Is Pet Insurance Necessary?

Most pet owners would agree that a pet is what brings a family closer and some even consider their pet as part of the family.  According to The New York Times, about 62% of pet owners said they would likely pay for pet health care, even if the cost reached $500.  But, what if the medical bill reached $1,000?  Or $5,000?  It may be hard to think of giving up on such a loyal companion.  With these rough economic times, maybe there is a way to do both – save money and save your pet – with pet insurance!

Pet insurance is rising in popularity every day.  In fact, many of the online pet insurance company’s sales have increased between 8% and 10% annually.  USA Today reports that by 2014, pet insurance plans will total $753 million.

It may be hard to believe, but pets can develop some of the same diseases that humans develop.  For example, a dog diagnosed with cancer can be treated with chemotherapy and radiation.  This type of treatment, on average, will be a minimum $8,000.  Without pet insurance, you will be paying this money out-of-pocket. 

What is pet insurance and what does it cover?
Most pet insurance companies will provide coverage for diagnostic testing, surgeries, hospitalization, supplies, and prescription medication.  However, coverage is not limited to these specific perils that are listed, it is usually an open peril policy where everything is covered unless listed in the exclusions.  Some typical exclusions would be pre-existing conditions, preventative care, injury due to any intentional acts, special diets, housing, and breeding.

What does the policy look like? 
Most carriers use what is called a reimbursement plan, either 90%, 80%, or 70%.  This means that the insurance company will pay out the percentage that you choose (all are subject to a deductible) plus the remaining percentage.  Most policies have unlimited benefits with no annual or per accident cap.  Policies can range anywhere from $20-$70 a month, depending on certain factors.

The quoting process is very simple and will take you about 3 minutes.  Here’s a list of what you’ll need:

•Name of your pet
•Last date of exam
•Prior medical issues
•Your name

An estimated 92% of all pets will experience some type of severe emergency situation over the course of their lifetime.  But with pet insurance, you’ll have no regrets.  You’ll forever have that peace of mind, that you were as loyal to your pet as they once were to you.  Get a free quote today at