The RSPCA estimates that the average dog will cost its owner about $13,000 over the course of its lifetime. A cat will cost its owner close to $9000. And while food and toys form part of the bill, vet costs take up a big percentage of the final tally. There are regular check-ups and preventative medications, and if your pet falls or injures himself, the bills can quickly mount up.
These costs are the reason why so many people are choosing to take out pet insurance. And it makes sense – you insure your home and possessions, your car and you own health, so why not insure your pets.
When looking to buy pet insurance, you’ll find there are three options – accident cover, accident and illness cover, and comprehensive cover. Accident cover would apply to incidents like car accidents and snakebites, but usually exclude tick bites and injuries resulting from pre-existing conditions. Accident and illness insurance means things like cancer, skin conditions and hereditary ailments are also included in the cover. Comprehensive insurance, meanwhile, would cover these accidents and illnesses, but also things like de-sexing, vaccinations and dental procedures.
Every insurance product is different, and there are many companies out there offering such insurance, so you should always thoroughly check each policy, what’s covered and what is excluded before signing up.
Insurance is a personal decision, but vet bills can be surprisingly big, and as advances in vet medicine continue to be made, trips to the vet will continue to take a toll on your household budget. So it’s worth taking a look at pet insurance. You never know when your furry baby might need it.