Do You Need Pet Insurance?
Most people usually overlook the essence of purchasing a pet insurance policy for their dogs or cats after considering their financial situations. The thought of their financial conditions also makes them ignore the fact that they might be paying more for their pet’s veterinary care should they be susceptible to illnesses expensive to treat.
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Pets susceptible to diseases with expensive veterinary care
– Cavalier King Charles spaniel
– Pugs and French bulldogs
– Siamese cats
– Ragdoll cats
– Cavalier King Charles spaniel dogs are susceptible to heart problems, especially hypertrophic cardiomyopathy
– Pugs and French bulldogs are susceptible to respiratory problems, commonly Brachycephalic airways syndrome.
– Siamese cats are highly susceptible to Hereditary diseases, such as various heart diseases, cancer and respiratory problems
– Ragdoll cats are susceptible to histiocytic sarcoma, kidney infections and bladder infections.
If your pet is from one of these breeds, you should expect to pay a high cost of veterinary care for the treatment of your pets (cats and dogs) per annum if you do not have pet insurance. Viz. The Breen if your pet is the most significant factor you must consider before determining the worth of pet insurance to forestall unexpected threats to your financial buoyancy.
Other things you should consider to determine your need for pet insurance and what it covers
– Financial stability for emergencies:
Are you financially stable to pay for your pet’s high cost of veterinary care should it sustain severe injury and chronic health problems? If you can pay a veterinary bill of $1000 to $5000, one may justify your refusal to purchase a pet insurance policy for your dog or cat.
– Periodic payments over a lump sum of vet bills:
Pet insurance companies usually require their policyholders to pay a specific premium charge per month and annum to keep their insurance policy active. On the contrary, you may have to pay a lump sum of money for your pet’s vet bills. If you find the regular payment of premium cheap and comfortable for your pet’s veterinary care coverage, it would be best if you consider the purchasing of a pet insurance policy for your cat or dog and vice versa.
– Your choice of coverage plan:
Most people prefer an insurance policy with comprehensive coverage that does not only cover the expenses they incur from the veterinary care of their pet’s illnesses and injuries (from accident. Viz. Illness, and accident coverage plan). The want of an extra preventive care plan—prevention is better than cure—covers regular maintenance, such as vaccines and visitation of professional veterinarians. The coverage plan they seek is called a wellness plan.
Insurance Companies do not restrict their policyholders to a specific kind of coverage to purchase but rather provide them with different coverage, such as illness coverage, accident coverage and illness & accident coverage to suit their Bude and requirements. Because not every policyholder will need comprehensive coverage for their pets, but a particular part of the coverage to financially protect them in an emergency cost of veterinary care to keep their pets healthy.
– Cost of plan or out of pocket cost for an incident:
The comparison between the cost of your coverage plan and the actual amount of money you may spend on a particular incident is one of the most significant factors most people consider before purchasing an insurance policy for their pet. Once you have completed the comparison, you may find out that you will be paying more than if you saved the money and use them for the payment of your pet’s veterinary care should they need veterinarian attention and vice-versa.
The type of pet insurance coverage you may consider
Pet insurance companies provide four specific kinds of coverage for either comprehensive or a specific part of coverage to suit various people’s needs. The four types of pet insurance coverage plan include illness coverage, accident coverage, accidental injury & death coverage, and a pet hotline for help or support.
The cost of pet insurance
The average cost of pet insurance is about $30 per month or $100 per month, depending on several factors. Various pet insurance companies may provide similar benefits and coverage, but they will totally differ in the cost of their premiums.
The difference you may notice in their premium rate depends on the premium formula they use to determine the cost of an individual’s insurance policy. The premium formula involves considering several factors such as the type of coverage you purchase, the breed of your dog, the age of your pet, if your pet has pre-existing health conditions, and the deductible you choose.
How the factors influence the cost of pet insurance coverage
There are several types of pet insurance coverage with different benefits that range from part coverage to comprehensive coverage. The more the benefits of the kind of insurance policies you choose, the more the cost your insurer will require you to pay; Comprehensive coverage is more expensive than other types of coverage. However, you can mitigate the cost of your monthly premium by requesting a higher deductible (which means you will be paying most of the veterinary bills you incur from your pet’s veterinary care).
The breed of your pet is one of the most significant factors insurance companies frequently consider while preparing an individual’s premium. The breed of your pet defines its life expectancy rate, which may simultaneously influence the cost of your pet insurance policy. Furthermore, the age of your pet can also influence the rate of your insurance policy’s premium, primarily because older pets are more susceptible to a variety of health problems than younger ones. An increase in the health problems of an ageing pet will increase its annual veterinary care, which will simultaneously result in an increase in the premium rate.
The need for pet insurance may depend on one’s personal decision but mainly depends on the breed of pet you have in your home due to their diverse susceptibility to various illnesses that may cost you more for their veterinary care. Hence, it is always advisable to purchase a pet insurance policy for your pet if they are susceptible to various illnesses capable of denting your budgets and placing you in a position of choosing between your money and the life of your pet.
