There’s a reason why it’s so important to have a good amount of cash in your savings account before you get a dog. Not only do you need to pay for upfront costs like adoption fees and supplies, but you also need to regularly spend money to feed and care for your dog.
The latest Data from rover He revealed that the average dog owner spends $1,188 a year to care for their pet. Meanwhile, the cost of dog ownership ranges from $610 to $3,555 per year.
Now obviously, the amount of money it will cost you to get a dog depends on a number of factors. One is the size of your dog, as smaller puppies tend to eat less than larger ones. Whether you need to pay for a dog walker will also determine your annual expenses. A person who works from home, for example, may be able to walk their dog as often as needed. But someone in the office five days a week may need to hire a dog walker every day to exercise their pup.
Your dog’s medical needs play a big role in how much you spend each year. But if you want to keep your health care costs to a minimum, then it pays to buy pet insurance for your pups.
A worthwhile investment
Pet insurance differs from human health insurance in that it generally does not pay for preventive services unless you pay for that additional coverage. Rather, the main purpose of pet insurance is to protect yourself from astronomical costs due to illness or injury.
Let’s say you spend $50 a month on pet insurance. Your dog may get sick and require $5,000 worth of treatment, which your insurance will cover at 90%. In that case, you’re paying $600 in premium costs for a $4,500 benefit that year, and only cover $500 of the total bill.
Likewise, you never know when your dog will get hurt or need surgery. A pet insurance policy can cover all or most of the costs of a multi-thousand dollar procedure.
It pays to shop around
It is a good idea to get a pet insurance policy as soon as you get a dog. That’s because, unlike human health insurance, pet insurers are allowed to refuse to cover pre-existing conditions. So the sooner you take out a policy, the less likely you are to have a health issue with your dog before you get your coverage.
That said, you also don’t want to be in a complete rush to buy pet insurance. Different plans have different costs, rules and levels of coverage, so it’s a good idea to take some time to compare your options.
Some things to be aware of are the coverage limits for different situations. If your dog’s breed makes them more prone to a particular health issue, you’ll want to check specifically what coverage you can get for that problem.
As they all say, owning a dog is not a cheap prospect. By purchasing the right pet insurance and doing so early, you can do your part to reduce veterinary bills.