Why you need pet insurance

Why you need pet insurance

If you ask a room full of pet owners in their 20s whether they would rather have medical insurance for themselves or pet insurance for their dog or cat, you’ll be surprised at the results. The demand for pet insurance is skyrocketing.

In fact, according to the North American Pet Health Insurance Association, 2018 saw an increase in the number of pets insured by 18 percent. Pet insurance covers more than 2,000,000 pets in the United States.

​There is no question the pet insurance industry is experiencing explosive growth but questions remain about whether the benefits outweigh the cost. The answer is the same as it is with almost any other type of insurance.

Insurance isn’t an investment, you don’t buy it because you are expecting or hoping for a big return on your premium. You are buying it for the peace of mind in knowing if your pet requires a major, expensive medical procedure, you won’t be put in a position to choose life or death based on your finances.

You will have the safety net of your pet insurance policy to ensure that you can do what’s best for your pet, not your wallet. If you are buying it to cover the checkups and small stuff, statistically, you are better off self-insuring. If you are buying into the peace of mind argument and knowing you don’t have to worry about the big stuff, pet insurance may be worth the premium.

Here are a few factors to consider when purchasing:

  1. Most policies do not cover pre-existing conditions. Buy the policies while your pets are younger and healthier.
  2. Some premiums remain level forever while others increase as the pet gets older. Be sure you understand what you are getting.
  3. Do you want your policy to cover preventive care or just the big expenses? Is the extra premium worth the extra coverage for preventive care?  Usually, the answer is no.
  4. ​What is the claim process? Is it easy or a hassle to file claims?
  5. Pets don’t tell you when something is wrong. Sometimes by the time you figure out there is a problem, the damage is done and the cost to resolve it is higher than if it were caught early.
  6. Do you have the funds readily available for an emergency medical expense that costs thousands of dollars?  If not, you should buy the insurance.

Capitol Benefits provides pet insurance from Nationwide and FIGO. Also, there is Teladoc for pets! All offer a variety of coverage options and a wide range of premiums. To find out what the cost to insure your pet is, click here. For more information, visit the North American Pet Health Insurance Associate website by clicking here.

​Capitol Benefits is an award-winning independent insurance agency representing dozens of insurance companies and virtually all types of insurance in 14 states. To speak to an agent, call 301-431-0000 or email info@capitolbenefits.com.


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