Is pet insurance worth it in New Jersey? We examine the costs and what it covers

When bringing in a new dog or cat, many owners wonder if pet insurance is worth having in case of an emergency. There are many pet insurance companies, so owners can choose which one is the right fit for their beloved animal.

The cost of pet insurance varies by state. It is difficult to determine what the average cost of insurance is because of all the components that go into determining the price.

How much does pet insurance cost?

With that said, MarketWatch did a calculation that gathered quotes for four pet types across 11 different insurance companies. From the analytics, it determined that in New Jersey the average cost per month of pet insurance is $78 for dogs and $38 for cats.

The pets they took into consideration were a 5-year-old medium, mixed-breed dog, a 2-year-old golden retriever, a 5-year-old mixed-breed cat and a 2-year-old Siamese cat.

Pet insurance costs can vary depending on factors such as the breed, pet type and age. Forbes found that French bulldogs and golden retrievers are two of the most expensive dog breeds to have insured. The best time to buy pet insurance is when they are young puppies or kittens. On average, dogs are more expensive to insure than cats.

Pet insurance companies

U.S. News & World Report composed a ranking of the best pet insurance companies in New Jersey. It ranked Spot at No. 1, followed by Lemonade, with Trupanion and Embrace tied for the third spot.

If your pet needs treatment or a procedure, insurance works with deductibles and reimbursement. In many cases, as with the companies Lemonade and Spot, when a procedure is needed for your pet you will have to pay a deductible.

Insurance companies usually offer a variety of plans. Spot has an accident-only plan and an accident and illness plan. Its accident-only plan covers vet exam fees, MRIs, surgeries and hospitalization, prescription medication, and alternative therapies, to name a few. The accidental and illness plan also covers skin, eye and ear infections, cancer treatments, infectious diseases and advanced care.

Many insurance companies do not cover preexisting conditions. This is one of the reasons it is best to make sure your pet is insured at a young age.

You must first visit your vet before purchasing an insurance plan.

Is pet insurance worth it?

The cost of pet insurance can appear high to many people. Some may feel it is not worth the price.

Robyn Urman, founder of the group PetResQ in Tenafly, told NorthJersey.com that if owners need to take their pet to a have a procedure such as an operation, they will be left astonished at the hospital bills if they do not have insurance.

"As an owner I think it is the best investment you can make," Urman said.

Urman says she will go as far as to make potential owners of French and regular bulldogs have pet insurance before they are able to adopt that specific breed. She does this because of how prone these dogs are to illnesses that require special treatment. Urman, who has been helping animals for decades, recalls one instance in which she rescued seven French bulldogs and every one of them had to have surgery to breathe.

She said cats should also be covered because their potential procedures can reach high costs without insurance. Urman said she knew someone who had "a cat that ended up with pancreatitis at just 2 years old. The bill after a five-day hospital visit was $12,000."

Janice Hill of Oradell said her insurance helped her afford surgery for her golden retriever, Amber.

Hill said she believes the insurance "paid off in the long run, although premiums are costly." Hill has Trupanion pet insurance, which she said has paid for itself already. Her golden retriever had an infection when she was a little over a year old and needed emergency surgery for an obstruction in her stomach last year. The surgery without insurance would have been around $17,000.

She wished the insurance company covered more maintenance costs, like vaccinations. The plan she has costs about $160 a month.

This article originally appeared on NorthJersey.com: Pet insurance costs and benefits in NJ: An analysis