Deciding whether to invest in pet insurance can be a tough decision. Pet insurance might be worth it for pet owners who would spend large amounts of money treating a pet’s medical condition or who do not have the funds readily available for unexpected medical costs. Depending on the type of pet insurance policy chosen, pet owners can realize large savings on medical expenses related to potentially fatal illnesses or accidents.
Treatments for critical conditions such as radiation therapy or kidney transplants can easily cost from $1,000 to more than $5,000. It is impossible to predict a fatal illness or accident, but there are some variables to consider that can help a pet owner make an intelligent decision including the pet’s age and personality. For example, young pets are more prone to accidents than adult pets, and just like people, some pets are always getting into trouble.As a rule of thumb, be prepared to pay between $15 and $80 per month per pet. Insurance costs will vary depending on the animal species (dogs have higher premiums than cats), your location (metropolitan areas have higher premiums than suburbs), the breed of animal (an English bulldog has a higher premium than a poodle and purebreds have higher premiums than mixed breeds), and age (older pets have high premiums or are not insurable by some companies).
Pet insurance companies either pay a percentage of your veterinary bill or they pay a fixed amount based on a benefit schedule. The benefit schedule is uniform across the U.S. so it does not take into consideration the cost of living in different areas. A pet owner in California is probably going to be charged more than someone in Kansas for the same service.