All pet owners are faced with the decision about whether or not purchasing pet insurance is worth the investment. We all love our pets and want to make sure they receive the best care possible, but does it make sense to purchase insurance for them ?
Pet Insurance Worth It
Pet owners are promised that pet insurance is affordable and is lifetime healthcare for your furry friends. However, research has shown that the plans are neither affordable nor lifelong. Read more article What is Personal Trainer Insurance? 101 Best Spesial for Personal.
Price Concerns
Pet owners are happy when they enroll their pets in insurance programs when they are babies and the premiums are relatively cheap. But, as animals age, so do the risks. As a result, insurance companies raise their premiums, which can become unaffordable for pet owners. In one study, a male mixed-breed dog was tracked from the puppy premium rate until he was 13 years old. After 13 years, the owner paid $11,172 in premiums. This is much more than most people will pay for their pets to be taken care of out of pocket.
The costs can outweigh the benefits. In the event of a disaster, having pet insurance could be a lifesaver at the time. But, most pet owners will not experience a disaster and will end up paying a lot more for their pets than was needed. The average annual pet-insurance premium in 2017 was $516. The cost of the annual vet bill that year was $92. That means that a pet owner paid five times what was needed to take care of their pet for that year.
Essentially, the value of pet insurance depends on the level of illness or injury that is claimed. People that use the insurance find value in it. People that don’t need to use the insurance lose out. It is a risk no matter how you look at it. Read more article What is Travel Medical Insurance ? 5 Best Special for Travel.
Tips for Purchasing Pet Insurance
- Understand the Premiums Users should get a quote for the current age of their pet and then get a quote for 8-10 years down the road. Multiply each age’s monthly premium by 12 and add up all the years to see how much you will end up paying.
- Know what isn’t covered up front There is nothing more frustrating than paying for insurance and finding out something you thought was covered was not. No policy will cover conditions your pet has before signing up for insurance. Many basic things do not appear to be covered. It is important to know this ahead of time.
- Insure Early If you try to purchase insurance when something is wrong with your pet, you will be denied. Apply for insurance before they can be rejected for conditions that the insurance won’t cover.
- Do not pay for addons Adding extra items such as wellness and preventative care is not worth the added price. You will pay less for all of these out of pocket over time. Read more article 8 What Health Care Benefits Surprising Can You Get
- Look into policies dealing only with accidents Cheaper plans are available when focusing just on accidents instead of illnesses. The monthly premium will also remain consistent throughout your pet’s life.
- Check out the deductibles It goes without saying that people will have to pay a monthly premium, but investigate whether or not you are required to pay a deductible as well. If you, you may want to decrease your premium costs by increasing your deductible.
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