In our modern culture, the days of pets being little more than living, breathing home appliances are long gone. With the popularization of phrases like “fur-babies,” it isn’t surprising that Little Sparky or Mew-Mew are seen as true extensions of the family by pet owners. And just as parents have long struggled with and poured over the myriad of insurance policies to cover their human children, so too looms large the pet insurance market. Fear not, though, fellow pet-parent! Things are not as complicated as they may seem at first. For animals without pre-existing conditions, one should expect most pet insurers to cover vital care such as consultations, accidental injury, ER visits, and treatment for diseases like cancer and feline leukemia.
Much like our humanoid health, car, or property insurance, there are endless resources online that assign in-depth ratings and reviews to the smaller and more manageable pet market. Sites such as “The Balance” and “Investopedia” offer quick and easy ways to manage your dive into getting Fluffy (and yourself) some financial peace of mind.
One such top-rated insurance company is Trupanion, which offers an easy-to-understand tiered monthly premium cost based on the age of your pet. The best part of Trupanion’s tiered system is that it is based on the initial sign-up age, and won’t start creeping up on you as your pet gets older. For example, if you begin coverage with a 3-year-old dog, the premium (currently $125.55) stays the same, which can really help out financially later on in life.
Insurance giant Nationwide offers their own competitive package with greatly expanded coverage to include even the most exotic of pets such as: Pot-bellied pigs, ferrets, and even rats! That’s right: if you are the proud parent to a dozen hamsters, a rattlesnake, six geckos and a rat, Nationwide truly is “on your side” even if your neighbors might give you a few sideways glances.
This leads to one of the most important factors of shopping for pet insurance that differs from the human market. You can, and should find plans and companies that take special care of your particular little monster first and foremost, and proceed from that point. ASPCA offers particularly excellent coverage for horses, while PetPlan is rated as one of the top insurance companies for elderly cats.
As with most insurance policies, each plan offers its own take on deductibles, premiums, waiting period prior to coverage, and limitations. One major thing that industry leader Figo doesn’t cover, for example, is spaying and neutering – a fairly common procedure offered under some other plans. That said, the fine print and daunting legalese is refreshingly sparse compared to human plans.
The American Pet Products Association estimates that over $30 billion will be spent on pet care and care-related-products in 2020. The market is ever-growing, and has served as a safety net for countless pet owners, parents, brothers and sisters around the country. The investment is a smart one, as the expense of a single uninsured major operation or treatment course far exceeds the cost of even a lifetime of insurance coverage for your pet. Whether they come in the homo sapien or chinchilla variety, all parents want to offer their children the safety and security of solid medical care that won’t break the bank.
Also Read: Which Pet Insurance is Best for Dogs?