Nowadays, stretching every dollar has become a lifestyle. Yet all of us have things we need that we don’t want to skimp on. If you’re a pet parent, one of these things is pet insurance, which is helpful if your fur-baby has an accident or gets sick. If you buy cheap pet insurance, you may be saving money up front, but there could be some surprise costs in store for you, and you could miss out on some helpful benefits.
As you start to shop for pet health insurance there are many different options, and while this is good news for those who like to customize, it is very easy to get caught in the trap of, “Oh, I’ll just buy the cheap pet insurance policy.” It’s tempting, until you realize that cheap pet insurance doesn’t give you all the benefits that you need.
3 reasons to skip cheap pet insurance
1. Lower monthly premiums usually mean an expensive deductible
Deductibles can make or break a premium payment. This is where cheap pet insurance can trick you. If you want a lower monthly premium, you have to be willing to pay more out of pocket when you file a claim. For instance, you could be paying $8 a month for pet insurance. That seems lovely and absolutely affordable. However, your deductible, on the other hand, could be as high as $1000. That means your bill has to reach $1000, out of your own pocket, before the insurance kicks in. But, if you pay more in your premium, say $25 a month, then you could be looking at only a $100 deductible, which seems a bit more reasonable. Those extra dollars that you pay monthly can help out big time if your pet has an accident. You get to pay less out of pocket, and your fur baby gets the care he or she needs.
2. More coverage, more benefits
With any pet insurance, you’ll want to look over what is covered, because nothing is worse than having to take your pet to the vet and then finding out your insurance doesn’t cover what you need. This is especially important with cheap pet insurance plans. Does the pet insurance plan cover accidents and illnesses, or just accidents? Or just routine care? Does it cover exam fees? Or rehabilitation? If not, then you could be paying out of pocket for those. The average exam fee is $45-55, which is affordable. But if your pet needs an X-ray, then you could be looking at hundreds of dollars out of pocket, along with your deductible payment. Having your pet hurt and at the vet is stressful enough, without the added weight of costs that aren’t covered under cheap pet insurance.
3. Bigger annual caps
A lot of pet insurance policies have annual coverage limits, which is the maximum amount they will pay out each year. Usually, the higher you pay in your monthly premium, the bigger your annual coverage limit will be. This is where the peace of mind part of pet insurance comes in. It would be terrible if you took your pet to the vet, only to find out that your cheap pet insurance policy has capped out and you have to pay out of pocket. Your pet means the world to you, and you shouldn’t be choosing between your bank account and the welfare of your pet. You also shouldn’t be worried about your pet getting hurt. No one likes a helicopter pet parent. Accidents happen, and pet insurance should make you feel at ease, not make you worry that you can’t afford the care your pet needs.
Cheap pet insurance may sound great at first, but there are a lot of factors that tie into what makes pet insurance great. Deductible rates, coverage, and payouts are all important for peace of mind, and making sure that your pet gets the care they need. Most companies will let you customize policies and see what benefits come with it, so it should be easy to find the insurance that fits you and your pets needs. Make sure that when you are looking at pet insurance that you are taking in consideration all of these elements, and not just the cheapest price tag.