the total gross written premium for pet insurance policies increased by 17.1% in 2016. Many employers now offer pet insurance as part of their benefits package.
On the other hand, most pet owners spend more on premiums than they do on payouts for treatment. The average yearly pet insurance premium for dogs is $473 and $285 for cats. If you have a young, healthy pet, shelling out money for insurance may not be worth the cost. Insurance for a pet with health problems may pay out more in claims that it costs you.
But premiums are often much higher for older dogs applying for coverage for the first time. And many times, companies won’t insure seniors at all until the senior has been insured all along. The probability you can get coverage later versus the cost to insure during younger, healthy years is definitely something to consider.
If you’re getting your new pet from a rescue or an animal shelter, ask if they offer thirty days of free pet insurance. The straight-from-shelter policies take effect almost immediately and cover your new best friend for any condition that’s not immediately obvious. So, for instance, if you take a puppy home and four days later the puppy breaks with parvo, your insurance would cover the treatment as long as the pup was asymptomatic when it left the shelter.