Luis Pazos 
If you already have a pet or are thinking about getting one, you might be wondering if pet insurance is worth it. You’re already spending money on food and other supplies, and adding pet insurance could seem like just another expense. However, good pet insurance can actually make owning a pet much more affordable, especially if your pet ever needs surgery or develops a chronic condition.
The trick is to pick the right insurance company and choose a plan with the deductible, waiting periods, and reimbursement levels that fit your pet’s needs.
Pet Insurance Cost Comparison
We’ve compared costs from some recommended pet insurance companies. Here’s a quick look:
For Dogs:
- Female Mixed Breed, Age 5, 60 pounds: $34 to $89 per month
- Male Mixed Breed, Age 2, 25 pounds: $20 to $51 per month
For Cats:
- Female Mixed Breed, Age 2: $13 to $35 per month
- Male Mixed Breed, Age 5: $17 to $45 per month
Pet Insurance Guide
Good pet insurance can help cover the hefty costs if your pet needs surgery or is diagnosed with something serious. These expenses can add up quickly, sometimes reaching thousands of dollars in a year.
For example, emergency and chronic condition costs can be high:
- Arthritis: $724 for dogs, $490 for cats
- Broken Bone: $2,371 for dogs, $2,257 for cats
- Cancer Treatment: Around $4,000
What Does Pet Insurance Cover?
Coverage varies by policy, but most plans cover:
- Accidents like broken bones or swallowed objects
- Illnesses like cancer, arthritis, and infections
- Hereditary and congenital conditions
- Behavioral therapy
- Chronic conditions
- Prescription medications
- Preventative care like vaccinations and flea meds
You may need to compare different plans to see which options are standard and which are add-ons.
Understanding Common Exclusions in Pet Insurance
Many plans have exclusions and may not cover older pets. Common exclusions include:
- Pre-existing conditions (sometimes covered after a waiting period)
- Cosmetic procedures
- Breeding expenses
- Exotic pets
- Dental illnesses (unless specifically included)
- Spaying and neutering
- Alternative treatments
- Microchipping
How Much Does Pet Insurance Cost?
Costs vary, so it’s smart to shop around. Factors affecting premiums include:
- Type of pet (cat or dog)
- Age and breed of the pet
- Available discounts
- Your location
- Deductible and reimbursement levels
- Coverage and add-ons
- Policy maximums
How Does Pet Insurance Work?
Most pet insurance plans offer different coverage levels. You can choose a basic plan for emergencies with high deductibles or a more comprehensive plan that covers wellness and has high reimbursement rates.
For example, TrustedPals offers three tiers for a five-year-old dog named Madge:
- Budget Plan: Lower premium, higher deductible, annual coverage limits
- Mid-Tier Plan: Balanced
- Comprehensive Plan: Higher premium, lower deductible, no annual limit
If Madge swallows a foreign object and you have $5,000 in vet bills, here’s the potential cost and savings:
- Budget Plan: Annual cost $408, reimbursement $2,975, saving $1,917
- Mid-Tier Plan: Annual cost $624, reimbursement $3,800, saving $2,926
- Comprehensive Plan: Annual cost $1,068, reimbursement $4,410, saving $3,242
Pros and Cons of Pet Insurance
Pros:
- Financial protection against expensive vet bills
- Peace of mind
- Flexible coverage options
- Can choose any vet
- Some plans cover prescription meds
Cons:
- Not all conditions are covered, especially pre-existing ones
- Additional costs like premiums and deductibles
- Might not use the insurance if your pet stays healthy
- Waiting periods before coverage starts
- Premiums can increase over time
How to Find the Best Pet Insurance Policy
Compare quotes from at least four or five companies. Look at:
- Premiums
- Reimbursement levels
- Annual payout limits
- Deductibles
- Waiting periods
- Coverage options and add-ons
The best policy suits your coverage needs, reimbursement preference, and deductible comfort level.
Bottom Line – Is Pet Insurance Worth It?
Pet insurance is a valuable investment for your pet’s health. It can save you thousands in the event of serious illness or accident and provides peace of mind, knowing you won’t be forced to make tough decisions based on finances alone. Emergencies are unpredictable, and without insurance, unexpected vet bills can be overwhelming.
Advances in veterinary care mean better treatments for pets, which can be costly. Insurance makes these treatments more accessible. However, insurance isn’t one-size-fits-all; premiums, coverage, and exclusions vary. Do your research, compare policies, read reviews, and talk to other pet owners to find a policy that fits your pet’s needs and your budget.
Remember, the best policy isn’t necessarily the cheapest or most expensive, but the one that gives you the best value.
