Is Pet Insurance Worth the Cost?
Pet insurance is worth the monthly cost if your pet gets sick or injured.
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Pet insurance is a predictable monthly expense that can help pet owners pay for their pet’s medical bills for routine and emergency vet care. Even though it’s an additional expense, it can save you money if your pet gets sick or injured.
Depending on the type of insurance policy you buy, your coverage might not cover all your pet’s care. Your pet’s age and health status can also increase how much you pay for coverage.
Here’s what you should know about pet insurance to help you decide whether it’s worth it.
Should you get pet insurance?
Whether pet insurance is a good idea for you depends on your budget and your pet. Coverage usually makes sense if an unexpected veterinary bill would cause you financial stress. Pet insurance may not cost much less than typical annual pet care expenses, but it can make a substantial difference if your pet experiences an unexpected injury or illness.
For example, dog owners across the U.S. spend an average of $242 per year for routine vet visits and $458 for surgical procedures — for a combined total of $700. Compared to the annual average cost of $504 for pet insurance for a dog, out-of-pocket expenses cost more on average.3
The cost of pet insurance
The average cost of pet insurance for accident and illness coverage is $42 per month for dogs and $23 for cats, based on data from Insurify and its pet insurance partner Fletch. Prices can vary dramatically depending on your pet’s health status and more. Policies may also have exclusions for pre-existing health conditions.
Here's the median cost of pet insurance from top pet insurance companies.
Just like insurance for humans, many factors affect the cost of pet insurance. Understanding how insurers set rates can help you make the best policy choice for your needs. Here are some important factors that influence pet insurance premiums:
Average cost of common pet treatment
The average yearly cost of vet expenses, including routine visits and surgical vet care, is $700 for dogs and $379 for cats. One-time medical expenses or an emergency surgery can increase the amount you pay in a given year.
For example, you can expect to pay more than $500 to spay or neuter your pet. And dental cleanings — which usually require anesthesia — cost around $400.
The one-time or unexpected veterinary expenses can add up quickly for pet owners.
What are the pros and cons of pet insurance?
Like any insurance product, pet insurance has advantages and disadvantages that you should consider before buying a policy. As a pet parent, you'll want to weigh factors like cost, ease of reimbursement, coverage limits, and other factors.
What pet insurance covers
Pet insurance companies typically offer three different levels of coverage: basic, comprehensive, and preventive protection. Specifics vary depending on your pet insurance policy type, but insurance companies usually provide coverage for the following health issues and accidents:
Accidental injury
Poisoning
Illnesses
Surgical procedures
Broken bones
Office visits
Prescriptions
Diagnostic tests
X-rays
Blood tests
Hip dysplasia
What pet insurance doesn’t cover
Even the best pet insurance plan has limits. You’ll have to pay out of pocket for some procedures and care regardless of the level of coverage you have. Pet insurance companies don’t usually cover the following illnesses or medical conditions:
Pre-existing conditions
Pregnancy or birth
Death
Theft of pet
Elective procedures
Breed exclusions
Age exclusions
Non-veterinary services
Pet insurance FAQs
Determining whether the cost of pet insurance makes sense for your financial situation can be a difficult decision. Pet owners often consider the following questions while making a decision.
How much should you be spending on pet insurance?
How much you should spend on pet insurance will depend on multiple factors, including where you live, your pet's age and breed, and overall health. Like human healthcare insurance, pet insurance costs can vary dramatically depending on the type of coverage you want and your pet’s health. Comparing quotes from multiple pet insurers can help you review options and get the best rate.
What are the benefits of pet insurance?
Pet insurance can help pet owners pay for routine and emergency treatment. Vet bills can add up quickly, and if finances are a consideration, the cost of treatment might prevent you from getting the care your pet needs. Pet insurance reduces the financial burden of seeking care and ensures your pet can get the necessary treatment.
How much do pet expenses cost without insurance?
Routine veterinary appointments and surgical care cost dog owners $700 and cat owners $379 per year. Since those represent the average costs of care across the U.S., the true costs can fluctuate each year. Pet owners can also expect to pay hundreds or thousands of dollars for one-time medical costs, like surgeries or dental care.
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