Is Pet Insurance Worth the Expense?

Pet owners face unexpected vet bills from time to time and need to make some tough choices between saving money on pet insurance and ensuring their pets get the best care. As a result, many pet owners ask whether or not pet insurance is worth the expense.

While a pet insurance policy isn’t for everyone, many veterinarians recommend it. The benefits of pet health coverage far outweigh the cost and help prevent financial hardship when a pet needs treatment for an illness or injury.

A comprehensive pet insurance policy covers 80% to 100% of your pet’s total vet bill (after the annual deductible) for any eligible medical expenses. These include things like exams, surgery, lab tests, medications, and other treatments. You can also add on a variety of extra coverages, including lost pet recovery and third-party liability. Some pet insurers offer specialized pet insurance for hereditary conditions such as hip dysplasia and heart disease, which can be expensive to treat.

The costs of a pet health plan vary from one provider to the next. The main factors in determining a price are the age of the pet, breed, and region. These factors impact the risk that a pet insurance company takes on with each policy, which then impacts how much a premium is. Other factors include the type of pet, the coverages chosen, and a pet owner’s choice of deductible and annual limits.

Most pet owners choose a plan that includes both accident and illness coverage, which represents about 98% of plans sold by the industry. However, the two types of policies differ in what they cover and how they cover it. Accident-only coverage is less expensive and only reimburses for things like bite wounds, broken bones, swallowed objects, and emergency treatment. Accident and illness plans, on the other hand, cover most common illnesses and hereditary diseases and will reimburse for all veterinary-related expenses.

Both types of pet insurance have different options for reimbursement rates, annual deductibles, and per-incident limits, which limit how much the insurer will reimburse in any given incident. Choosing a higher deductible and annual limit will keep your monthly price low, but you will need to pay more out-of-pocket expenses if something serious happens to your pet.

Purchasing pet insurance is an important decision that requires some research on the different companies and available plans. To make an informed decision, pet parents should do their homework by learning about the costs and coverages of each option, as well as a pet’s history and potential risks that could influence pricing. Fortunately, there are online resources dedicated to helping pet owners understand how pet insurance works and what they should look for in a plan. These resource pages often have reviews, comparison charts, and other tools to assist pet owners in selecting the right policy for their pets.