This is How Much Pet Health Insurance Actually Costs
Pet owners often worry about the rising cost of insurance. Many owners believe it costs too much and that it won’t have the proper coverage for their pets. Unfortunately, having zero coverage could put you in a tricky financial situation. What’s more, it puts your pets at risk because if you can’t afford the basic medical costs, you may avoid routine checkups. That’s not the smartest move for any pet owner. What’s more, pet health insurance can vary considerably. So, how much does pet health insurance really cost, and what impacts the final price?
The True Cost of Pet Insurance
Pet insurance can cost as little as a few hundred dollars per year or a few thousand. Monthly premiums depend on the following:
- The Type of Pet you’re Insuring
- Their Breed and Age
- Their Medical Background
- Your Location
- The Provider and Policy You Choose
Pet insurance is not cheap unless you opt for the very basic coverage and have a high deductible. In some cases, you can save money on costs, especially if you choose accident-only policies. For older pets, you may feel some services aren’t necessary. Again, it depends on the provider and your specific requirements. Coverage can be as little as $25 a month or as expensive as $250 a month; it depends on the animal and provider.
Breed and Age of the Animal
It may seem a bit strange, but some dog and cat breeds fall into a higher-risk category. This means the costs will be higher. So, instead of paying $25 per month on basic pet insurance, premiums could jump to $50 per month. And, it will be far more costly to get cover for a pedigree. For instance, a pure-bred French Poodle (that’s ACS registered) may cost two or three times more to insure than a non-pure breed or crossbreed.
In terms of age, older cats and dogs are likely to see an increase in insurance costs. It’ll also depend on the provider, but since older pets tend to have more health complaints, premiums increase. What’s more, older pets with chronic conditions need to visit the vet more often so that also causes prices to rise.
Higher Costs for Premium Pets
While you might not own a triple-crown show horse, you still need coverage for your beloved pet. Horses are expensive animals to keep and it’s likely to cause insurance costs to skyrocket. They do require a lot of veterinary care and those costs don’t come cheap. And, that goes for insurance too. For example, premiums for a horse can cost $125 per month whereas coverage for a cat may only cost $25. There is a big difference in price, but the reality is that horses are premium pets that require additional coverage.
Even pet insurance for dogs tends to cost more than coverage for cats. As said, premium or pedigree breeds will have higher insurance premiums.
The baseline cost for pet insurance depends on the type of policy you have. For instance, accident-only plans will be considerably cheaper than full coverage or accident and illness policies. In some cases, yearly costs may only reach $250. Unfortunately, depending on your specific requirements, you may find insurance premiums cost nearly $2,000 per year. Of course, the majority of the costs are determined by the type of policy you have and the type of animal.
Keep Your Pet Safe
No-one wants to pay thousands of dollars a year on pet insurance, but having sufficient coverage is necessary. What’s more, costs vary depending on a variety of things and you may be lucky to pay only a few hundred dollars per year. There are ways to save money, even when you’re paying top dollar. It’s essential to shop around and compare pet insurance plans so you get value for your money.