Do you own more than one pet? If so, you're not alone. Today, many households include several furry family members. The more, the merrier, right?
Of course, owning more pets can also mean spending more of your hard-earned dollars on vet bills. That's why it's important to consider getting pet insurance coverage for your family's cats and dogs. Let's break down what a multi-pet insurance plan looks like with some help from Jade Cherrington, CX Team Lead at Figo.
The importance of having pet insurance for multiple pets
Pet owners spend an average of $240 for dogs and $178 for cats annually on routine vet visits. In addition, pet owners spend an average of $458 for dogs and $201 for cats on surgical vet visits each year. Unfortunately, those dollar amounts can skyrocket quickly in the event of an emergency or long-term medical care.
That's why you should consider getting health insurance coverage for your pets. Pet insurance can give you peace of mind knowing that eligible vet expenses will be covered. This can be especially important if you have multiple pets accompanied by multiple vet bills.
What is multi-pet insurance?
Most insurance plans offer multi-pet plans. Under this type of plan, each pet will typically have a separate policy, but you'll be able to manage them from one single account. This should allow you to tailor the deductible and reimbursement amounts for each pet individually. Plus, because the plans are under one account, you won't have to submit separate payments for each pet.
Some pet insurance companies (like Figo) also offer wellness plans that you may be able to add to your multi-pet insurance plan. Preventative care add-ons cover such things as annual exams, vaccines, and dental appointments, as well as spaying and neutering. These services are not usually covered under standard pet insurance plans.
Can you customize your policies for each pet?
Many providers will allow you to tailor your plans with different deductibles and reimbursement amounts for each of your pets. At Figo, Cherrington says, "Each plan can be completely different from one another! There’s no requirement that your coverage choices or effective dates match between pets. I find that typically, our policyholders will choose the same coverage for their pets, but occasionally we do see some people carry very different coverage between pets depending on each one's age and/or health."
Can I add a new pet to my existing policy?
"At Figo, Each pet needs to be on their own policy. You can add a new pet to your existing account, but each pet will need to be on their own plan." Cherrington advises. "For example, I have five cats, so I have five different policies under my account. If I had a dog, it would also be on its own policy under my same account."
Can I add a cat to my dog's plan or vice versa?
Because each of your pets will typically have a separate policy, most insurance companies do not have an issue with including felines and canines on the same account. At Figo, you are welcome to add both cats and dogs under your account with their own policies.
What will pet insurance for more than one pet cost and include?
The cost of pet insurance plans can vary depending on the following factors:
Age: In general, the older your pet is, the higher the cost of your coverage.
Deductible: Choosing a higher deductible may decrease the premium on your policy, but a lower deductible may increase your premium.
Wellness plans: Whether or not you decide to add a Figo Wellness Powerup to each pet's particular plan, the cost may go up or down.
Location: Your premium takes into consideration the cost of veterinary care in your location.
Breed: Some breeds are prone to certain conditions and illnesses, so policies consider that in their pricing.
At Figo, we offer a discount for protecting all the dogs and cats in your family. The more the merrier! They will receive the 5% multiple pet discount once they add a second policy to their account. Please note: this discount will be 5% for each policy, but it doesn’t stack. So, insuring more than 2 pets won’t increase the multiple pet discount above 5%.
Multiple pet insurance for peace of mind
In a perfect world, your pet would live a life free from illnesses and accidents. Sadly, life isn't perfect, and the average emergency veterinary bill runs between $800 and $1,500. Having insurance to help offset these types of bills can provide you peace of mind when your pets require medical care.
Lizz Caputo is a Content Strategist at Figo, animal enthusiast, and owner of a rescued senior American Bully. Her hobbies include checking out new restaurants in her area, boxing, and petting dogs of all shapes and sizes.