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Pet ownership has increased in recent decades, with 70 percent of American households owning a pet, up from 56 percent in 1988, according to the American Pet Products Association.
But if you want to be a pet parent, you need to be prepared how expensive these companions can be. The average dog owner, for example, spends $4,512 a year on their pet, according to a USA Today Blueprint study.
Veterinary care can be particularly expensive, especially if your pet suffers a serious accident or illness.
For example, “a torn ligament will require blood tests, x-rays, surgery, pain medication and even physical therapy. Major events like this can cost upwards of $10,000 in total depending on where you live,” says Dr. Ray Spragley, founder and veterinarian doctor at Zen Dog Veterinary Care.
One way to reduce this financial risk is get pet insurance.
“With pet insurance, you can avoid the shock of a big bill or not being able to afford treatment for your pet,” says Dr. Spragley. Don’t let unexpected vet bills stand between you and your pet’s well-being. Get started by getting a free quote.
But not all pet insurance plans are the same. Some types of pet insurance provide narrow coverage for a lower cost, such as accident-only pet insurance policies. However, others provide more than what might be considered full coverage pet insurance.
Find out what your best pet insurance options are online now.
What is full coverage pet insurance?
While full coverage is somewhat subjective, it generally means that your pet insurance covers a wide range of veterinary care.
“Full coverage would be a plan that covers accidents, illnesses, hereditary diseases, behavioral problems and even some alternative therapies,” explains Dr. Spragley.
“There are also add-ons available such as preventive care coverage to cover vaccinations, check-ups and routine procedures,” he adds.
Considering pet insurance? Discover its many benefits and get a free quote today or compare companies in the table below.
Ready to get started? Compare your best pet insurance options here.
How much does full coverage pet insurance cost?
Full coverage pet insurance varies depending on factors such as reimbursement rates, deductibles, and the specific coverages the insurer includes.
For example, some plans may be considered full coverage because they cover accidents, illnesses, hereditary conditions, and behavioral problems, but one may include certain vet fees, while another may offer this as an optional extra.
Overall, however, pet accident and illness insurance policies cost an average of $640.04 per year for dogs and $387.01 for cats, according to the North American Pet Health Insurance Association (NAPHIA).
By comparison, accident-only plans cost an average of $200.58 per year for dogs and $122.19 per year for cats.
But while you might save a few hundred dollars a year by going for a less comprehensive pet insurance policy, if your pet gets sick and needs treatment for things like cancer, gum disease, parasites, etc. then you can pay a lot more out of pocket for treatment.
Proactively getting full coverage pet insurance can be especially important if you want to protect yourself from the cost of hereditary diseases.
“Some breeds are prone to certain diseases throughout their lives. Your veterinarian can give you insight into what allows you to insure your pet with pet insurance—long before the problem they’re prone to—occurs,” explains Dr. Spregley. “Pet insurance companies won’t cover pre-existing conditions, so you won’t be reimbursed if they were diagnosed before the insurance policy started.”
How to get cheap pet insurance with full coverage
To save money while you’re still good pet insurance coverage from a reputable pet insurance companyit’s better to start your search as soon as possible so you can qualify for lower premiums.
“The best way to save money on pet insurance is to get it when your pet is young, before they have any pre-existing health problems. It may not seem obvious, but if you spend a little now, you’ll save a lot more later,” says Dr. Doug Mader, author and retired veterinarian.
“Another way to save some money on premiums is to buy a policy that has a higher deductible,” he adds.
While this may mean you need a larger emergency fund to cover the deductible just in case, it can free up room in your monthly budget while still having comprehensive pet insurance protection.
Similarly, you can adjust levers such as reimbursement rates and coverage limits, notes Dr. Spragley. However, this can increase the amount you have to pay out of pocket if your pet gets sick or injured.
Finally, it’s helpful to get quotes, as specific prices can vary depending on factors such as the age and breed of your pet.
“The best way to find the best deal is to shop around and get comparison quotes so you can actually compare apples to apples,” says Dr Mader.
And whether you end up choosing a comprehensive pet insurance plan or a narrower one like accident-only insurance, it’s important to realize that upfront costs it may pay off down the road.
“Pet insurance will never seem like a good deal until there’s a very large surprise vet bill,” says Dr. Spragley.
Thinking about pet insurance? Get a free quote and discover hidden benefits that can protect your furry friend.