The amount of coverage you should get for your cat insurance policy will depend on many factors, including your budget, your cat’s specific needs, and the potential cost of treating your cat. There are a few things to consider when deciding how much coverage to include.
Pre-existing conditions: If your cat has pre-existing medical conditions, you may want to purchase a policy with higher coverage to ensure these conditions are covered.
Your cat’s age: Older cats may require more treatment and be more likely to develop certain conditions, so if you have an older cat, you may want to consider purchasing a policy with higher coverage.
Types of policies: There are different types of cat insurance policies, including accident insurance policies and comprehensive policies. Broader policies usually offer more coverage, but they can also have higher premiums.
Deductibles and copayments: Most insurance policies have deductibles and copayments, which are out-of-pocket expenses that you are responsible for paying. You’ll need to consider your deductible and your co-pays when determining how much coverage you need.
Exclusions: It is important to carefully review a cat insurance policy’s exclusions to understand what is not covered. Some exclusions may include certain types of treatment or conditions, such as routine care or elective procedures.
How Much Should Cat Insurance Cover?
When monthly rates are at their lowest and cats are young and healthy, most people purchase cat insurance. Pet insurance costs typically increase as your cat ages and health issues become more common.
Over the past few years, the average cost of pet insurance has skyrocketed. According to data from the Pet Health Insurance Association of North America, the average annual accident and illness premium for a cat rose from $465 in 2015 to about $585 in 2019. With an average accident and illness premium of $350 in 2019, just $34 more than in 2015, cats are less expensive to cover than cats.
The average monthly premium for all MetLife pet policyholders is around $46 per month or $552 annually. About 20 businesses offer pet insurance in the United States, including Nationwide, the ASPCA (through Hartville), Hugs, Healthy Paws, PetFirst, PetPlan, Trupanion, and many others. One of the few companies, nationwide, that offers coverage for more exotic pets like birds, snakes, turtles, and reptiles.