Is Cat Insurance a Good Investment?
Cat insurance policy.
According to the American Pet Products Association, the United States pet industry was worth an estimated $72 billion in 2017 and shows no signs of slowing down with projections as high as $90 billion by 2022. This means that more and more cat owners will be looking to insurance companies to protect their furry friends against illnesses, accidents, injuries, and other problems. Which begs the question: should you get cat insurance? Here are three questions to ask yourself to help you decide whether cat insurance is right for you (and your kitty).
Introduction
The average lifespan of a cat is 12-15 years and the cost of cat insurance ranges from $10-$20 per month. As they get older, they may need treatment for illnesses or injuries that can be very expensive to treat. If you're thinking about getting your pet insured, here are some things to consider before buying an insurance policy.
What Does Cat Insurance Cover?
Cat insurance policies cover many of the same things as pet insurance policies. This includes accidents, illnesses, and injury. The only difference is that most cat insurance companies will not cover pre-existing conditions or hereditary issues. They also tend to be more expensive than pet insurance because cats are higher risk animals. Make sure you know what your policy covers before buying it so you don't waste your money on something that won't help you when you need it most.
How Much Does Cat Insurance Cost?
Cat insurance is not cheap, but it's worth it if you have an expensive breed. You can expect to pay between $25 and $40 per month for your cat to be covered. The best way to save money on cat insurance is to opt for the policy with the highest deductible (the amount of money you'll have to spend out-of-pocket before your insurer will start paying). Just make sure you are comfortable enough financially that you can afford this high deductible in the event of an emergency.
What Are the Pros and Cons of Cat Insurance?
Policies can cost anywhere between $1-$10 depending on your cat's age, the company, and your area. Some companies include coverage for vet bills while others don't. If you have an expensive or special needs cat, these are important things to consider.
The pros of pet insurance are that it's relatively inexpensive and has the potential to save you money in the long run if your cat gets sick. It also provides peace of mind which is priceless.
How to Choose the Best Cat Insurance Policy
When looking for the best cat insurance policy, there are a few different things to consider. For example, where do you live and what is your deductible amount? The deductible is the amount of money you have to pay out-of-pocket before your insurance starts paying.
The Bottom Line
Cat insurance is an investment that can provide you with peace of mind in the event your feline family member needs medical care. The average cost of vet bills for cats is $1,097 per year, which can add up quickly. With many policies costing less than $25 per month, it's worth considering if this would be a beneficial investment for you and your furry friend.
