How to decide if you need pet insurance for your four-legged family member

Pet Insurance Overview - Pet insurance helps cover veterinary medical bills for pets, similar to human health insurance [1] - The North American Pet Health Insurance Association's 2023 data indicates average annual premium for accident-only coverage: $116 for cats and $204 for dogs [2] - Policies generally cover a wide range of conditions, excluding pre-existing ones [3] Policy Types and Costs - Deductibles come in three forms: annual, per incident, and lifetime per condition [4] - Accident and illness plans offer broad coverage, including accidents, injuries, chronic illnesses, and serious illnesses [10] - Adding a wellness plan provides coverage for preventative care and vaccines [11] - For accident and illness coverage up to a $5,000 limit, the average monthly payment was $87 across 12 insurers; unlimited annual coverage averaged $132 per month [9] Industry Perspective - Nationwide Insurance introduced pet insurance in the US in 1982 [6] - Pet insurance helps owners avoid making difficult decisions based solely on finances [7][12] - Consumers can compare multiple pet insurers at once via websites like Yahoo Finance [7]