Pet insurance covers the expenses incurred during veterinary visits. This type of insurance is particularly beneficial for seniors with multiple pets because it helps them with emotional support, relaxation, and comfort. As pets age, the cost of care increases because of frequent vet visits, examinations, and other management options. So, with pet insurance, pet parents, especially seniors, can ensure timely care for their furry children without worrying about the associated costs.
Features of pet insurance
The popularity of pet insurance has been steadily increasing because of its cost-effective nature, allowing pet owners to provide comprehensive and high-quality care for different kinds of pets. This rise can be attributed to many features of the insurance.
Types of pets covered
The type of pets covered by a pet insurance plan depends on the company. Some pets generally covered by the insurance include dogs, cats, rabbits, ferrets, horses, exotic birds, potbelly pigs, and some rodents.
Types of pet insurance plans
A pet insurance company is categorized into three major types.
Accident-only plan
This plan reimburses the cost of bills related to any harm caused to the pet.
Accident and fitness plan
It is a combination of pet insurance that covers accidents and fitness-related aspects.
Routine wellness or preventative care
It is typically an add-on feature and sometimes a complete plan, providing coverage even for flea and tick management methods.
Types of claims
Insurance companies typically offer two types of claims or reimbursements for pet expenses. In one option, pet owners can pay the vet and then submit a claim for reimbursement. The other plan involves the insurance company paying the veterinarian directly.
Additionally, there are some factors that influence the cost of pet insurance plans. These components play a crucial role in determining the overall cost of a pet insurance policy.Â
- Deductibles
A lower deductive increases the cost of premiums. - Annual coverage limits
Plans that offer high coverage, up to $2,500 a year and more, tend to come with high costs. Any used coverage plans cannot be carried forward to the next year. Unlimited coverage plans are also expensive. - Pet’s age
The cost of insuring an older pet is higher. - Pet’s current fitness levels
If a pet has a hereditary condition, the cost of insurance spikes up. - Level of care
Basic care plans for accidents are cheaper than plans that cover incidents and regular visits to care facilities.
Tips to find cheap pet insurance for seniors
On average, pet insurance costs about $56 for dogs and $32 for cats. If a senior has multiple pets, they could end up spending a lot on insurance. Seniors can look for the cheapest pet insurance to prevent overspending on insurance.
Consult the vet
Talk to the vet and discuss the potential fitness-related issues and the type of management methods the pet may need in the future, and choose a plan accordingly. This can help a pet owner select a suitable plan for their pet’s well-being.
Buy plans when the pets are young
Consider purchasing a pet insurance plan when the pets are young, as the cost is often lower. As they age, one can plan and prepare for potential fitness concerns by having coverage in place.
Choose plans with reduced overhead
Senior pet owners can choose plans with lower overheads, like fewer deductibles, lower coverage limits, and lower reimbursement rates.
Look for company discounts
Some insurance companies may offer discounts for buying bundled insurance plans, insuring multiple pets, and referrals.
Look for associations that offer discounts
Research forums and private associations that offer discounts. Some associations include the American Association of Retired Persons, employee unions, employee-sponsored plans, club memberships, and the American Automobile Association.
Compare the cheapest pet insurance quotes for seniors
Seniors can compare multiple plans and get pet insurance quotes either online or by contacting the insurance companies for specific details. One can also look for websites dedicated to pet care that guide pet owners in choosing the best pet insurance plan.
Popular pet insurance companies
Fetch Pet Insurance
This company has a tie-up with AARP and offers a 10% discount on monthly or life insurance payments. Moreover, Fetch has one of the best comprehensive coverages for cats and dogs, covering incidents and fitness-related issues.
Embrace
The American Automobile Association has tied up with Embrace Insurance and offers up to 90% savings on comprehensive plans for pets.
Figo
This company offers some of the best insurance plans, including an average of $38 for dogs and $16 for cats monthly. The plans are customizable and have some of the best claim turnaround times. Moreover, it offers a 5% discount for those with multiple pets.
Pets Best
This pet insurance company offers plans at around $33 a month, where one can pay the vet directly. It offers low deductibles from $50.
ASPCA Pet Insurance
The company is affordable and has plans that provide extensive coverage for pets. It offers discounts for multiple pets and is available throughout the country.
