One of the biggest fears you may have as a pet owner is a possibility of your fur baby getting sick or having an accident, which is totally understandable as a pet-parent.
Pet insurance companies have positioned themselves as the solution to this common fear by offering a better way to prepare for any medical bills so you won’t have to put your dog down when the medical fees just get too much.
But pet insurance isn’t exactly cheap, either, which begs an all-important question – is it worth it to pay a monthly plan for pet insurance? That’s exactly what we’re tackling today and it should hopefully make your decision easier to make.
But first, since you’re already here, why not check out our comprehensive guide to keeping a neater home with the best pet vacuum cleaners?
What is pet insurance?
In 2014, about 1.4 million pets were covered by insurance, according to the North American Pet Health Insurance Association. But by the end of 2018, there were 2.43 million pets covered by insurance, an incredible increase over just 4 years!
Though it’s technically a kind of property insurance, pet insurance work similarly like the same kind of insurance you and I have. When you bring your pet to the vet, you pay the bills and submit a claim to your pet insurance company, who may cover a partial amount or the full cost of the vet trip.
Some pet insurance plans also include if your dog goes missing or when it dies, but it will really depend on what kind of plan you choose. It is thus essentially a safety net for pet owners for cases when their pets need medical attention.
Pet insurance typically only covers cats, dogs, and horses, but some pet insurance companies also cater to more exotic pets.
What does pet insurance cover?
Because we want the absolute best for our fur babies and are always looking for better ways to protect them, there are a lot of pet insurance plans on the market today compared to just a few years ago. And this makes choosing what insurance to get (or whether you should even get it) a confusing decision to make.
So which is the best pet insurance plan?
It will ultimately depend on what you need and what they cover because no two plans are exactly the same.
Pet insurance has the same foundation of covering veterinary bills when your dog becomes ill or when an accident happens. Pet insurance can either be “non-lifetime” or “lifetime”.
What’s the difference?
Say my dog falls ill with a specific respiratory infection and the pet insurance covers the costs of medication for that infection.
If I have non-lifetime pet insurance, I will not be able to claim reimbursement for the same infection if my dog gets it again the next year and I will have to pay the medical fees myself.
But if I have lifetime insurance, I may still be able to lay a claim to cover costs as lifetime insurance plans don’t exclude diseases from your plan that your dog has already experienced. So if you have a pet with a recurring illness, you may want to look into getting a lifetime plan.
But on top of this, pet insurance plans can also offer a whole range of coverage options, including coverage for vaccines, neutering, dogs with hereditary conditions, hospital boarding costs, rewards for missing animals, and even for when a dog dies.
Pet insurance very rarely covers pre-existing conditions, so it may be a good idea to get it for your pet as early as possible before they develop something more serious.
It is important to first have a chat with your vet to learn about the chances of your dog becoming ill for certain diseases and about their general health. Your dog’s age, wellness, as well as your own financial capabilities should all contribute to making the choice between coverage plans.
What are the pros and cons of getting pet insurance?
There are a number of advantages associated with getting pet insurance, but you will often have to balance those advantages with the drawbacks that can come with insurance.
Pros
You can get pet insurance for your pet pretty early for most plans, which means that they can help you cover the initial costs of vaccinations and other preventive care.
Pet insurance is also far cheaper than human health insurance and there are so many choices on the market that fit every kind of budget. For as low as $15 a month, you can have a fully insured pet.
The feeling of safety that comes with that cannot be understated. It’s probably even the reason why you’ve started looking into pet insurance.
Having an insured pet means that hefty medical costs for treatments and surgeries won’t be as eye-watering. This is especially important for dogs with serious illnesses that need continuous treatment like cancer.
Having lifetime insurance that covers those costs can save a dog from death and save you from the heartbreaking decision of putting them down.
Cons
There are many studies out there that look into whether having pet insurance will actually save you money over the long run. The most comprehensive is one by Consumer Reports, who found that, in most cases, you may actually lose money even if your dog does eventually get sick once you factor in how much it actually costs to even get coverage. But they are also clear that if you choose a good insurance plan, you do save money. You can read the entire report here to learn more.
Conclusion
So is pet insurance worth it? In the end, we think it is if you’re an average pet owner. While you may technically “lose” money over the long run, the burden of paying small payments monthly for coverage is still lighter than having to pay a significantly large amount all at once without insurance, especially for a major surgery that runs into tens of thousands of dollars.
There is also something to be said about the feeling of safety and security that people may experience when they know that their pets are in good hands.
But if you’re on a budget, you can save even more money by staying on top of your pet’s health, which starts with regular vet checkups and giving them the right amount of exercise (check out our best dog treadmills for easy indoor exercise).