Pet insurance is a unique product that a lot of people aren’t familiar with. It works similarly to medical insurance for humans, but the coverage options and restrictions may be a lot more limited from one company to the next. If you’re considering pet insurance for your cat, you have to find out what all it entails. Fortunately, we’ve put together this handy guide to break down the facts and help you make the right decision to protect your feline companion.
What Is Cat Insurance?
While the name might be a bit misleading, the insurance isn’t actually to insure your cat like property. It offers coverage for certain medical events, procedures, visits, emergencies, and other needs. Different policies have different levels of coverage and you’ll need to shop around to see what’s out there, but there is truly something for just about everyone.
Cat insurance can cover everything from routine care to emergency visits, dental care, accident-related expenses, and medical costs, and more. If your cat experiences an unexpected injury or illness, this coverage can protect you from having to pay huge bills or make the terrible decision between taking care of your cat and taking care of your finances.
How Much Does Pet Insurance Cost?
One of the biggest factors in determining whether pet insurance is worth the investment is the cost. While you might think it’s worthwhile to protect your pet, it might not be financially feasible if you have a relatively healthy animal and can’t find an affordable policy. You might be better off paying for only what you need when it comes up and hoping that you don’t have a serious emergency bill.
The average cat insurance policy is between $15 and $40 per month, depending on how much coverage is purchased and what types are included. You might pay more or less, but this is the average cost in the U.S. right now. Cats, not surprisingly, are cheaper to insure than dogs, too, which is working in your favor. This is a cost that’s worth considering.
In most cases, pet insurance plans are worth the investment, of course. This is a way to guarantee that your animal can be protected from all types of incidents and you can be protected from all types of expenses, no matter what happens. If you own pets, you know that they cost a lot more than people think. It costs at least $200-$300 a year to feed a cat, and more if they’re on a specialty diet or food.
Not only that, but the average vet visit for a cat is around $160 and the average surgery cost is over $200. By investing a few dollars each month in pet insurance, you may be able to save yourself from exorbitant bills and have the peace of mind that you will always be able to afford to take care of your cat.
How Are Premiums Determined?
Pet insurance premiums are calculated much the way that health insurance premiums for humans are calculated. Factors like the age, breed, health condition, species, and available coverage options will impact how much you pay for your cat’s insurance policy. Where you live and how much the average cost of vet services may also impact how much you pay for insurance. Plus, if your dog is older, as is the case with people, the premiums will be significantly higher because they are a higher risk to the insurer.
Larger animals also tend to have higher premiums or more exclusions on the policy, which doesn’t typically apply to cats. There are some breeds of cats, however, that are more predisposed to certain genetic conditions or ailments, so their premiums might be higher based on that factor. Ultimately, the insurance provider is attempting to give you the coverage that your pet needs without putting themselves at too much risk.
If your cat presents a higher risk, they will be given a higher premium rate. The top five breeds of cats are generally around $17-$20 per month to insure on a standard policy, while exotic domestic cats could be as little as $10 per month. Of course, you will want to double-check what you’re getting. What are the most common breeds? Ranked in order of cost to insure, from most expensive to cheapest, you have:
- British Shorthair
- Persian
- Maine Coon
- Ragdoll
- Exotic
You may also want to consider the breed of cat that you are getting in regard to how much it will cost to insure before you even bring home a new kitten. These days, pet insurance is just like getting any other insurance and you need to make sure that you can afford to take care of your cat the right way.
Should You Buy Insurance for Your Cat?
So, what’s the bottom line? Do you need to buy cat insurance for your furry companion, or can you find another way to pay for their medical needs in the case of an emergency? Like any insurance, it just makes sense to invest in the protection when it is available. You can compare your options by getting quotes online. Just make sure that before you choose a policy, you consider things like:
- Any policy exclusions or limitations (explicit)
- The amount of coverage you’re getting
- The deductible (lower is better)
- Premiums vs. coverage (value for money)
- Is it Accident-Only or accident and illness coverage?
You’ll also want to consider things like whether the policy has an annual maximum covered amount, as well as if it offers immediate coverage or is designed as a reimbursement policy.
The latter is a policy that allows you to pay for the expenses upfront, and then submit bills and proof of payment to be reimbursed by the insurance provider. It offers a cheaper solution for people who don’t mind doing some of the legwork and getting paid back rather than not having to pay at all.
Now that you know the facts, you’ll be better prepared to decide whether pet insurance is right for you.