The best pet insurance companies for your beloved cats, dogs, and more - Business Insider

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According to the ASPCA, the annual cost of owning a dog or cat is around $700 to $1,000 per year (though pet owners know it can be a whole lot more)

Nationwide is a well-known insurance company for cars, homes, and life insurance, among other coverage. Nationwide also offers pet insurance policies with no age limits for older pets. Nationwide offers coverage for dogs, cats, birds, and some exotic pets.The highest-cost plan has no limit forFor our medium-sized dog, there were three policies available. Major Medical coverage runs $35.78 per month and includes accidents, illnesses, cancer, and some hereditary conditions.

The highest-end Whole Pet with Wellness plan runs $109.55 per month and adds on coverage for spay/neuter procedures, alternative treatments, prescription diets, and behavioral treatments.Additional pets get you a 5% discount. There is no age limit for pets on Nationwide insurance policies.Lower-cost plans don't include preventive treatments. The most comprehensive plans can be expensive, at over $100 per month.

Like personal health insurance policies, most require a monthly premium that is paid regardless of whether or not your pet needs medical treatment. If treatment is required, you are generally required to pay the full cost up to an annual deductible. Costs over that deductible are split between you and your insurer based on the policy's terms.

Pet insurance often covers accidents and illnesses, but rarely covers pre-existing conditions. Many policies require your pet to be at least 8 weeks old and under 14 years old, but there are many exceptions to the rules around age.Pet insurance is worth the cost to some households, but not others. It ultimately comes down to how healthy your pet is and how often you use your insurance., both dog and cat insurance is worthwhile if your pet needs a high level of care.

While there is no crystal ball that tells you your pet's future, the best guideline to follow around pet insurance is how often your pet will need medical treatment. Insurance guarantees a certain minimum cost, but it can save you a lot of money in the long-run if your pet is ever seriously ill or injured.

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