About 70% of US households (about 90.5 million families) own a pet, according to a recent survey by the American Pet Products Association (APPA). Additionally, most pet owners consider their furry companions part of their family and are willing to spend to give their pets the best life. APPA reports that spending on our companion animals soared to $123.6 billion in 2021, from $90.5 billion in 2018.
Despite the best of intentions, many pet owners find pet care too expensive for their budget, especially when it comes to veterinary care. More and more, these pet owners are turning to pet insurance for help.
Animal insurance is a unique form of protection that works like health insurance for humans. You pay your monthly insurance premium and, in return, you will receive pet insurance covering a wide range of medical treatments and other services that can help lower your veterinary costs.
Since you never know when you’ll need medical attention for your pet, it’s always a good idea to have extra protection. As with any type of insurance policy, it’s wise to shop around and compare multiple quotes to ensure you’re getting the best value.
If you’re looking for pet insurance, start by getting a free quote online now so you know exactly what to expect.
How to buy pet insurance easily
Here’s how you can save time – and stress – when purchasing pet insurance.
Know your budget and what you can afford
Before purchasing pet insurance, you should have a general idea of how much you can afford for monthly insurance. pet insurance premium. Most pet insurance companies offer different plans, but you’ll usually pay between $15 and $40 per month for a cat and between $30 and $70 per month for a dog. It’s priced quite affordably for the peace of mind of knowing that your financial outlay for your next trip to the vet will be considerably less with your policy in force.
If you are concerned about affordability, you may be eligible for discounts that can lower your costs. Many pet insurance providers offer discounts ranging from bundled and multi-pet discounts to lower premiums for military and senior citizens. For example, Fetch by The Dodo Pet Insurance offers a 10% lifetime discount if you’re an AARP member, while Spot Pet Insurance gives you 10% off each additional pet you add to your a policy.
Get a free quote now to better determine your budget.
Know the coverage you want
To receive a pet insurance quote, you will usually need to answer a few simple questions about your pet and the type of coverage you want. Taking a moment to think about the types of coverage you might want can help you when it comes time to get insurance quotes. Fortunately, most pet insurers offer a wide range of coverage options, ranging from accident-only plans to more comprehensive plans.
Here is a quick breakdown of the types of policy options to consider:
- Coverage in the event of an accident only: In the event of an unfortunate and unexpected accident, accident-only coverage can help pay for veterinary care if your pet suffers sudden trauma or injury. This type of pet insurance is usually your cheapest option. For example, an accident insurance policy just for dogs costs an average of just $17 per month with Spot Pet Insurance.
- Accident and sickness plans: If you want a little more protection, accident and sickness plans provide coverage in the event of an accident and when your pet is sick. These plans can cover issues such as allergies, digestive issues, and cancer, in addition to accident-related issues. Accident and sickness plans can be especially beneficial if your pet is young. Not only is pet insurance more affordable for young petsbut you can lock in coverage now, so they’re protected if they develop illnesses in the future.
Complete packages: Comprehensive plans offer stronger coverage, such as reimbursement for injuries, illnesses, prescriptions, X-rays, and diagnostic tests. Coverage from pet insurance providers varies, but many insurers cover issues you might not have considered. For example, Fetch by The Dodo covers boarding fees up to $1,000 at approved establishments.
Know your pet
The more you know about your pet, the better equipped you will be to get the right coverage plan with the right annual benefit limit. For example, if you have a Jack Russell Terrier, you may know that this breed is known to have specific health issues including deafness and patellar luxation. As such, signing up for a policy that covers surgeries for these conditions is a viable option.
Because some pets are at risk of inheriting health issues associated with their breed, some breeds are more expensive than others to ensure. For example, a LendEDU analysis of Spot Pet Insurance data finds that Newfoundland is the most expensive dog breed to insure at $100.79 per month for accident and illness coverage. In contrast, the English Springer Spaniel has the most affordable policy premiums at $33.56 per month.
Know how to personalize your cover
Most pet insurance policies have a few key features that you can adjust to meet your pet’s needs and your budget.
- Deductible: Like other types of insurance, deductible is the amount you must pay before your insurance cover takes effect. With pet insurance, most providers offer deductibles ranging from $100 to $1,000. You can lower your monthly premium by opting for a higher deductible.
- Repayment rate : The repayment rate is the percentage of covered expenses you will receive minus your deductible. With Spot Pet Insurance, the percentage options range from 70% to 90%. If you are planning an expensive procedure or treatment, you may consider choosing a higher percentage to reduce your costs.
- Annual coverage amount: Your coverage limit is the maximum amount your pet insurance provider will pay to cover your pet’s expenses. Coverage amounts vary widely, but limits can range from $2,500 to $100,000, with some insurers even offering unlimited coverage. If the quote you receive is too high, consider adjusting your coverage amount, deductible, or reimbursement rate to dial in a rate that meets your needs.
Your veterinarian can also help you adapt your policy so you don’t end up paying for coverage you don’t need – and only for what you need now, or may need in the future for your specific breed.
The bottom line
You can quickly buy pet insurance understanding the type of coverage your dog needs and how much you’re willing to spend on your monthly premiums.
Remember, however, that you will likely have to go through a waiting period before your pet’s cover is activated, usually 14 days for policies covering illness. If you’re considering getting pet insurance, you might want to sign up soon, so your pet is covered in case something goes wrong.
Get started today with a free online quote.
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