly fees. Some plans can cost as little as $100 per year, whereas others can cost into the thousands per year. The overall cost is often determined by a number of factors including the pet’s age, weight, breed, health history and the location of the owner.
Furthermore, pet insurance may only cover a small portion of the bills. Some plans may cover as little as ten percent, whereas others may cover the entire bill as long as it falls within the coverage guidelines. Therefore, pet owners should be sure to thoroughly read through each plan’s coverage details.
Pre-existing Conditions, Predisposed Conditions
A huge negative for pet owners, the vast majority of pet insurance policies do not cover pre-existing conditions. This forces pet owners to purchase the insurance while their pet is young and healthy to ensure coverage for diseases that may occur as the dog ages.
Some pet insurance companies may not cover diseases that certain breeds are predisposed to. For example, Golden Retrievers are prone to developing hip dysplasia. Since the entire breed is predisposed to this condition, the insurance company may choose not to provide coverage for this condition should it arise in the covered Golden Retriever.
Deductibles
Deductibles can either be a pro or a con. For example, if the policy requires a straight $50 deductible on every visit, this may not be worthwhile for routine check-ups. However, it may be beneficial should the pet get hit by a vehicle.
However, some pet policies have deductibles that vary depending on the situation. Routine exams may require a deductible of $10 to $25, whereas accidents may require higher deductibles of $100 or more.
With so much money being spent on pets each year, an owner’s choice to purchase pet insurance should include weighing the pros and cons. It may be beneficial to owners of certain breeds, but may not have as many benefits to owners whose pets are predisposed to certain illnesses or have pre-existing conditions. Pet owners who opt to puchase a policy should get everything in writing to ensure their pet is covered.
About the Author: Jennifer Hamelink is a professional writer with a focus on pets and finance. She enjoys writing about money saving tips, credit repair, and researching legal answers to those with financial troubles.
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This is the first time I come across your blog. There is a lot of good content on here, it’s great! We are strong advocates of pet insurance, there are many situations that could arise that you may not be prepared for financially if you go without it.