What is Pet Insurance and Do You Need It?
Pet insurance means getting money from a company to help you pay for your pet's doctor visits. It can be of various types, but mostly, it is of two types.
Similarly, only some people need pet insurance, depending on the circumstances. So let us see in detail what pet insurance is and whether you need it.
What Do You Mean by Pet Insurance?
In simplest terms, pet insurance is when a pet insurer provides you with specific coverage to help cure your pet without worrying about the monetary aspects. Monetary aspects.
In short, understanding pet insurance can be easy if you have ever insured yourself. The reason is that both policies are somewhat identical.
However, a difference between them is that the pet insurance reimburses you with either a partial or total amount when your furry friend gets injured or ill.
But you must pay deductibles (a small amount to pay before your insurance arrives). Some insurers may pay you if your pet is stolen or lost. Similarly, you will get a payout if your furbaby leaves this mortal world.
Types of Pet Insurance
Now that you have learned about pet insurance, it's time to learn about its types. There is a wide range of pet insurance according to your pet's breed. It may be difficult for a beginner like you to understand them.
Thus, we would like to keep it simple for you.
Accordingly, there are two basic types of pet insurance according to the (NAPHIA). Let us discuss these two types in detail in the given section.
1. Accident Pet Insurance
It is the first type of insurance. As its name sounds, the pet's accident insurance means getting money from the insurer when your pet experiences a bad accident.
Generally, ensure your pet insurance covers every type of accident to protect your pet. Therefore, pet insurance can vary depending on your region. But commonly, the pet coverage will include the given pets' accidents:
● Your furry pet broke its leash and got injured while doing so.
● A deep cut in your pet’s flesh.
● If your pet ever faces poisoning.
● When your furry friend faces throat difficulty due to swallowing a toy.
● Your pet got injured while running in front of a car.
Now, the premium ranges of these accident-only pet insurance can also vary. For instance, according to CNBC:
● The monthly premium of your furry dog’s accident-only insurance is around $16.70.
● However, your dog's annual accident-only insurance premium is around $194.09.
● The monthly premium of your cat’s accident-only insurance is around $126.08.
● Meanwhile, the annual premium of your cat's accident-only insurance is around $126.08.
2. Accident and Illness Pet Insurance
The second type of pet insurance is the Accident Illness Pet Insurance. It means insurance that covers the above cat's accidents and also the given diseases:
● Pet cancer
● Throat infection
● Difficulty in digestion
This type of insurance is primarily concerned with handling your veterinary expenses. However, some will pay you partially, and some will pay this coverage altogether.
According to CNBC, below are the average premiums of your pet’s accident and illness insurance:
● Around $53 premium for monthly insurance of your dog.
● The annual premium of your dog insurance may be around $590.
● Your cat’s monthly premium ranges around $32.
● However, your cat's yearly premium for this type of insurance will be around $351.
But you should remember that these money stats are just an average. So, the actual premiums can fall below or above this average range.
Components of a Pet Insurance
Pet insurance mainly covers the veterinary needs of your lovely pet. However, you should know these important parts or components of pet insurance:
1. Deductibles
It means you have to pay a small amount to your insurer before it pays your vet bills. It can be either per accident or require an annual payment. You can choose anyone according to your budget.
2. Co-pays
You must pay a certain percentage of the charges per doctor or hospital visit. Similarly, a small amount, such as either 15% or 20%, may be needed to pay after you have paid the deductibles.
So you have to pay for the hospital visits and even some procedures.
3. Maximum Pet Payouts
Some pet insurance companies don’t cover all medical costs of your pet. Instead, they include a few major accidents and diseases.
Therefore, you will be limited to a certain insured amount per year or your furry friend's body for life.
4. Pets' Insurance Premiums
The next component of pet insurance is the premium, just like in the case of human insurance. So you have to pay for it as well.
These premiums can range from monthly and weekly to annually. Moreover, these can be either high or low cost depending upon:
● The type of your furbaby.
● The breed of your pet.
● The region where you want to avail yourself of the pet insurance.
5. Starting Time of Your Pet Insurance
You can't instantly use the features of your pet insurance when you register for it. Some insurers will allow you to enter annually, and some will give you a monthly waiting time. Therefore, double-check the availability of their services and when you can claim for your pet's health.
Do You Need Pet Insurance?
If you can't live without your furry baby, pet insurance is what you should not miss. It will protect you from heart-wrenching conditions when your favourite pet encounters an accident or illness. You can clearly understand its benefits if you give it a try.
On the other hand, it won't be that profitable if you are keeping a pet for a short time or you don't have any sincere affection for your four-legged friend. So the choice is yours. This pet insurance has its pros and cons. You can decide to either get it or not.
Conclusion
Pet insurance is about keeping your pet safe by paying some extra bucks from your pocket. Whether your pet encounters a lousy accident or is in the trap of a horrible disease, pet insurance must be your option. There may be some disadvantages for you. But its benefits are something you can't ignore for your pet's health.