Most pet owners may find it challenging to pay for veterinary services. One of the essential solutions to alleviate this burden is pet insurance plans. It can save pet parents thousands of dollars when their pet gets sick or injured unexpectedly.
However, the cost is one of the significant concerns that pet owners consider when selecting their ideal insurance policy. Below are some of the factors that impact the cost of pets’ insurance.
Factors that influence pet insurance monthly premiums:
1. The age of the pet
One of the factors that influences the cost of insurance is the pet's age. It is usually more expensive to insure older pets. Older pets are more likely to suffer from health problems, including accidents and illnesses with higher vet bills. With age, they tend to develop chronic diseases that require ongoing vet treatment and cost the insurers money. This means that with most pet insurance companies, premiums gradually increase with age.
2. The breed of the pet
Insurance prices also vary depending on the pet's breed. Some breeds are known to be predisposed to more health problems or hereditary conditions, which signifies higher health care costs than other breeds. Therefore, the insurer accounts for this factor while calculating the premium that a pet owner will pay to insure the pet. For example, some pedigree breeds are more likely to develop health problems such as hip dysplasia than a mixed breed. As a result, the pedigree owner is most likely to pay a higher premium than the one who is insuring a mixed breed.
3. Geographic location
The location of a pet owner can drastically influence the cost of pet insurance. Usually, insurance is more expensive in metropolitan areas than in rural areas and suburbs.
4. The type of pet
A pet type matters when it comes to the cost of insurance. For instance, dog insurance is usually more expensive than that of a cat. This is because dogs generally develop more health issues that require more veterinary care than cats. Also, the cost of treating dogs is usually higher than treating cats. Therefore, dog parents tend to pay higher premiums than cat owners.
5. The insurance company
Many pet insurance companies and insurance agencies in the market offer insurance plans at different costs. These companies charge varying premiums. Therefore, the choice of the insurer has a significant impact on the average cost of the insurance premiums. We recommend that you always get a pet insurance quote for the best pet insurance premiums.
6. The type of coverage
Several policies provide different levels of insurance coverage and annual limits. Some coverage options only cover certain aspects of vet care such as illness coverage, have a long waiting period, or offer a high annual deductible or co-pays while others are lifetime and are very comprehensive with an add-on. The wellness plan policies take care of exam fees, routine care, vaccinations, and other medical bills. This means the premiums paid are more expensive than time-limited insurance with limited payouts and reimbursement levels.
There are a variety of factors that impact the cost of pet insurance. However, regardless of the price, it is worth it for all pet owners to embrace insurance even if their furry family members don’t have pre-existing conditions or chronic conditions. It ensures the pets get the best treatment available in case an unexpected injury or illness develops.
Are you a pet owner looking for insurance plans? Wagmo has got you covered. We recommend signing up with us right away to get the absolute lowest insurance price for your pet now and peace of mind!