Pet insurance

It can help keep your furbaby’s costs in check

You might be thinking of getting a pet during the holidays.

As cute as they are, it’s a financial commitment. Some expenses, like food and shelter, are predictable. But if your new puppy or kitten gets sick or injured, an unexpected medical bill can derail your budget. Pet insurance may provide peace of mind.

1 The cost of veterinary care

Medical issues are almost inevitable for pets, and costs are likely to rise, says Kristen Lynch, executive director of the North American Pet Health Insurance Association, or NAPHIA.

Dog owners spend an average of $242 on routine visits and $458 on surgical visits yearly, according to the American Pet Products Association. The cost for cats is slightly lower, at $178 for routine visits and $201 for surgical visits.

2 How pet insurance can reduce surprise bills Pet insurance won’t reimburse you for every penny you spend at the vet, but it can help prevent you from being slapped with an expensive bill.

A policy will typically pay 70% to 90% of your costs after you pay a deductible, which can range from $0 to $1,000 or more.

There are a few types of pet insurance plans. Comprehensive plans, the most robust, help cover the cost of care due to accidents, illnesses and surgeries, as well as vaccinations and diagnostic tests. Accident and illness coverage helps pay for emergency care, surgeries, hospitalizations and prescription medications, while accident-only policies help cover expenses after an accident. Some insurers also offer wellness plans, which take care of certain tests, exams, vaccinations and preventive treatments.

3 Getting the best deal

While pet insurance can stop you from dipping into your savings, it is an added cost.

The average cost of an accident and illness policy is $594 per year for dogs and $342 for cats, according to NAPHIA. For an accident-only policy, you could pay $218 for dogs and $134 for cats.

As a new pet owner, there are a few things you can do to get a lower premium. Consider a higher deductible and lower reimbursement level. Some companies offer discounts for insuring multiple pets or for military service. Shop around. Compare quotes from insurers for the same amount of coverage, and go with the best for your budget.