Should You Buy Pet Insurance? Exploring the Pros and Cons

March 11, 2023

Pet ownership can be a rewarding and fulfilling experience, but it also comes with responsibilities and financial considerations. One option that is becoming more popular with pet owners is pet insurance. But how do you decide if pet insurance is right for you? In this article, we will explore the advantages and disadvantages of pet insurance, when to purchase pet insurance, policy options, and cost.

Advantages of Pet Insurance:

Peace of mind: With pet insurance, you can have peace of mind knowing that if your pet gets sick or injured, your pet will receive the veterinary care they need

Providers: Most policies allow you to take your pet to the licensed veterinarian of your choice. Plus, you do not need to obtain a referral to see a veterinary specialist.

Savings: Pet insurance can help you save money by covering unexpected veterinary expenses. Plus, plans that include preventative care can keep your pet healthy and may help avoid illness down the road.

Customizable coverage: Many pet insurance plans offer customizable coverage options, allowing you to tailor your plan to fit your pet's specific needs.

Access to better veterinary care: With pet insurance, you may be able to afford better care for your pet, including access to specialists and advanced treatments.

Reduced financial burden: During an emergency or health crisis, pet insurance will help minimize the potential of spending your savings or going into debt to obtain veterinary care for your pet

Disadvantages of Pet Insurance:

Cost: Pet insurance can be expensive, especially for older pets or those with pre-existing conditions, or for comprehensive policies that cover routine care in addition to accidents and illness. Like humans, most policies include deductibles that must be satisfied (per year or per incident) and co-pays (% of the cost of the visit)

Limited coverage: Some plans have exclusions for preventative care such as heartworm medications or pre-existing conditions.

Reimbursement process: Pet insurance often involves a reimbursement process, which means you will be required to pay for veterinary services upfront and then submit a reimbursement claim

When Should You Purchase Pet Insurance?

The best time to buy pet insurance is when your pet is young, ideally before any pre-existing conditions develop. This way, you can avoid rejected claims for pre-existing conditions and obtain lower premium rates. Older pets and those with pre-existing conditions may not be eligible for coverage or may be assessed higher premiums. However, it is never too late to consider pet insurance.

What Does Pet Insurance Cover?

Depending on the policy, pet insurance typically has three types of coverage: accidents and illnesses, and/or wellness care. Most policies will cover accidents and illnesses which are unexpected and unplanned. Some policies also have optional wellness or routine care coverage, including vaccinations, annual check-ups, and routine tests. Some polices also offer coverage for alternative therapies like acupuncture or chiropractic care. If you purchase a policy for your pet, be sure to read the policy in detail to understand what conditions are covered and what are not, as well as other financial considerations such as deductibles, co-pays, and coverage limits.

What Are Some Things That Are Not Covered by Pet Insurance?

Some excluded items include behavioral problems (anxiety or aggression), pre-existing conditions (cancer or kidney disease), dental cleanings, and elective procedures (such as spaying or neutering). Some plans may also have limits on how much they will pay per incident, per year, or per lifetime

How Much Will Pet Insurance Cost for a Dog or Cat?

The cost of pet insurance varies depending on several factors, including your pet's breed, age, and health, as well as the level of coverage you choose. On average, pet insurance for a dog can range from $25 to $90 per month, while pet insurance for a cat can cost between $9 to $37 per month. It is important to obtain a few quotes to compare different plans, providers, and monthly costs.

Pet insurance can provide valuable financial protection and peace of mind for pet owners, but it is important to choose the right policy and understand the terms, conditions, and exclusions. With more and more pet insurance providers offering comprehensive coverage options, pet owners have the ability to choose the policy that suits their budget and their pet's needs.