New Jersey to charge up to $15,000 for pet insurance coverage
By now, you’ve probably heard of pet insurance.
That means that if you’ve got a pet that’s in need of coverage, you’re going to have to pay a hefty premium to have the pet covered.
And, if you’re thinking about buying a pet insurance policy in New Jersey, you should be.
According to the New Jersey Department of Insurance, if your pet has a $1,000 deductible, the insurance company will have to cover it.
That deductible will go up to a maximum of $15 and you’ll have to put the policy into effect before you’re charged any extra premiums.
New Jersey’s state legislature passed a law in June that would require pet owners to purchase pet insurance if their dog or cat is less than three years old.
That’s a pretty hefty price tag, especially considering the fact that pets have a lifespan of five years or more.
The bill’s sponsor, Democratic state Sen. Mark McDonald, said he wanted to give pet owners more protection against unexpected and unexpected expenses.
“If your dog or your cat has a medical issue, it’s going to take up to four years to get the proper medical care and you’re probably not going to see a vet before that, so it really is a matter of how much money you have,” McDonald said.
“We have to do this to ensure that the taxpayer is not footing the bill.”
While the law’s a step in the right direction, McDonald said the state needs to do more to improve the state’s pet insurance industry.
“We need to do a better job of getting the people who are purchasing insurance,” McDonald told NBC New York.
“It’s not just people who own pets.
It’s people who don’t own pets.”