5 Reasons Why You Need Pet Insurance

Personal Finance
a dog and babies hang their heads out of a car window because they are excited about pet insurance

Pets play a huge role in our lives and are often considered an important part of the family. With this in mind, many pet owners are choosing to buy pet insurance. Learn about what pet insurance can do for you and the various reasons why you need pet insurance if you have a pet.

1. Better Health Care

According to a 2013 American Pet Products Association report, pet owners spent more than $55 billion dollars on vet bills in 2013. This number continues to increase every year, which indicates pet owners are more willing to pay vet bills if it means better health for their pets. Pet insurance makes it a little easier to provide better health care for pets.

2. Longevity

Although some people will do anything for their pet’s health, others won’t (or can’t afford to. Almost four million dogs and cats are euthanized each year. In approximately two-thirds of these cases, the pets were euthanized because they required vet care the owners couldn’t afford to pay. Pet owners with pet insurance are in a better position to pay for both basic and emergency vet care, which enables the pet to have a longer and healthier life.

3. Cost of the Vet

When we get a pet, we don’t often consider the possibility that it may require costly veterinary care in the future. Pet Finder reports that basic annual medical care for your pets can range from $100 to more than $200 depending on the size of the animal. If you add neutering or spaying the animal, the bill can be several hundred dollars more.

Average costs for dogs:

  • Benign skin mass: $999
  • Skin abscess: $458
  • Tooth extraction: $829
  • Torn cartilage or ACL: $2,667
  • Malignant skin mass: $1,431

Average costs for cats: 

  • Tooth extraction: $924
  • Skin abscess: $458
  • Bladder stones: $985
  • Cancer of the abdominal wall: $813

4. Comprehensive Coverage

Despite what many people believe, pet insurance can cover the cost of wellness care so you can provide your pet with regular maintenance and annual checkups to ensure small health issues are caught before they become serious medical problems.

5. Customizable and Affordable

For many years, pet insurance was considered as not only an unnecessary expense but also one that was unaffordable and didn’t cover basic and regular veterinary costs. Much has changed through the years. Today, pet insurance is offered in various coverage options and may also pay for routine care. The policies can also be customized to meet the pet owner’s needs.

So are you sold yet? If you’re thinking, “sign me up!” check out how affordable it can be. Pet insurance companies generally offer clients the option of a comprehensive policy that covers major medical, a basic medical plan, or an emergency-only policy. Here are some average costs for different pet insurance coverages. Clients can also adjust the premium based on not only coverage but deductibles. These prices are an average, so they vary from company to company.

  • Major medical plan: $25-$35 per month
  • Basic medical plan: $19-$27 per month
  • Emergency only plan: $10 per month
  • Wellness everyday care plan: $18-$34 per month

If you need help picking a company, read our round up of Best Pet Insurance Companies next.

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