IS PET INSURANCE WORTH IT?

By: Door Buddy Editors | Published: 24 October 2024

What Is Pet Insurance?
The rise of pet insurance
What does a pet insurance plan cover?
What does a pet insurance plan not cover?
What about pet insurance for pre-existing conditions
How much does pet insurance cost?
How does pet insurance work?
Pet insurance advantages
How to choose the right insurance plan
So, is pet insurance worth it?

Let’s face the facts: pets are expensive! In fact, according to the American Pet Products Association (APPA), pet owners spent an estimated $147 billion on their pets in 2023 alone, with much of that going toward medical costs like medication and vet care. And now you’re considering throwing pet insurance on top of that?

Yikes. Before you give yourself a finance-induced headache, it’s worth noting that pet insurance could help cover a significant portion of those out-of-pocket expenses, potentially saving you money when it comes to unexpected medical bills.

While pet insurance is becoming more popular, many pet owners are asking themselves the question: “is pet insurance worth it”? This uncertainty often comes from not fully understanding how it works and how it can benefit both them and their pets. In this blog, we’ll break down insurance for cats and dogs, explore how it can help manage vet costs, and share everything you need to know to decide if pet insurance is the right fit for you. Keep reading to find out!

WHAT IS PET INSURANCE?

Now, don’t feel silly for asking, “What is pet insurance?” Even “hooman” health insurance can be tricky to understand! Basically, pet insurance is a healthcare policy that helps cover veterinary costs if your pet gets sick or injured. By paying a monthly premium, you can rest easy knowing your pet is covered when it needs medical attention. These premiums are based on factors like your pet’s species, breed, age, and the plan you choose from your pet insurance provider.

THE RISE OF PET INSURANCE

Pet insurance is really catching on, and for good reason! According to Insurance Business Mag, the pet insurance industry is projected to reach a whopping $38.3 billion by 2033. With pets being such an important part of our families, more owners are looking for ways to protect their furry friends without stressing over costly vet bills. As treatments and healthcare options for pets continue to improve (and get more expensive), having insurance can be a lifesaver - literally! Plus, with so many customizable plans, it’s never been easier to find coverage that fits both your pet’s needs and your budget.

WHAT DOES A PET INSURANCE PLAN COVER?

What you need to know about pet insurance is that the coverage you receive depends on the type of plan you choose for your cat or dog. Most plans cover a wide range of injuries and illnesses but typically won’t provide coverage for preventative care. Preventative care includes annual exams, lab work, vaccinations, and routine dental cleanings. Additionally, other types of care, such as complementary therapies (like acupuncture or chiropractic care) or behavior modification, might also be excluded. However, many insurance providers offer add-ons or upgraded plans that cover these services for an additional premium. This is why the world of pet health insurance can be a bit tricky—you need to compare plans and find the right policy that best suits your “furmily’s” needs and lifestyle.

WHAT DOES A PET INSURANCE PLAN NOT COVER?

The coverage you receive depends on the type of plan you choose for your cat or dog. Most plans cover a wide range of injuries and illnesses, but here are some things that pet insurance typically does NOT cover:

Pre-existing conditions
Routine care/wellness exams
Preventative care (annual exams, lab work, vaccinations, routine dental cleanings)
Spay/neuter procedures
Vaccinations
Complementary therapies (e.g., acupuncture or chiropractic care), unless added as an extra premium
Behavior modification, unless added for an additional cost
Specific exclusions as outlined by your insurance provider

WHAT ABOUT PET INSURANCE FOR PRE-EXISTING CONDITIONS?

As we’ve already touched on, a few factors can affect your pet’s insurance coverage, with pre-existing conditions being a major one. So, what exactly qualifies as a pre-existing condition? It’s any injury, illness, or irregularity that was noticed by you or your veterinarian before your pet insurance provider’s waiting period ends.

It’s also important to remember that most pet insurance policies have a waiting period before full coverage kicks in, which can range from a few days to a month. To ensure your pet gets the most coverage, it’s best to get them insured as soon as “paw-ssible”.

Worried that your pet might miss out on health benefits due to pre-existing conditions? Fortunately, a few select insurance companies do offer coverage for these cases, but keep in mind that premiums for such policies tend to be on the higher side.

HOW MUCH DOES PET INSURANCE COST?

You’re not alone if you’re wondering about the average cost of pet insurance - it’s one of the first things many “pawrents” consider when searching for the best coverage for their fur babies. However, determining the average cost of pet insurance isn’t straightforward, as premiums are far from one-size-fits-all. Premiums aren’t one-size-fits-all and will depend on several factors, including the insurance company, your deductible, your location, and your pet.

Your pet’s age, breed, pre-existing conditions, and other risk factors also play a big role in shaping your monthly premiums, so it’s important to compare pet plans before choosing the right one.

