We choose to insure certain things without question – our vehicles with vehicle insurance, our homes with homeowner’s insurance, and even ourselves with life insurance. But other coverage options, like pet insurance, are viewed as optional. Some pet owners wouldn’t dream of caring for an animal without insurance, while others don’t give a pet policy a second thought. So how much does pet insurance typically cost, and in the end, is it worth the price?
The cost of pet insurance
Just as human health insurance costs can vary widely based on a number of factors, pet insurance prices are based on a staggering number of variables, options, and add-ons. One quote for a five-year-old Saint Bernard named Beethoven was $73 per month with a $500 deductible, while another was $32 per month with a $250 deductible.
How can two quotes for the same animal vary so widely? Each quote includes different options and add-ons, including:
- Hereditary conditions
- Congenital conditions
- Diagnostic tests
- Hospital stays
- Behavioral modification
- Kidney transplants
Keep in mind that not all of these options are included in every insurance policy, so make sure you look at what’s covered in a quote before you sign on the dotted line. There’s a wide spectrum of pet insurance coverage options, so compare pet insurance reviews and rates to find the best option for you and your companion.
The cost of pet medical bills
The question of whether pet insurance is worth the cost boils down to the price of insurance versus the cost of potential medical bills. Predicting future medical bills can be difficult, however, so it can be helpful to consider your pet’s breed, age, and if possible, family history. Talk to your veterinarian about health problems that your pet may be susceptible to, and ask them to recommend an insurance policy.
Whatever you decide, make sure you have a conversation with your veterinarian before your pet experiences health problems. Many pet owners wait too long to consider insurance and may be left with, for example, a $5,000 medical bill. A little bit of pre-planning can help protect your wallet and ensure your pet stays happy and healthy.
This post was written by Dale Cooper, who has been blogging about financial services, insurance, and education for more than three years. He holds a B.A. in English and lives in Cleveland. In his spare time, Dale enjoys cooking and traveling.
Note: Sponsored content was created and provided by Nationwide Insurance.
Do you have a pet insurance policy? Have you ever had to use it in an emergency?