Pet Insurance Cost

Pet Insurance Cost

Pet insurance is one of the most important aspects you should always consider while buying a pet. Similar to human beings, pets also fall ill. And it becomes quite an expensive affair to look after a pet if it falls ill and that too, frequently! To lessen this loss, I would definitely recommend you to get your pet insured. There are several companies that provide pet insurance at a considerably nominal premium. The cost one would incur while treating an uninsured pet is much more than that of the insurance cost. So, what is the best pet insurance?

Cost of pet insurance varies according to the coverage percentage that the insurance company considers, the pet's age and of course, also the breed. Pet insurance plans make it much easier to take proper care of pets, but one should also be careful while choosing plans quoted by different insurance companies. The average insurance cost would be somewhere between $10 to $100 per month, and would not possibly go beyond, unless of course, it's for a horse or some other exotic pet of yours. Illnesses like cancer, fractures, diabetes, pancreatitis, etc. are usually covered under insurance. However, pet insurance for pre-existing conditions can be a complicated issue.

How Much does Pet Insurance Cost

Let's take a look at the list of factors that contribute to the total price of pet insurance.
Type of Animal: The insurance premium varies, based on the category of the species. For instance, a cat's insurance cost is much less as compared to that of a dog's because cats remain indoor most of the time than dogs do.
Animal Breed: There are various breeds of pets one can own. Of these there are some which are more prone to diseases and hence, are differentiated.
Age of Your Pet: Just as humans, the premiums for pets also increase if they are older in age, as they are more vulnerable to diseases and wounds.
Residential Location: The area where you reside also matters and affects your premium cost. There are some places that are not entitled to quote pet insurance.
Number of Years Covered: The policy term period of the company also plays a role in deciding the cost. Term period here means the approximate time duration for which the pet is insured, and would receive the coverage and benefits that are guaranteed.
Insurance Company, Coverage and Deductible: Lastly, there are different companies that offer pet insurance. But the goodwill and service that they provide differs and hence, the premiums of each company is also found to differ. Coverage and deductibles also add to the total cost of the premiums. One should also check if the company is licensed. Pet Insurance Comparison

The benefit, deductible amount and reimbursement value varies from one company to the other. However, typically, the minimum insurance cost for cats range from $15 - $20 per month and that for dog ranges from $20 - $30 per month to anything up to $100. Let us take a look at pet insurance comparison in detail.

Benefit
Most of the companies offer a benefit ranging from $200 to $20000 which is the annual limit. Most of the companies like Trupanion, PetPlan, PurinaCare, etc. offer this benefit plan. On the other hand, some companies like Hartville Group, Inc., Pets Best Insurance, and ASPCA offer benefits for a lifetime ranging from $42,500 to $100,000.

Deductible
The amount deductible is also found to vary. Some companies literally have no deductible amount (i.e., 0% deductible) like Trupanion. The amounts of deductible of other companies range from $50 to $200. The lesser the deductible of the insurance cost, greater is your profit.

Reimbursement
Reimbursement is the amount that you get back when you claim insurance. The reimbursement amount of some company's insurance plan is 100% like PetFirst Healthcare, PetPlan, QuickCare; whereas, some other companies offer 70-90% reimbursement like Hartville Group, Inc, Pets Best Insurance, PurinaCare, PetPlan, ASPCA, etc. On the other hand, the reimbursement value of a few other companies is incident based.

So, now after knowing in detail about the pet insurance cost, the deciding parameters, the value for it, etc., I guess you won't step back to get your pet insured. Be well prepared before you get yourself spending a huge sum. It will definitely be worth it. Think about it!