Is Pet Insurance Worth It? What to Know About Dog and Cat Coverage (2024)

Pets are family. When they get sick or injured, you want to do everything possible to get them healthy and back to their happy, loving selves. But large, unexpected vet bills can be costly. You might even be forced to say no to unaffordable medical treatment for your pet. No one wants to make decisions about care for their dog or cat based solely on cost. And that’s where pet insurance coverage for dogs and cats comes in.

Is pet insurance worth it?

Pet insurance allows you more freedom and flexibility to make decisions about your animal’s medical treatment without having to worry about the possibility that it might drain your bank account. You can make choices based solely on what you and your vet feel is the best course of action. With pet insurance, you get reimbursed for veterinary bills that cover certain conditions. So you can focus on your pet’s care — not the cost.

How dog and cat insurance works

Most insurance for dogs and cats allows you to use any licensed veterinarian within the U.S. and Canada, so you don’t have to worry about finding a vet who accepts your particular insurance or about a referral to another vet. Typically, companies charge a monthly deductible and then cover anywhere from 70% to 100% of your vet bill. Some insurers require a copay at the time of service. As you might expect, less expensive plans tend to provide less coverage.

Unlike human health insurance, in which your doctor sends an invoice directly to your insurance company, with pet insurance you pay your veterinary bill and then submit a claim to your insurance company for reimbursement.

Animal insurance vs. pet wellness plans

There’s a difference between pet insurance and wellness plans. Wellness care often includes coverage for annual physical exams, vaccinations, heartworm tests, spay/neuter surgery, dental cleaning, and other routine services. Many pet insurers offer both pet insurance and wellness coverage.

Varying coverage

Just like health insurance options for humans, there are numerous pet insurance plans. Some cover accidents but not illnesses. One policy might cover treatment for cancer while another does not.

To find the plan that’s best for your dog or cat, it’s important to do some research. Talk to family and friends to see whether they are happy with their insurer. Read reviews online. Ask your vet for a recommendation.

Obviously, it’s important to understand from the start what is and what is not covered, so you don’t run into any surprises down the road. Here are some of the conditions to consider that may or may not be covered:

  • Accidents and injuries (bite wounds, broken bones, cuts, toxic ingestions, etc.)
  • Illnesses (ear infections, allergies, diabetes, etc.)
  • Laboratory tests
  • X-rays, ultrasounds, and MRI and CAT scans
  • Surgery
  • Hospitalization
  • Medications prescribed by a veterinarian
  • Tooth extractions
  • Chemotherapy and radiation treatment
  • Alternative therapies (acupuncture, rehabilitative therapy, hydrotherapy, etc.)
  • Behavioral issues (excessive licking, separation anxiety, destructive chewing, etc.)
  • Hereditary and congenital conditions (hip dysplasia, cherry eye, epilepsy, etc.)

Other factors to consider

Pet insurance will not cover pre-existing conditions (i.e., any injuries or illnesses that already exist before your coverage starts), even if they haven’t been formally diagnosed by a veterinarian. Some plans offer coverage for hereditary and congenital conditions, but this coverage might only apply to certain breeds.

In addition to breed, the age of your pet might determine coverage and price. Senior pets tend to have more health issues, so plans for pets older than a certain age are often more expensive.

Speed of reimbursement is another factor to keep in mind when choosing a plan. Some companies have a reputation for quickly expediting claims, while others are much slower.

Pet insurance companies: Comparing coverage

There are plenty of choices when it comes to pet insurers. Here are a few of the companies that offer insurance for dogs and cats in the U.S. (Listing these companies here does not constitute an endorsement from Best Friends.):

ConsumersAdvocate.org offers a review of some pet insurance companies and good information about pet insurance in general. (The site does receive advertising revenue from some partners, so keep that in mind as you peruse it.)

Peace of mind

Unfortunately, you can’t predict the future. Unexpected events, such as accidents and illnesses, happen to pets just as they happen to people.

With the many recent improvements in veterinary care and access to skilled professionals with the most up-to-date medical equipment, pets are living longer than ever before. However, this new expertise can be expensive. Pet insurance can help to ensure that your pets have access to the best care available and live the long, healthy, and happy lives that they deserve.