HOW DOES PET INSURANCE WORK?

Here’s how pet insurance typically works:

You visit the vet and pay the bill upfront
Submit a claim to your pet insurance company for the amount paid
Get reimbursed for 70% to 100% of covered expenses (after meeting your deductible)

Your pet insurance company may require paperwork or a medical history review from your vet to process the claim, so be sure to save all receipts and documents. On average, you can expect to be reimbursed within 5 to 9 days after submitting a claim. Some providers also offer pre-approval for upcoming procedures and may pay the vet directly, helping to ease the financial burden upfront.

PET INSURANCE ADVANTAGES

As pet “pawrents,” we want to be able to give our fur babies the care they need and when they need it (especially when sick or injured). Choosing the best pet insurance for your “furmily” helps you do just that!

Is Pet Insurance Worth It For A Dog?

If you’re wondering whether pet insurance is worth it for your furry troublemaker, here’s why so many dog owners think it’s a great idea:

Avoiding the financial burden that comes with more active and accident-prone pets
Providing the right care for your older dogs with special needs
Keeping your savings as actual savings
Allows you to focus on getting the best care for your dog instead of just worrying about costs
Insurance can give you access to specialists and advanced treatments
Some plans cover regular check-ups and vaccinations, helping you manage your dog’s overall health
Financial protection against unexpected costs

Is Pet Insurance Worth It For A Cat?

For cat owners, pet insurance can be a smart move, especially when your independent feline decides to surprise you with an unexpected vet visit. Here’s why it can be worth it:

Treating long-term illnesses that will require financial help
Preventing self-insurance stress
Preparing for breed-specific health conditions
Covering more than just your vet bills
Budgeting for additional expected veterinary costs that aren’t included in your plan

HOW TO CHOOSE THE RIGHT INSURANCE PLAN

Being a “pawrent” comes with certain responsibilities, raising healthy fur babies being one of them. So, when the time comes to get a quote for pet insurance, we want to ensure we're only considering the best pet health insurance companies for our needs. Are we right? Thought so!

Perhaps you're looking for pet insurance with dental or something to cover your special breed of cat that is prone to illness. Whatever your criteria, here are some tips to help you make the right choice when you get a quote for pet insurance.

1. Assess Your Pet’s Needs

Every pet is unique! Think about your dog’s breed, age, and health history. Some breeds are more prone to certain conditions, and older pets may need extra care. Understanding your pet's specific needs will help you find a policy that covers what matters most.

2. Understand The Types Of Coverage

Not all insurance plans are created equal. There are accident-only plans, comprehensive plans that cover both accidents and illnesses and wellness plans for routine care. Your vet often recommends going for comprehensive coverage to keep your pup protected from head to tail!

3. Check For Exclusions And Limitations

Avoid surprises by reading the fine print! Make sure to find out what’s covered (and what’s not). Many plans require a waiting period before beginning coverage and have specific limitations. You don’t want to find yourself with an accident or illness occurring before the policy kicks in and be without cover.

4. Evaluate Deductibles And Premiums

Let’s talk money! Look at the monthly premiums (what you pay each month) and the deductibles (what you pay out of pocket before insurance kicks in). Finding a balance that fits your budget is key.

5. Consider Additional Benefits

Some policies come with extra perks like dental care, behavioral therapy, or alternative treatments. These goodies can be super helpful for your pet’s overall health and happiness!

6. Look At Reviews

The pet insurance companies you are considering may have reviews from previous and existing customers. It's always a good idea to look at these and get a feel for the various companies and plans available.

7. Find The Balance Between Cost And Value

This is an “im-paw-tant” aspect for “pawrents” when looking for a quote for pet insurance. If you're looking to save money, plans that only cover wellness might not be the best option. Why, you ask? With a wellness policy, the cost of your premium might be almost equal to what you would pay for a normal wellness visit at your vet. There is no real benefit. To get the most bang for your buck, we'd suggest purchasing a more comprehensive policy that covers emergency care, too.

SO, IS PET INSURANCE WORTH IT?

Now that you’re more clued up on pet health insurance, you’re in a better position to decide what will work best for your “furmily”. Take some time to choose the right pet insurance company to provide your pet with adequate illness and accident coverage. Don’t forget to keep a pet first aid kit ready in case of an emergency. Is pet insurance worth it? Absolutely. Thanks to “ameowzing” advances in vet care, health products, and medicines, our pets are living longer, healthier lives. Medical policies help you care for your furry friends for as long as they’re with you.

While pet insurance might seem like just another monthly expense, think of it as a safety net for those unexpected vet visits, whether it’s for mysterious ailments or routine care. Imagine a sudden trip to the vet costing a small fortune, but with insurance, you’d only need to worry about the deductible. It’s peace of mind wrapped in a tail wag - helping you keep your pet healthy without breaking the bank!