Many first-time pet owners assume that raising a pet is inexpensive, but there are various instances where if a person’s pet gets injured or sick, it can end up costing the owner thousands of dollars. It can almost seem unfathomable that pet medical costs can cost just as much, if not more than human medical expenses. But that’s why pet insurance can be significantly helpful if you don’t want to spend an excessive amount of money at the vet or an animal emergency hospital.

Pet insurance isn’t suitable for all pet owners, as there are some animals that don’t require veterinarian visits or will never get treated at a hospital. However, it’s best to know how to decide whether or not pet insurance is worth it for you or not.

What does pet insurance cover?

Pet insurance policies will vary depending on the company but in most cases a policy will cover vet and hospital bills. Animal hospital bills can be very expensive, especially if your pet had to get multiple types of examinations or treatments done in one visit. These bills can range from around $500 to over $2,000, and in some cases, pet owners have gone into debt because of how pricey they can be. So if you choose the right type of pet insurance, those vet, hospital, and prescription prices can be reduced dramatically.

The costs of pet insurance.

The average monthly premium for pet insurance is $50 for dogs and $28 for cats, according to ValuePenguin. The deductibles for these policies can cost $100 to $250 or more, depending on what the policy covers. Some pet owners choose to have insurance that only covers accidents, or a plan that covers accidents and illness. Similar to health care for humans, you’ll be able to toggle between whether you want to pay a higher monthly premium and pay less in deductibles, or pay more deductibles for a lower monthly fee.

If you have exotic animals such as parrots, iguanas, or snakes, expect to pay much more in insurance, as these animals are less common and can be more difficult to provide healthcare services for. However, insurance is essentially crucial when having these types of animals, because regular out-of-pocket fees will be extremely high. And what’s great about some policies is that they include mortality coverage, which will help protect you from financial loss if a pet dies, which can be helpful if you spent a lot of money on an exotic animal.

Pros of pet insurance.

• Lower veterinarian expenses.
• Can be useful for pets that are reckless or prone to injuries.
• It can be utilized to provide extra care for younger animals when they’re in their developmental stages

Cons of pet insurance.

• May not be ideal for those who have senior pets.

• Some policies require you to pay the vet bill first and then you’ll be reimbursed.

• Your pet may never require you to make a claim on your policy.

It may be best to consult with a pet insurance agent.

Before purchasing a plan, you can always consult with an agent, and they can offer you advice on what type of plan will be best for your pet if any at all. Some of the most popular companies pet owners tend to go with for pet insurance include Lemonade, Figo, Embrace, Spot, and Nationwide.