Should I Get Insurance for My Goldendoodle Puppy?

Key Points:

• Surprising lifetime costs of pet ownership
• A brief history of pet insurance
• Monthly and yearly costs of pet insurance for puppies and young dogs
• Three different types of pet insurance options
• Important considerations when shopping for insurance for your pet.
• List of highly rated pet insurance companies that offer coverage for pets in NY. 

Consider Lifetime Costs of Pet Ownership

When buying a Goldendoodle puppy it can be easy, in all of the excitement, to forget that doggy healthcare expenses will be in your future. Investing in pet insurance could go a long way in defraying some of the costs of pet ownership. You may be astounded that, according to a study published by Synchrony, pet owners spend anywhere from $20,000- $55,000 on the care for their dogs over a 15 year timespan. This is excluding the cost of health insurance, wellness plans, spaying/neutering costs, technology purchases, and initial costs. (Synchrony Study)  

A Brief History of Pet Insurance 

Although pet insurance has a short history in the US, (the first pet to be insured was Lassie of movie-star status, in 1982,) it is slowly gaining popularity as vet care expenses climb, and pets enjoy an ever increasing status of being “one of the family.” Today about 5% of household pets are currently insured in the United States, which is a small climb from 1% just five years ago. 

How much does pet insurance cost, anyway?

Pet insurance for dogs can cost anywhere from $17-$50 per month (or $200-$650 per year) for a young dog without pre-existing conditions. There are a variety of plans to choose from, based on the amount of coverage you are seeking.

What kind of coverage are you seeking?

$- Accident Only Plans 

$$- Accident & Illness Plans 

$$$- Insurance with Embedded Wellness

This type of plan is the most expensive, as it is the most inclusive. Sometimes called nose to tail coverage, it can include extras such as vaccinations, flea and tick prevention, nutrition consultations, dental care, and early screening diagnostics. This is in addition to accident and illness coverage of the moderately and least expensive options listed above. 

Other Important Considerations: 

• While pet insurance is relatively inexpensive for puppies and young dogs, the cost will increase as your dog ages. Older dogs are more prone to illnesses, which is reflected in insurance prices.

• If you decide to wait to get insurance until your dog is older, it could potentially develop a condition that would preclude it from being covered by your pet insurance provider. 

• Many pet insurance companies require you to pay your vet bill out of pocket, and then have you submit a form to the company for reimbursement. So, even if you have pet insurance, it is still a good idea to have monies set aside for potential vet bills.  

• A variety of deductibles can be found, and these fees are variable depending on the care package you choose. Some companies require a yearly deductible, say $250-$300 per year, for example, that you are required to pay before the insurance will start to cover your pet’s needs. 

• Many companies have an annual reimbursement limit, such as $10,000-$15,000 per year. Others have unlimited coverage which could be reflected in higher premiums. 

• Similarly, some pet insurance companies put a yearly or even a lifetime cap on treatment payments for particular services. 

• Some employers offer pet insurance to their employees. Ask your employer if that is an option for you. 

• Inquire at your vet’s office to see what insurance companies they are most familiar with and seek their feedback. 

• If you think you want to take advantage of behavioral therapies, alternative therapies such as chiropractic or acupuncture, or prescription foods, make sure you look for a robust health insurance for your pet that offers coverage for these items. 

• Some insurances can be paid monthly, while others have a yearly premium. Seek a plan that fits your lifestyle best. 

• Do you have more than one pet? Some pet insurance companies offer a multi-pet discount. 

Links to Pet Insurance Companies

While not all encompassing, here is a list of Pet Insurance companies that have good ratings (no paid sponsorship here) and cover dogs  in New York State. 

1. Pumpkin Pet Insurance 

2. Embrace Pet Insurance

3. ManyPets

4. PetsBest

5. Spot pet insurance

For a complete list of reputable pet insurance companies, visit NAPHIA (North American Pet Health Insurance Organization).  

What do you think? Is pet insurance important for you and your pets? Have you had any experiences with pet insurance or unanticipated vet bills that you would like to share? Leave a comment below.