Pet Insurance – Protect Your Pet and Your Wallet

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KEY POINTS

Financial Peace with Pet Insurance

Pet insurance eases financial worries by covering various medical expenses, offering flexibility in premium amounts to prioritize your pet's health.

Versatile Coverage for Your Pet

Pet insurance provides comprehensive options, from accident and illness to wellness and alternative treatments, ensuring your pet's well-being.

Proactive Health Care Through Early Insurance

Insure your pet early to avoid pre-existing condition exclusions and secure their lifelong well-being with the best care.

Did you know?

As of 2022,

5.36 million pets were insured in North America (North American Pet Health Insurance Association (“NAPHIA”))
80% of insured U.S. pets are dogs, with the remaining 20% being cats (Canada 77% dogs, 23% cats)(NAPHIA")
$640/$387 U.S. average annual accident and illness premium for dogs and cats respectively (Canada $814/$427)(NAPHIA)
$201/$122 U.S. average annual accident only premium for dogs and cats respectively (Canada $248/$198)(NAPHIA)
Average emergency services can lead to financial strain, including $4,000 for cancer treatment, $3,262 for stomach foreign object, $2,371 for broken bone, $1,500 for amputation, $950 for tumor removal (CareCredit)

In the U.S., approximately 2-5% of dogs and cats are covered by pet insurance.

Compare Pet Insurance

Can you afford emergency services?

Many pet owners cannot afford a basic examination that typically costs between $100-200. More severe medical cases can range between $500 -10,000. Some cases can stretch into the tens of thousands of dollars.

What drives the cost?

Many families will find the cost of emergency veterinarian services prohibitive and may include,

Examination

Includes the basic costs of examining and assessing your pet’s condition. These costs may increase substantially if the services are provided after-hours, weekends, or on holidays.

Diagnostics

Blood tests may be performed to identify infections, organ function, and disease. Bone fractures, tumors, blockages may be detected by x-rays, radiographs, ultrasounds, MRI/CT scans, endoscopy, and more.

Treatment

Hospitalization may be required for severe cases. Other treatments may involve intravenous fluids, oxygen, antibiotics, prescription medication, and over-the-counter medication.

Surgical

The surgery may require an anesthesiologist and a surgeon, as well as medical supplies during the surgery, and post-operative costs associated with monitoring and recovering.

Other Costs

Daily hospitalization costs and consultations with specialists may be required. In dire cases, euthanasia may be inevitable.

These costs will vary depending on the service provider, severity of the condition, location, and more.

Pet Insurance – Overview

Pet insurance can form an important component of your integrated insurance strategy. It is a contractual agreement between a pet owner and an insurance provider. The insurance company underwrites the policy, while the pet owner pays the corresponding premium.

The insurance policy provides coverage for a range of unexpected events related to the pet's health and well-being, including accidents, illnesses, and preventive care. It offers the reassurance that your pet will receive the necessary medical attention when needed, without causing financial strain on your part.

Whether it's unexpected veterinary bills, emergency surgeries, or routine check-ups, pet insurance helps ensure your pet's health is always a priority.

Types of Coverage

Pet insurance can often be tailored to meet specific needs. The types of coverage available may vary by jurisdiction, insurer, and policy. The following coverages are commonly available:

Accident

Auto accident

Broken bones

Dislocations

Lacerations

Poisoning

Animal / insect bites

Swallowing foreign objects

Fractured teeth

Eye injuries

Ligaments and muscles

Illness

Diabetes

Cancer

Infections (e.g., bacterial, viral, fungal)

Gastrointestinal

Digestive issues

Allergies

Cardiac conditions

Respiratory conditions

Kidney disease

Skin conditions

Dental

Eye disorders

Orthopedic

Neurological

Autoimmune

Wellness / Preventive

Check-ups

Examinations

Blood work

Flea and tick

Vaccinations

Heartworm

Dental cleanings

Deworming

Hereditary and Congenital

Hip and elbow dysplasia

Heart defects

Eye disorders

Blood disorders

Umbilical hernias

Skin conditions

Joint issues

Prescription Medications

Antibiotics

Pain relievers

Anti-inflammatories

Allergy

Anti-nausea

Heart

Antifungals

Anti-parasitic

Anti-anxiety

Insulin

Alternative and Holistic

Acupuncture

Chiropractic

Hydrotherapy

Physical therapy

Behavioral

Anxiety

Aggression

Compulsiveness

Lost Pet Recovery

Microchipping

GPS tracking

Advertising

End-of-life & Burial

Euthanasia

Burial

Urn

Memorial

Common Claims

The following are the most common medical conditions claimed under pet insurance policies in North America according to NAPHIA.

