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.
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.
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.
PARTNER PLATFORM
Our insurance platform below provides a competitive insurance environment for you to find a tailored policy at a competitive price.
Each partner offers policies in the United States. Trupanion and Fetch also offer policies in Canada.