Pet insurance, explained: Everything to know now
Summary
Pet insurance can reimburse owners for some veterinary costs, depending on the plan. Coverage, exclusions, waiting periods, and premiums vary, and typical policies require owners to pay the vet bill first and seek reimbursement later.Key Facts
- About 7.6 million pets are insured in North America, according to the North American Pet Health Insurance Association.
- Plans may cover accidents, illnesses, and routine care, with coverage determined by the policy.
- Pet insurance commonly works through reimbursement after owners pay veterinary bills up front.
- Policies often include deductibles, maximum payout limits, and waiting periods before coverage begins.
- Common exclusions include pre-existing conditions, grooming, boarding, and preventive care unless a wellness plan or add-on covers it.
- NAPHIA reports average annual accident-only premiums of $112 for cats and $190 for dogs.
- Average annual accident-and-illness premiums are $435 for cats and $836 for dogs, while plans that also include wellness average $859 for cats and $1,414 for dogs.
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