Should I get pet insurance?

What are the benefits of pet insurance?

Helping you pay your pet's medical bills is a key benefit of pet insurance. As long as you pay your premium, your insurer can reimburse you for your pet's covered vet costs, according to the terms of your plan. There are no networks or copays with pet insurance, and you can visit any licensed vet in the U.S. It can also provide peace of mind, knowing that you'll be able to get your pet the care they need if they get hurt or sick. Learn more about how pet insurance works.

What does pet insurance typically pay for?

Depending on your insurer and your plan, pet insurance typically pays for:

• Accidents and unexpected illnesses
• Emergency care, surgeries, and diagnostics
• Chronic conditions (as long as they aren't pre-existing)

You pay the vet bill out of pocket, then file a claim with the insurance company for reimbursement. Pet insurance generally reimburses you for a percentage of the bill minus your deductible. This coverage can be valuable, especially when your pet needs surgery. Consider the cost of some common surgical procedures:

• Foreign object removal: Cost ranges from $800 to $3,500, depending on the specific procedure required, according to Wag!.
• Eye surgery (enucleation): Pets, especially cats, with severe eye damage may need to have their eye removed — a procedure that can cost $600 to $1,000.
• CCL (ACL) surgery: CCL (the canine equivalent of an ACL in humans) repairs are a common surgery for active dog breeds and can cost anywhere from $1,200 to $9,500, according to CareCredit.

Learn more about how pet insurance covers surgery costs.

What doesn't pet insurance cover?

Pet insurance usually doesn't cover routine care like dental cleanings and annual checkups (unless you add optional wellness coverage to your plan). It also doesn't cover pre-existing conditions that your pet developed before the policy start date or during the mandatory waiting period.

What are the disadvantages of pet insurance?

Considering pet insurance pros and cons can help you make an informed decision. Pet insurance isn't always the right choice for every pet or budget. Here are some potential downsides, depending on your situation:

• Reimbursement model: You pay the vet bill upfront, and the insurer reimburses you for a percentage of the bill, minus any deductible. This may not be practical for all budgets.
• No coverage for preventative care: Standard accident and illness pet insurance plans don't typically cover preventative or routine care, like dental cleanings, flea/tick prevention, and annual exams. You may add coverage for these expenses with an optional wellness plan.
• No coverage for pre-existing conditions: Pet insurance generally doesn't cover pre-existing conditions that develop before your policy starts or during the waiting period. Some insurers may offer coverage for curable conditions, like ear infections, if your pet stays symptom-free for a specific period of time.
• Breed-specific costs: To price your policy, insurers assess your pet's risk factors. They look at breed, along with factors like age and location. Certain breeds are at greater risk for genetic disorders and hereditary problems — especially those bred for a special appearance. And according to PetMD, larger breeds tend to have more health problems and lead shorter lives.
• Monthly premiums: You'll pay monthly for many pet insurance policies, whether you use your coverage every month or not. This ongoing expense may not fit into every budget.
• Waiting periods: Insurers require mandatory waiting periods before your policy begins, typically ranging from a few days to a few weeks. Orthopedic waiting periods (for conditions like hip dysplasia) may range from six to 12 months.
• Add-on requirements: Add-ons or riders can offer additional coverage for pet wellness care, but they may increase your premium or have strict caps on reimbursement rates.

When is pet insurance worth it?

Pet insurance isn't required, but the cost of pet insurance can quickly become worth it when an expensive vet bill comes up. It may be especially worthwhile for first-time pet parents with a puppy or kitten, multi-pet families, and senior pet owners.

Consider if paying a monthly premium outweighs the financial stress you may face during a costly emergency with your pet. You may also want to decide if paying a deductible and being reimbursed for a percentage of covered expenses makes sense for your wallet versus paying vet bills from a savings account or out of pocket.

Find a pet insurance plan that works for you

Compare your coverage options and get a pet insurance quote online. Or call 1-877-298-0639 to speak with a licensed representative.