If you have a four-legged friend in your life or as a part of your family, you probably have some type of pet insurance policy as well. However, the current economy has a monthly budget on just about everyone’s mind. When looking at the household expenses, you may be wondering where you can cut costs, and a pet insurance policy might feel like a good starting place. While you shouldn’t eliminate pet insurance altogether, you may be able to find a similar plan for a better price. Or, depending on the provider; you might be able to get a better plan for your specific pet and pet needs at a more attractive rate.
There is a lot to consider when it comes to choosing the right pet insurance policy for your household, and the price is really just one factor in the equation. Understanding the details of pet insurance can help you pick a plan that offers you the right coverage at the right price.
How Pet Insurance is Priced
There are many different aspects that play into the pricing of a pet insurance plan. One of the most influential, but least talked about, elements of a pet insurance policy is the location of the household. This is because of differences in regional expenses and how organizations operate within those areas. For example, large metropolitan areas with high costs of living, like the Gold Coast of Chicago, Manhattan in New York, or Los Angeles in California, experience slightly higher rates for pet insurance due to the expenses associated with veterinary practices in those areas.
Another pair of variables that factor into the equation are the age and breed of the animal being insured. The animal’s age is weighted similarly to a human’s age when seeking health insurance. Older cats and dogs will generally see higher insurance costs than younger pets, especially because our pets are more susceptible to various ailments as they grow older.
Additionally, the breed of the pet plays a part as well. This can factor into the price of the insurance plan in two different ways. The first is in any additional susceptibility to specific ailments. In other words, certain breeds of animals have a genetic disposition to specific diseases or other health problems. The other way in which the breed plays into the price of the insurance policy is through the pedigree.
When it comes to breeding animals, there is a certain pride put into the purity of the breed. This is especially the case when it comes to showing animals, hunting dogs, and other pets who are bred for a rather specific purpose.
If your pet is a pure-bred with a pedigree that dates back generations and generations, the insurance policy that you’re seeking is likely going to cost more money. However, most household pets, cats, dogs, and others are cross-bred, mutts, or even rescues; and there’s nothing wrong with that. Plus, they cost less to insure.
Considering the Coverage
There are also a lot of different policy options when it comes to pet insurance from which owners can choose. The cheapest form of coverage that you can get for your pet is accident-only insurance. However, this is only going to offer you a very limited amount of protection.
A full-coverage plan or an accident-and-illness policy will offer you considerably more coverage for your furry, or not-so-furry, friend. Most insurance providers will also allow you to set an annual limit on your pet, typically ranging somewhere from $5,000-$100,000. This should allow any animal lover the ability to find a policy that fits their needs specifically.
Knowing Your Specific Pet
One of the most important things to consider when shopping for pet insurance is the actual type of pet that you’re having insured. There are a variety of animals that are considered premium pets. These animals are insured at a much higher rate, for a variety of reasons. For example, horses are relatively expensive animals to keep and maintain, especially when it comes to their cost of insurance.
This is also another instance in which the pedigree of the horses can play into the insurance policy. A pure-bred show horse may very well cost a pretty penny to insure, especially when considering the frequent veterinary attention that horses typically require.
Wrapping up on the Cost of Pet Insurance
There is a lot to consider when it comes to pet insurance cost, and making sure you have the right coverage, at an affordable price, will guarantee you and your beloved pet plenty more years of love and companionship. If your pet insurance is currently too expensive, it never hurts to hit the market to see what kinds of policies are out there and available. With such a unique and wide range of pets out there, there’s a similarly unique and wide range of pet insurance policies to help keep them happy and healthy and a part of the family.