DOGS	CATS
Skin Conditions	Urinary Tract Infection
Gastroenteritis	Gastrointestinal
Otitis/Ear Infection	Upper Respiratory Infection
Urinary Tract Infection	Diarrhea
Allergies	Diabetes
Diarrhea	Kidney Disease / Renal Failure
Anxiety / Behavioral	Skin Conditions
Vomiting / Emesis	Dental
Lameness / Limping	Vomiting / Emesis
Growth	Hyperthyroidism
Dermatitis	Conjunctivitis / Eye Condition

Exclusions & Limitations

Many pet insurance policies will contain clauses related to the following exclusions and limitations:

Pre-existing Conditions

This exclusion relates to medical issues or symptoms that were evident before the policy’s commencement. Typically, pet insurance providers do not cover treatments for health concerns that predate the policy’s effective date.

Cosmetic Procedures

Cosmetic treatments or procedures that lack medical necessity, such as tail docking, ear cropping, or elective cosmetic surgeries, are usually not covered by pet insurance. These procedures are considered optional and non-essential.

Routine and Preventative Care

Most policies do not extend coverage to routine and preventative care, including vaccinations, dental cleanings, and wellness check-ups. These coverages may be available as a rider to the main policy.

Premiums

Regular payments made by pet owners to their insurance provider. These payments can be monthly or annually and are meant to cover the cost of the policy. Premiums vary based on factors like the pet's age, breed, location, and the coverage level chosen. Higher premiums often correspond to more comprehensive coverage.

Deductibles

Deductibles represent the amount of money that the policyholder is responsible for paying before the insurance coverage kicks in.

For example, if your pet incurs a $500 vet bill and your policy has a $100 deductible, you will pay the first $100, and the insurance provider would cover the remaining $400, assuming the expense is eligible under your policy.

Lower deductibles usually result in higher premiums, while higher deductibles can lead to lower premium costs.

How to buy insurance

Pet insurance is typically offered by various insurance providers specializing in pet coverage.

To purchase pet insurance, you can visit the websites of these providers, request a quote, and customize a policy based on your pet's specific needs, such as breed, age, and any pre-existing conditions.

You'll then pay a monthly or annual premium to secure coverage for your pet's medical expenses, depending on the plan you choose.

Tips for Pet Owners

These tips are designed to ensure you secure the correct coverage at a competitive price.

Start Early

Obtain pet insurance when your pet is young and healthy as insurance premiums will be typically lower, and pre-existing conditions are not covered.

Pet’s Breed and Age

Certain breeds are prone to specific health issues, and older pets have different needs. Choose a policy that takes these factors into account.

Research and Compare

Research reputable insurance providers and obtain quotes. Compare quotes, coverages, limitations, deductibles, waiting periods, and exclusions.

Referrals

Obtain recommendations from your veterinarian, family, friends, and on-line reviews.

Insurance Broker

Consider engaging a reputable insurance broker or insurance agent. They can provide valuable expertise and obtain a tailored pet insurance policy at a competitive price. You may consider Swiftest as they provided comparable quotes from multiple insurance companies.

Budget

Ensure the monthly premiums fit into your monthly budget.

Recordkeeping

Maintain detailed records of your pet’s medical history and expenses, which will be required when filing claims.

Insurance Company Reputation

It is becoming increasingly prevalent for individuals to review their insurance company and share their experiences. Their feedback may be shared on the insurance company’s website, social media, or third-party review sites.

Individuals can also obtain advice from insurance brokers, trusted advisors, friends, and family.

FINAL THOUGHTS

Policies can be customized to accommodate a wide spectrum of premium amounts, reflecting the diversity in average annual premiums for dog and cat accident and illness coverage. These premiums can vary significantly.

Pet insurance provides a flexible solution, offering coverage for various unexpected events, including accidents, illnesses, and preventive care, ultimately promoting and safeguarding your pet's health while also helping in mitigating the financial strain of unforeseen medical expenses.