The average cost of a veterinary emergency runs between $800 and $1,500. Yet, less than four in ten Americans has enough cash on hand to cover even a $1,000 pet emergency.
Of course, there’s nothing we wouldn’t do for our fur babies. But the truth is that many owners face an impossible decision if their pet gets sick or injured and they don’t have the funds to foot the bill.
This is where pet insurance comes to the rescue. It gives you peace of mind knowing you’ll never have to face economic euthanasia.
But exactly what is pet insurance, and how does it work? Keep reading to learn how to choose the best pet insurance for your four-legged family member.
What is Pet Insurance?
Just like human health insurance protects you in a medical emergency, pet insurance provides similar coverage for your four-legged companions.
Different policies offer different amounts of coverage, but the general idea is the same. You pay a monthly or annual premium for the insurance policy. In return, the insurer pays a portion (or all) of your pet’s veterinary expenses.
Selecting the Best Pet Insurance for Your Pet
Here are three important factors to consider to help you choose the best pet insurance policy for your budget.
1. Consider Your Pet’s Needs
Most policies will cover pets of any age, but your premiums will depend on your pet’s breed, gender, age, and current health.
Dogs usually cost more than cats, and males usually cost more than females. Larger breeds often cost more to insure than smaller breeds due to shorter lifespans and more serious health issues. And because younger animals usually have fewer health problems, their premiums will be less than a senior pet.
As you shop around for policies, consider the likelihood of your pet getting seriously injured or ill in the future. For example, if you take your dog for long runs and his breed is known for developing hip dysplasia, you may want to consider a comprehensive pet insurance policy.
2. Read the Fine Print
Like other types of insurance, some pet policies only cover serious emergencies. If you want to pay a lower premium, you’ll need to pay a higher deductible. Other policies are more comprehensive, even providing coverage for routine and preventative care.
However, be sure to also consider what isn’t covered. Certain diagnostic tests or preexisting conditions might be excluded, and most policies come with annual caps for coverage.
3. Research Customer Reviews
Once you have a list of possible insurance companies, how can you choose the best one?
Start by reading reviews and ratings from current customers. Are they happy with their coverage, or do they have any negative feedback about the company? You could also research pet insurance stocks to see which companies have the best reputations.
Prepare for a Pet Emergency With Pet Insurance
Don’t leave your pet’s fate to chance. The best pet insurance policies allow you to sleep easy knowing your fur baby will be able to receive any treatment they need.
There’s no price you can put on that kind of peace of mind!
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