Whether you’re already the proud owner of a dog or cat or you’re planning to become one, you may be wondering if pet insurance is worth the cost. After all, you absolutely have to buy things like food and basic supplies, and optional pet insurance just adds to the ongoing expense of owning a pet.
The thing is, the best pet insurance can actually make being a pet owner considerably more affordable — particularly if your pet winds up needing surgery or being diagnosed with a chronic medical condition.
The key to getting ahead with pet insurance is choosing from the best pet insurance companies and selecting a plan with the deductible, waiting periods, and reimbursement levels that make sense for your pet.
Table of Contents
- Pet Insurance Cost Comparison
- Pet Insurance Guide
- What Does Pet Insurance Cover?
- Understanding Common Exclusions in Pet Insurance
- How Much Does Pet Insurance Cost?
- How Does Pet Insurance Work?
- Pros and Cons of Pet Insurance
- How to Find the Best Pet Insurance Policy
- Bottom Line – Is Pet Insurance Worth It?
Pet Insurance Cost Comparison
The chart below shows how much pet insurance costs from a few different pet insurance companies we recommend. After that, we’ll go over all the intricacies of pet insurance plans and how pet insurance works.
| PET VARIETY | TRUSTEDPALS | HEALTHYPAWS | FIGO | EMBRACE PET INSURANCE |
|---|---|---|---|---|
| Dog Insurance Female Mixed Breed Age 5 60 pounds | $34 to $89 Per Month | $59.92 Per Month | $43.22 to $69.95 Per Month | $39.53 Per Month |
| Dog Insurance Male Mixed Breed Age 2 25 pounds | $20 to $51 Per Month | $28.98 Per Month | $28.21 to $39.78 Per Month | $24.80 Per Month |
| Cat Insurance Female Mixed Breed Age 2 | $13 to $35 Per Month | $15.17 Per Month | $13.58 to $19.15 Per Month | $19.15 Per Month |
| Cat Insurance Male Mixed Breed Age 5 | $17 to $45 Per Month | $23.40 Per Month | $20.67 to $29.16 Per Month | $32.76 Per Month |
Pet Insurance Guide
The best pet insurance can help you cover mounting costs that rack up when your pet needs surgery or gets diagnosed with a chronic medical condition. After all, there are an array of pet care expenses you may have to cover, some of which you cannot predict ahead of time.
Many costs associated with owning a pet can add up to thousands of dollars during the course of a single year. Without a pet insurance policy, pet owners have no choice but to cover these expenses themselves.
As an example, CareCredit lists the following amounts for complex and emergency care costs for dogs and cats:
Common Pet Expenses for Emergencies and Chronic Conditions
| DISEASE/CONDITION | AVERAGE COST FOR DOGS | AVERAGE COST FOR CATS |
|---|---|---|
| Arthritis | $724 | $490 |
| Broken Bone | $2,371 | $2,257 |
| Cancer | $4,137 | $3,282 |
| Cancer Treatment (Chemotherapy) | $4,000 | $4,000 |
| Diabetes | $2,892 | $1,634 |
| Stomach Foreign Object | $3,262 | $2,955 |
What Does Pet Insurance Cover?
Just like monthly premiums, deductibles, and waiting periods that apply, the coverage options included in a pet insurance policy vary from company to company.
However, there are some general rules of thumb that come into play when it comes to what most pet insurance plans cover, as well as what they do not cover or rarely cover without an uptick in premiums.
What does pet insurance cover? While plans vary, most pet insurance plans provide some level of protection for the following:
- Accidents that occur, such as a broken bone during play or your dog or cat swallowing a foreign object
- Illnesses your pet is diagnosed with, such as cancer, arthritis, hypothyroidism, ear infections, and urinary tract infections (UTIs)
- Hereditary and congenital conditions, such as eye disorders, hip dysplasia, and heart disease
- Behavioral therapy that helps pets overcome behaviors such as excessive licking, fur pulling, and destructive chewing
- Exam fees can add up quickly if your pet has frequent vet visits
- Chronic conditions your pet may be diagnosed with, such as diabetes
- Prescription medication coverage, which can help your pet get the medicines it needs
- Preventative care for pets, such as vaccinations, exam fees, flea and tick medication, and more
Note that some of the above may be included in pet insurance plans automatically, whereas other types of coverage are typically offered as an optional add-on.
At the end of the day, you’ll need to compare pet insurance companies based on these inclusions, as well as on factors like your deductible, any waiting periods that apply, reimbursement levels, and more.
Understanding Common Exclusions in Pet Insurance
Pet insurance plans tend to have long lists of excluded items, and many do not provide coverage for older pets.
