Many people consider their pets beloved family members. And like their human companions, pets need routine wellness exams and occasional last-minute medical care to help them stay healthy. Pet insurance policies can provide coverage that helps cover those medical expenses, but the cost of pet insurance varies based on many factors.
As with other insurance, you may have, you’ll likely pay an annual or monthly premium to keep your pet insurance policy in force. Then, you typically pay for services upfront and have all or a portion of the bill reimbursed by the insurance company later. Pet insurance policies also usually require you to meet a deductible before the insurer will begin to reimburse you for vet bills.
The following factors may affect the premium you pay for pet insurance:
- The type of pet you’re insuring
- The pet’s breed and associated medical conditions
- Veterinary costs in your area
- The coverages you select on your pet insurance policy
- The deductible on your pet insurance policy
Read on to learn more about these factors and how they may affect the cost of a pet insurance policy.
- Basic coverage. This coverage is usually the least expensive and therefore provides the lowest reimbursement. It helps pay for medical care after certain accidents and injuries.
- Comprehensive coverage. In addition to accidents and illnesses, comprehensive coverage may help cover the cost of routine care, vet visits, spaying/neutering, prescriptions, X-rays, and lab fees that may be needed.
- Pet wellness care. Pet wellness protection helps cover the cost of preventive care (such as routine wellness exam fees, heartworm protection, and vaccines). When choosing coverage for your pet, keep in mind that any pre-existing conditions your pet may have usually aren’t covered says the III. This may include conditions that arise during the waiting period of new pet insurance policies.