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Is Pet Insurance Really Worth It? Pros & Cons

What is Pet Insurance and Why Would I Need It?

Pet insurance might seem like a great deal as it’s meant to cover your pet’s health care costs and protect you as the pet owner from expensive vet bills. In this blog we’ll cover Is pet insurance really worth it? Pros & Cons:

The last thing anyone wants is a last minute bill because your pet ate something, cut themselves on a walk, or get an infection. According to the American Pet Products Association’s National Pet Owners Survey, the average cost of a routine veterinary visit is around $242 for dogs and $178 for cats. Furthermore, if your pet requires surgery, the average cost varies depending on their health issue, but it’s around $458 for dogs and $201 for cats.

Pet Insurance Options

There are many options and companies to choose from in the pet insurance marketplace. When you look at the providers out there here are some of the coverages you should be thinking about during your search:

Accident-Only Coverage

This provides protection in the event of an accident, such as a broken bone or poisoning

Illness Coverage

An illness policy helps pay for veterinary care and treatments for illnesses, such as cancer, arthritis, hypothyroidism, & ear infections.

Wellness Coverage

This is designed to cover preventative care, such as annual checkups, vaccinations, and dental cleanings.

Major Medical Coverage

Major Medical helps cover procedures and surgeries such as cancer treatments or orthopedic surgery.

Comprehensive Coverage

This type of coverage combines accident, illness, and wellness coverage in one policy.

Additional Coverages

You may look into adding additional coverages that may not be included with a pet insurance policy like spaying or neutering your dog.

Deciding which coverage is right for your pet depends on the type of animal, its health history, its veterinary care needs, and your budget.

Benefits of Pet Insurance

Pet insurance, like any insurance policy, has its own set of advantages and disadvantages. Here are a few benefits of having pet insurance:

Financial Relief

Insurance can help ease the financial strain of unexpected veterinary expenses, depending on the level of coverage you select. Several pet insurance options can cover anywhere from 70% to 90% of your claim, and a few providers offer complete coverage, although this is less common.

Freedom to Choose Your Vet

Unlike your own insurance, pet insurance typically does not impose the same limitations on which veterinarian you can visit. You have the freedom to take your pet to any licensed veterinarian or specialist of your choice, and your pet can receive care at any veterinary clinic or hospital that you prefer. Always check with the provider to verify this is included in your policy!

Customized Coverage

You have the flexibility to tailor a coverage plan to meet your pet’s health. You can typically blend various levels of pet insurance policies (see the Pet Insurance Options for policy ideas). Insurers also allow you to select your deductible amount based on your financial situation, providing you with more options for customization.

Peace of Mind

Witnessing your pet in pain or suffering from a sickness or injury can be an emotionally challenging. The added burden of being unable to afford thousands in medical bills can be even more heartbreaking. Nobody wants to make the agonizing decision between paying essential bills or losing a beloved companion.

Pet insurance can offer financial assistance to pet owners, eliminating the need to set a monetary value on their pet’s life.

Disadvantages of Pet Insurance


Depending on whats included in your policy, the premiums can be expensive. If you opt for a comprehensive policy that covers a wide range of conditions and treatments it can get pricey depending on the provider.

Also keep in mind, that even after filing an eligible claim, most policies may only cover a portion of the total bill.

Pre-Existing Conditions

If your pet has pre-existing health conditions (allergies, diabetes, or even cancer) or is getting up there in age, the chances of getting approved for a pet insurance policy are low. In such a scenario, it may be more beneficial to set aside funds in a separate savings account designated for pet healthcare expenses.

Reimbursement Structure

Policies often work on a reimbursement basis. This means you’ll need to pay for vet bills upfront and then submit a claim for reimbursement. This can be inconvenient and may require you to have a significant amount of cash on hand.

Waiting Periods

Some people think they can get an insurance policy and it the benefits kick in immediately. Most insurance policies have waiting periods before coverage begins, which means you may have to pay out of pocket for vet visits and treatments during this time.

Should You Consider Pet Insurance?

When considering whether pet insurance is right for your furry friend, it’s important to evaluate your pet’s current health status and research any breed-specific or genetic health issues that may arise.

In addition, it’s important to assess your budget and determine how much you can realistically allocate toward an insurance policy, as well as how much money you have saved for unexpected pet health emergencies. By planning ahead, you can determine whether pet insurance is a wise investment for your specific situation.

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