Dog Insurance: How Much Do You Need?

When dog owners decide to buy insurance for their pet, they are often surprised to find that it is not as straightforward as they thought. Getting just the right amount of dog insurance coverage can be tricky for several reasons. One of the biggest reasons is, much like health care for humans, the rising cost of pet health care due in part to advances in veterinary medicine has caused insurance premiums to skyrocket. This has prompted consumers to simply go without or purchase the bare minimum.

Unfortunately, dog owners should understand that with the rising costs of most procedures, going without, or opting for the bare minimum, is not the best way to protect your dog or your pocketbook. Keep in mind that a simple tooth extraction is averaging $1,000. This leaves dog owners wondering exactly how much dog insurance coverage they really need? The answer depends on several different factors.

Animal experts advise that getting the right type, and an adequate amount, of dog insurance will depend on a number of factors. These can include but are not limited to:
• Your dog's age
• Your dog's breed
• Your dog's size
• Your dog's overall health status

Insurance experts recommend purchasing insurance for your pet when he is young, mainly because most dog insurance providers will charge lower premiums based on age alone. Once you have assessed the size, breed and age of your dog, you should also consider this: average costs to treat serious conditions range from $1,000 to more than $5,000. Statistics show that, depending on the type of policy, average monthly premiums can cost anywhere from $20-$40 per month. Deductibles also vary greatly depending on the type of insurance that you choose.

When deciding on dog insurance it is important to understand that there are several common types of dog insurances that are available. These include policies for:
• Routine and wellness coverage
• Genetic condition coverage
• Chronic condition coverage
• Major medical coverage

Routine and wellness coverage, the least expensive of all types of insurance coverage, will cover routine care such as annual checkups, de-worming, spaying and neutering, prophylactic teeth cleaning and vaccinations.

Dog owners should also understand that genetic condition coverage is a form of broad coverage, and only a few canine insurance companies offer it. It is one of the most expensive types of coverage because it covers a wide range of genetic conditions, as outlined in each individual policy. It must be stressed that you should read through your policy carefully and talk to your insurance provider about exactly what conditions are covered. It is important to remember that depending on the breed, there are literally hundreds of genetic conditions that can affect dogs.

Chronic condition coverage can protect pet owners in the event that their dog develops a common chronic condition such as osteoarthritis, diabetes or Addison's disease. Again like all insurance, the extent of coverage depends greatly on the insurance provider. Some canine insurance companies will cover chronic conditions if they occur in the earlier years of your dog's life, but will exclude them later, and some will even place limits on your payout.

Major medical canine insurance, which is also known as "catastrophic coverage", is useful in the event or accidents, emergencies and/or unforeseen conditions. Major medical also has a low monthly premium but a high deductible.

It is important to note that most canine insurance providers can and will customize an insurance policy to fit your individual needs by combining several different types of coverage. Most dog owners choose a comprehensive coverage that is usually a combination of routine, wellness coverage and major medical canine insurance.

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