Why Do I Need Pet Insurance?

Vet bills and emergency treatments can be expensive. Even a simple MRI scan for your pet can cost over $2,000. Most accident and illness pet insurance policies will cover this MRI scan so you don’t have to worry about caring for your pet when they need it most.

Pet owners spent $31.4 billion on vet care and product sales in 2020.** This includes routine veterinary care, surgical procedures, and sales of pharmaceuticals or other products through veterinary clinics, excluding food and treats. However, the same pet owners spent only $1.9 billion on pet insurance during the same period.***

Type of Cover

It’s very important to get the correct level cover for you and your pet. Pet insurance cover can vary greatly, so try and think about the worst-case scenario, such as an unexpected vet bill for $3,000, $4,000, or $5,000. Can you afford to pay this amount if required? Try and select a good level of cover at a monthly cost that is comfortable for you.

Policy Excess or Deductible

An insurance deductible is the amount of money that you have to pay on a claim. For example, if your vet bill is $2,000 and you have an excess or deductible of $200, you will pay the $200 amount, and the insurance company will pay the remaining $1,800. And just like car insurance policies, the higher your excess, the lower your premium - so make sure you can afford to pay the excess as stated on your pet insurance policy.

Annual Limit

The annual limit is the maximum amount of money your pet insurance carrier will reimburse you within one year. This varies depending on your pet insurance plan. Some pet insurance plans offer “unlimited” annual coverage limits, which will prevent you from hitting a reimbursement limit. Other insurance plans may have annual limits ranging from $2,000 to $20,000 for each year.

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*Lemonade price based on a 2-year-old male cat.

**Data provided by AVMA and Packaged Facts. Excludes food and treat sales.

***Source NAPHIA