The most important part of being a dog parent is ensuring its physical and mental well-being. This task involves giving the dog nutritious foods, a comfortable place to rest, and ample outdoor playtime. That said, even with adequate care and attention, it may be susceptible to certain issues and injuries, which may require treatment. The best way to manage such expenses and ensure one’s pet gets the best care is to buy dog insurance.
Insurance cost and factors influencing it
On average, dog insurance plans cost $720 a year. The monthly insurance cost is about $46 per month for a puppy and about $63 for adult dogs. That said, several factors may have an impact on the overall cost.
Dog breed
The breed of the dog can affect the cost of insurance. For instance, French bulldogs, Labrador retrievers, and golden retrievers are some of the most expensive breeds to insure, while chihuahuas and shih tzus are breeds with comparatively lower insurance premiums.
Existing conditions
Certain breeds, like French bulldogs, are more prone to illnesses than others. This factor can affect the insurance cost, as providers tend to charge more for pre-existing conditions. While most insurance plans do not cover such conditions, some providers may offer customized plans and reasonable quotes after accounting for existing issues.
Age
The insurance cost for pets increases as they age. Insurance companies may also have maximum age limits when enrolling new pets. That said, certain insurance plans offer coverage even after pets reach the maximum age if policyholders make timely payments and stay enrolled before that happens.
Coverage options
A pet insurance provider may allow one to customize the annual limit, i.e., the amount allowed to be reimbursed in a year, reimbursement rate, and deductible. For instance, one gets to pay a low monthly premium if they pick a low annual limit, low reimbursement percentage, and high deductible. This also means they have higher out-of-pocket expenses.
Location
Where one lives is also a key factor here, as each state has unique laws and regulations for insurance providers. These rules dictate insurance pricing, the data a company can collect from a consumer, and the benefits that providers must include with coverage.
Things covered under pet insurance
Veterinary fees
The cost of diagnosing and managing conditions and injuries is a key aspect covered under pet insurance. It typically includes the cost of consultations, x-rays, MRI/CT scans, examinations, surgery, and hospitalization. Additionally, the cost of being referred to a specialist vet and complementary treatments like chiropractic, physiotherapy, osteopathy, and hydrotherapy are typically included in the plan. Some policies also cover alternative therapies like homeopathy, acupuncture, and herbal remedies.
Third-party liability
If a pet parent is obliged to pay for damages their dog caused to a property, certain insurance plans can cover those expenses.
Loss of pet
If a pet is stolen, lost, or confirmed dead as a result of an injury or an illness before a specific age, one might be paid some compensation for the loss. Some insurance companies may cover the cost of advertising that could help find a lost or stolen pet and the cost of a reward if someone locates the dog.
Boarding costs
A dog insurance plan can cover the cost of the pet’s hospitalization in case of an emergency. That said, here, a condition for reimbursement could be that the dog must be admitted for a specific number of days.
Holiday cancellation
Dog insurance may cover the cost of a holiday if it is canceled because the pet needs emergency lifesaving treatment close to the start of the holiday.
Overseas vet fees
If traveling abroad with a pet, the fees associated with emergency veterinary treatment may also be covered for an additional fee. Some insurers may cover additional costs like the loss of travel documents or emergency expenses abroad if one is delayed returning to the country due to a missing or sick pet.
Tips for buying dog insurance
Consider the pet’s condition
One should speak with a veterinarian about common injuries and illnesses to which one’s pet might be susceptible. It also helps to have a complete understanding of the pet’s existing wellness-related issues, as they can influence the choice of insurance policy and its cost.
Choose the right type of plan
If one wants coverage for their dog for severe illnesses like cancer, one may have to buy an accident and illness policy. On the other hand, if one only requires coverage for emergencies, they can choose an accident-only policy.
Review the waiting period
Typically, the waiting period under dog insurance is about two to 14 days for accident coverage and 14 days for illness coverage. Some insurers have a special waiting period for orthopedic issues that may range from six to 12 months.
Choose the right level of coverage
If one wants lower out-of-pocket costs, they should choose a plan with a lower deductible and higher reimbursement amount. However, this may cost more in pet insurance premiums because the insurer has to pay more when a claim is filed.
Check pet eligibility
Each insurance plan comes with eligibility criteria, like pet age and size. One should check this thoroughly while looking for a policy for their dog.
Compare providers and plans
Before buying dog insurance, one must get multiple quotes online through an insurer’s website or by contacting an independent agent. Then, one should compare quotes and plan features across providers to make an informed decision.
