Understanding the Cost of Owning a Pet

From the outside looking in, owning a pet might seem like fun and games, but it comes at a cost. It’s important to gain a thorough understanding of just how much a pet could cost you, especially if your money is tight.

You might not think about the cost of visits to the veterinarian, monthly food supplies, medications, and more. Owning a pet can add up and take a toll on your wallet if you’re not careful.

Basic Costs

Owning a pet is a serious commitment that can last up to 10 years or more depending on the type of pet and the level of care. You can expect to pay hundreds if not thousands of dollars every year on food, grooming, boarding, vet checkups, treats, toys, vitamins, and more. Food tends to be the biggest cost for owners, but an accident-prone pet can become a significant expense. According to Geico, a new dog will initially cost you $1500 and $1500 per year based on a variety of expenses. Even a fish might not seem like much buying the initial setup plus the fish will typically run you $160 and then $520 per year for upkeep. 

What Is Pet Insurance?

No matter how much we try to prepare for life, accidents still happen, and this sentiment can be applied to your pets, so what is the best pet insurance? Pet insurance works similar to car insurance where your insurance company will cover certain pet expenses outlined in your plan. Pet insurance is typically broken up into three types including accident-only, wellness, and accident and illness coverage. Each of these has different services, exclusions, and prices. 

How Does Pet Insurance Work?

Pet insurance is a simple form of financial protection for you and your pets. Pet insurance cost is relatively affordable depending on the plan you go with. You pay a monthly premium, which is determined by several factors such as your pet’s breed, age, health history, and more. If your pet needs medical care on a frequent basis, you’ll pay a deductible or copay. Your insurance company will most likely reimburse you five to nine days after submitting a claim or a percentage based on the amount spent. 

The average monthly premium for pet insurance can range anywhere from $10 to $100 depending on the pet. If you’re a dog owner, you can expect to pay between $30 to $50 while cats will cost you $15 to $30. It’s important to get your pet covered as soon as possible, just in case they develop an illness that could raise your premium every month. If you have a healthy pet with very few issues, you probably won’t need a comprehensive plan with all of the bells and whistles. 

What Does Pet Insurance Cover?

Pet insurance covers a wide range of expenses, but won’t cover everything underneath the sun. Every pet insurance plan is different so make sure you do your research and make sure it fits your needs. Pet insurance can cover surgery, tests, diagnostics, and emergency exam fees. They also cover unexpected illnesses such as cancer, parvovirus, glaucoma, and more. Unexpected injuries such as broken bones and foreign object ingestion are typically covered as well. Other plans will cover other expenses such as alternative therapies, acupuncture, behavioral modification, hydrotherapy, behavior medication, and more. 

What Doesn’t Pet Insurance Cover?

Pet insurance covers a wide array of expenses, but there are certain things pet insurance doesn’t cover. These typically include vaccinations, preventative care, routine care, wellness exams, pre-existing conditions, and spay/neuter. They also won’t cover pregnancy, birth, death, theft of a pet, and bilateral conditions such as cataracts or dysplasia. Keep in mind that certain insurers will refuse to cover pets that are extremely young or very old. Elective procedures such as tail docking, anal gland expression, ear cropping, etc. usually aren’t covered either. 

Thankfully, there are things such as pet insurance, which can help take part of the financial burden off your back. Even if you don’t have a good understanding of how much a pet costs, we’ve got you covered with a thorough guide to pet insurance cost above.

Conclusion

Buying a pet is a huge investment and comes with a lot of responsibility. The potential expenses could be mind-boggling depending on your pet’s needs. According to the American Pet Product Association (APPA) 2021-2022 National Pet Owners Survey, more than 70% of U.S. households own a pet and spend $32.3 billion on vet care and products. This is a large sum, but pet insurance is an affordable solution and all you have to do is pay a monthly premium. Do your research because every insurance plan covers different expenses and offers customizable options. Pet insurance plans cover a diverse array of expenses, but can take part of the financial strain off your back and allow you to love your fuzzy pet for years to come.