By Lorie Ham
A lot of people in the United States own pets. Some adopted a new pet during the pandemic, and many have had pets for as long as they can remember. An article on The Zebra states that, according to a 2019-2020 study by the American Pet Products Association, about 85 million American families (or 67%) own some kind of pet. We all love our pets and most consider them to be a part of the family, but how many of us have pet insurance? What exactly is pet insurance anyway?
Because it is much easier to insure more standard pets like dogs and cats, let’s start there. “Pet insurance is essentially health insurance for your dog or cat,” states Jerry Linscheid, Chief Executive Officer of Mennonite Aid Plan/Mennonite Insurance Services.
“The coverage is basically to reimburse veterinary bills,” continues Jerry. “There are exclusions as there are in all policies. The biggest exclusion is for treatment of preexisting conditions. Also, cosmetic services such as grooming are excluded. Boarding your pet is excluded. The cost of pet insurance will depend on certain factors, such as where you live, type and breed of pet, age, and size of your pet.”
An article on the California Department of Insurance website states that the top questions to consider when thinking about purchasing pet insurance include, is there a waiting or affiliation period? Does the coverage exclude costs for treatment of a hereditary disorder? Is there a deductible? And is there an annual or lifetime policy limit that will cap the amount that will be paid for veterinary services? The best time to purchase insurance is when your pet is young.
Fund.com has a list of what they consider to be some of the best pet insurance options to consider. They state that you can expect to pay around $40 a month, or less than $500 a year, for a basic policy. While there are exclusions with many pet insurances, many do cover the high costs of surgeries, radiation therapy for cancer, and prescription medications, which can easily cost in the thousands. Some policies also cover preventative care. The article recommends that you look for a policy that will help reduce your vet bills and that covers your pet’s unique needs. Some insurance companies also offer add-on coverage.
USNews.com also has a list comparing some of what they consider to be the top pet insurance companies, and they state that most companies only cover dogs and cats, but options do exist to insure other types of pets.
So, what if you own one of those “other pets” often referred to as exotic pets. First off, what is an exotic pet? According to an article on The Spruce Pets this can vary from state to state. In general, animals that are not domesticated are usually classified as being exotic. Those can include wild animals, but in many places, it also includes rabbits, hamsters, pet rats, reptiles, birds, and fish. Sadly, it can often be hard to find a vet who will see exotic pets, let alone find pet insurance for them. Thankfully, Market Watch Guide has a 2023 list of the best exotic pet insurance coverage, and local pet stores and animal rescues may be able to help you locate a vet in your area.
So, should you get pet insurance? One of the benefits of any type of insurance is peace of mind, so it might be worth considering. Your pet is after all a part of the family. Mennonite Insurance does write pet insurance through Safeco, so feel free to reach out for more information by calling 559-638-2327. They are happy to help.
