Pets are big business. This year alone, the industry trade group the American Pet Products Association predicts pet owners will spend more than $60 billion on their animals. While the largest chunk of that money goes to food and other supplies, a sizable share — nearly $16 billion — will be spent on veterinary care, according to association data.
Pet insurance helps cover those vet bills. As with health coverage for humans, pet insurance plans vary, especially when it comes to their monthly premiums, deductibles and fine print.
“Pet insurance works, and we believe everyone should have it, especially since there are more advanced veterinary specialists and treatments available than ever before,” says Rusty Sproat, CEO and founder of Figo Pet Insurance.
“But pet owners need to do their research,” he cautions. “Some companies don’t cover the actual veterinary visits that are related to a covered accident or illness. Other companies make their deductible per condition, rather than annual.”
If you’re shopping around for a pet policy, you’d better know a few general things about pet insurance that may not be obvious.