Is Pet Insurance Worth It? What to Know About Dog and Cat Coverage (2024)

FAQs

Is Pet Insurance Worth It? What to Know About Dog and Cat Coverage? ›

The bottom line

Do you think pet insurance is worth it? ›

When Is Pet Insurance Worth It? Pet insurance can be a good way to help offset a major unexpected vet bill, like cancer treatment or a broken bone, which can cost thousands of dollars. Without pet insurance, you would have to pay out of pocket for vet expenses.

How much should I be spending on pet insurance? ›

On average, pet insurance costs $60 per month for dogs and $32 for cats, based on quotes gathered by the MarketWatch Guides team. The cost to cover your pet may vary, but this type of insurance can offer financial protection against high-cost and emergency vet visits.

What is the best level of pet insurance? ›

Lifetime policies

These policies cover your pet for their entire life, taking care of expenses for both illnesses and injuries. Although they are the most expensive option, they offer the highest level of protection, with coverage limits that reset annually upon policy renewal.

How to get the most out of your pet insurance? ›

These three tips will ensure you get the best experience possible.
  1. Pay Upfront Treatment Costs On A Credit Card, And Pay It Off With Your Reimbursement. ...
  2. Make Sure Your Vet Knows About Your Pet Insurance Coverage. ...
  3. Make Sure Your Policy Makes Sense For Your Breed, Location, Age, And Any Pre-Existing Conditions.

Is it OK to not have pet insurance? ›

Ultimately, pet insurance can be helpful for many situations, especially if you want to reduce the stress and difficult decisions that can stem from unexpected vet bills. In general, you want to shop for pet insurance sooner than later so that it's more cost-effective, but even older pets can be insured.

What are the risks of pet insurance? ›

Cons
  • Pet insurance reimburses you for veterinary expenses, meaning you have to pay them upfront.
  • Pet insurance doesn't cover pre-existing conditions, meaning once your pet is sick, it's too late to sign up.
  • Not all health issues are covered by pet insurance.

What age is best to get pet insurance? ›

Simply put: The best age to get pet insurance for dogs is when they're young (puppies are best). As they age their health will inevitably decline, and they'll be inherently riskier to insure. That risk will be passed on to you, the owner, in the form of higher monthly and annual insurance premiums.

Does pet insurance get more expensive with age? ›

Be aware that rates tend to increase as your pet gets older and more prone to health issues. If the plan gets too expensive for your budget, you might end up canceling the coverage just when your pet is starting to need it most.

Do you want a high deductible for pet insurance? ›

A more affordable monthly premium requires a higher deductible, and a lower deductible will require a higher monthly premium. A young and healthy pet is less likely to be diagnosed with a chronic condition, making a higher deductible and lower monthly premium a good choice.

What does pet insurance actually cover? ›

Pet owners can enroll in accident-only, accident-and-illness, and wellness plans to help cover hefty veterinary bills throughout their pet's life. It covers diagnostics, surgery, hospitalization, and prescription medicine if your pet becomes ill or injured. Coverage can vary across providers.

What are the three types of pet insurance? ›

Pet insurance companies typically divide their products into 3 main categories: accident-only, accident and illness, and wellness coverages. Each level offers specific services that are covered and excluded and will vary by price. Insurance policies are usually broken down by the type of pet being insured.

How much is the deductible for pet insurance? ›

Choice for pet insurance deductibles vary by insurer. Common options include deductibles between $100, $250, $500 and $1,000. Some insurers offer deductibles as low as $0, such as Trupanion and TrustedPals. The higher your deductible, the lower your monthly pet insurance premiums.

Is it worth getting a pet plan? ›

Similarly, if you have a breed that's prone to specific health issues or if your pet is getting older and requires more frequent vet visits, a pet health plan could potentially save you money in the long run. For peace of mind that all your pet's preventative care needs are covered, it could be the best option.

Why would you want pet insurance? ›

Pet health insurance can help by offsetting some or most of the costs of diagnosing, treating and managing your pet's illness or injury. There's no magic formula to tell you if pet health insurance is right for you and your pet. Talk with your veterinarian about it, and research your options.

What percentage of pet owners have pet insurance? ›

So how many pet owners have pet insurance? About half, or 44.6%, of pet owners stated they currently have pet insurance in our survey. On a larger scale, NAPHIA's 2022 State of the Industry Report found that more than 4.41 million pets were insured in North America in 2021, up from 3.45 million in 2020.

Does pet insurance go up every year? ›

You can generally expect your pet's insurance coverage cost to increase each year, along with their age. Consider the following, which could help you offset the higher cost of insurance.

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