Common pet insurance exclusions include the following:
- Most pre-existing conditions your pet has, although pre-existing conditions are sometimes covered after waiting periods pass
- Cosmetic procedures, such as tail docking or ear cropping
- Expenses associated with breeding your pet
- Coverage for exotic pets
- Dental illnesses that occur unless you have specific coverage for pet dental care
- Costs associated with spaying and neutering your pet
- Alternative treatments for your pet, such as acupuncture, chiropractic care, rehabilitative therapy, and hydrotherapy
- Microchip implantation, which can help you find your pet if it gets lost or stolen
How Much Does Pet Insurance Cost?
The cost of pet insurance varies widely, so you’ll need to shop around and compare pet insurance quotes to find the best deal. That said, you should know that some factors that impact pet insurance costs are within your control, whereas others are not.
How much is pet insurance? Monthly or annual premiums are based on the following:
- Whether You Have a Cat or a Dog
- Age of Your Pet
- Breed of Your Pet
- Pet Insurance Discounts You May Be Eligible For
- Your State of Residence
- The Deductible You Choose for Your Pet Insurance Plan
- Reimbursement Levels for Your Plan
- Coverage Options Included
- Optional Add-on Coverage You Select
- Lifetime, Annual, or Per-Incident Maximums for Your Pet Insurance Policy
How Does Pet Insurance Work?
Pet insurance plans can work differently depending on the company you buy from. That said, most have similar features and several different tiers of coverage you can select from ahead of time.
For example, you can shop around for bare-bones pet insurance policies that provide limited coverage for catastrophic conditions after large deductibles are met and all waiting periods have passed.
However, you’ll also find premium pet insurance plans that provide generous coverage and include wellness coverage and a high reimbursement percentage for most conditions.
Consider the following example policy from TrustedPals pet insurance, which we received for a large (51 to 110 pounds) female dog named Madge, who is five years old.
As you can see, TrustedPals pet insurance offers three tiers of dog insurance coverage that range from budget-friendly to comprehensive.
Note how the budget-friendly and mid-tier plans have a higher deductible as well as annual coverage limits that apply.
In the meantime, the comprehensive plan comes with a lower monthly premium, a higher reimbursement rate, and no annual limit on payouts.
Let’s say your dog Madge swallows a foreign object, and you rack up $5,000 in vet bills as a result. The chart below shows how much each tier of this coverage could cost you for a single year, plus how much your coverage could save you in vet bills.
| EXPENSES | BUDGET PET INSURANCE | MID-TIER PET INSURANCE | COMPREHENSIVE PET INSURANCE |
|---|---|---|---|
| Annual Cost for Premiums | $408 | $624 | $1,068 |
| Deductible Required | $750 | $250 | $100 |
| Annual Reimbursement for $5,000 Vet Bill | $2,975 | $3,800 | $4,410 |
| Total Savings | $1,917 | $2,926 | $3,242 |
Pros and Cons of Pet Insurance
Pros
Cons
How to Find the Best Pet Insurance Policy
To find the best pet insurance policy for your pet and your budget, you’ll want to compare quotes from at least four or five different pet insurance companies.
Factors to consider and compare include:
- Monthly or Annual Premiums
- Reimbursement Levels
- Annual Limits on Payouts
- Pet Insurance Deductible Options
- Waiting Periods That Can Apply Before Coverage Kicks In
- Included Coverage Options
- Available Add-Ons, Such as Wellness Coverage, Dental Care, and Vaccinations
The best pet insurance for you depends on how much coverage you want, the reimbursement percentage you prefer, and the level of deductible you’re comfortable with.
In the meantime, you should check for plans that include the level of coverage you want for your pet’s preventative care needs, including coverage for wellness care, dental care, and more.
Bottom Line – Is Pet Insurance Worth It?
However, the intangible benefits, while harder to quantify, are equally compelling. The peace of mind that comes with knowing you won’t have to make a heart-wrenching decision based solely on financial constraints is invaluable to many pet owners.
Pet emergencies are unpredictable. The suddenness with which accidents or illnesses can strike means that without insurance, you might find yourself facing immediate, steep veterinary bills that you hadn’t budgeted for.
Insurance can alleviate much of this financial stress, allowing you to focus solely on the recovery of your pet.
Furthermore, advances in veterinary medicine have made treatments once reserved for humans now available to our pets. While these treatments can significantly improve the quality of life and lifespan of our pets, they can also be expensive.
Pet insurance can make these advanced treatments more accessible to the average pet owner.
However, as with all insurance products, pet insurance isn’t a one-size-fits-all solution. The premiums, coverage options, exclusions, and deductibles vary widely among providers.
Therefore, it’s crucial to do your homework. If you are on the fence about buying pet insurance, it’s advisable to take a proactive approach. Begin by comparing policies, reading reviews, and even speaking to other pet owners about their experiences.
Look for a policy that aligns with both the specific needs of your pet and your financial situation.
