Pet Insurance is much like medical insurance for people. You pay a premium each month, and they pay medical expenses for your pet. Much like health insurance for people, pet insurance plans have limitations. There are maximum amounts that they’ll pay for certain things. Some expenses aren’t covered at all. Some policies offer coverage for preventative visits, while others offer only coverage for major injuries or illnesses. In general, the more expensive policies will cover more. Pre-existing conditions are never covered.
How do you decide whether to purchase pet insurance or not? You need to look at the premiums for insurance for your pet, assess the likelihood that your pet will have extensive medical bills, and look at how much flexibility your budget has in the event of unexpected expenses.
The first step is easy in this internet age. You can get free online pet insurance quotes in just minutes. For now, just start with one. VPI is the biggest pet insurance company. Go to their website and get a quote. (Don’t worry. If you decide to go for it, you can get competitive bids later.) The premium amount will depend on your pet’s breed and age. Take a look at the monthly premium amount. Does it fit into your budget? If not, you already have a problem. The premium is the average amount that pets like your will incur, plus a little extra for the insurance company’s overhead. If you can’t afford the premium, then you also won’t be able to afford medical care without it, unless you get really lucky and your pet never gets sick or injured.
Second, look at the risk factors your pet faces. Here are some things that indicate that your pet has a greater than average risk of needed veterinary care.
- If your pet’s breed is predisposed to heredity health problems, he’s probably at higher risk. Due to inbreeding, purebreds are often prone to certain medical problems, like hip dysplasia or gastric torsion. If your pet is a mix, check to see if his breeds share a hereditary problem. If they do, your pet is probably at risk for that condition. If you’re not sure what risks your pet faces, ask your local veterinarian.
- Active and accident prone animals are susceptible to injury. Does your dog or cat escape whenever the front door is open? Do they run into the street? Do you live near a wilderness area where they might encounter coyotes and other dangers? Do you take your dog camping with you? All of the lifestyle issues affect your pet’s chances of being injured.
Lastly, you need to look at your budget. Is there some extra room to deal with unexpected expenses? Are you good at setting funds aside just in case? A serious illness or injury could cost you thousands of dollars at the vet. Are you prepared in case the worst happens? Or are you willing to let your pet die if you can’t pay the vet bills?
Now you’re ready to make a decision and take the next step. If you’re going to buy a policy, go back online a get competitive quotes. A pet insurance comparison can save you a lot of money. If you’ve chosen to skip the insurance, look at your budget and start setting aside some money each month. I recommend setting aside the same amount that the policy would have cost. And the good news is that if your dog is lucky and healthy, you get to keep the cash!
