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Is buying pet insurance worth the cost?

Is Pet Insurance Worth the Cost?

If you’re a pet owner, you may be wondering whether pet insurance is worth the cost. Every pet owner should consider pet insurance because not only could it save you thousands of dollars if your pet gets injured or sick, (your out-of-pocket costs can add up quickly, especially if you have multiple pets), but it could save you the heartache of having to make a tough decision about your pet’s health care and life in an emergency. 

Pet insurance protects against unexpected veterinary bills. Below are some general FAQs about pet insurance that we hope will help you determine whether pet insurance is worth the cost for you.

How much does pet insurance cost?

Your actual cost may be higher or lower depending on where you live, the age and breed of your pet, how you customize your policy, and which pet insurance discounts you qualify for. There is a plan for every budget. Here is more information on some of the top pet insurances in Florida with cost breakdowns.

What does pet insurance pay for?

It depends on the pet insurance you choose. But generally, pet insurance pays you back for unexpected vet bills related to accidents, injuries, and illnesses. With pet insurance, you will pay a monthly premium to keep your coverage active. Once your deductible is met, you can expect your insurance provider to pay for your pet’s eligible expenses, based on your reimbursement rate, up to your policy’s limit.

What do most pet insurance plans cover?

  • Accidental injuries 
  • Unexpected illnesses
  • Chronic diseases
  • Dental illnesses
  • Hereditary conditions
  • Surgery
  • Cancer diagnosis and treatments
  • Prescription medications
  • Diagnostic testing
  • Emergency exam fees

Some pet insurance providers offer additional coverage benefits such as:

  • Behavior modification therapy
  • Vacation cancellation fees
  • Lost pet advertising and reward
  • Breeding and pregnancy expenses
  • End-of-life care, euthanasia, and cremation or burial

What does pet insurance NOT cover?

  • Pet supplies
  • Cosmetic procedures
  • Elective surgeries 
  • Routine care / wellness exams (you can look for companies that include pet wellness or preventative plans)
  • Preventive care 
  • Spay / neuter
  • Vaccinations
  • Boarding / day care
  • Pet property damage
  • Personal liability claims

Uncertain whether pet insurance is worth the cost?

You should be mindful of breed-specific risks that can increase the price of pet ownership. For example, pugs have a nearly seven times higher likelihood of developing hip dysplasia than poodles, and they have many eye problems as well. French Bulldogs are more susceptible to hemivertebrae, a spinal deformity in which vertebrae develop wedge-shaped and cause an angle in the spine. Dachshunds, corgis, and any dogs with long torsos, are susceptible to spinal issues such as Intervertebral Disk Disease, a degenerative spinal disorder caused by a slipped disc, also known as a ruptured or herniated disc.. In general, large dog breeds are more susceptible to health issues than smaller breeds. Arthritis and certain heart conditions are more common in larger dogs. Research your breeds and make sure you are prepared. An insurance plan will save you a TON of money, especially on major surgeries associated with these breeds. 

What are the disadvantages of pet insurance?

  • Pet insurance does not cover pre-existing conditions or preventive/wellness care.
  • You might have deductibles to meet and out-of-pocket costs.
  • You pay for up-front costs and get reimbursed, which might be a problem for some.
  • Pet insurance premiums increase as your pet gets older and can get expensive.

Does every vet accept pet insurance?

Yes! Pet insurance doesn’t work like human insurance. Pet insurance reimburses YOU instead of paying the veterinarian, but sometimes they might pay your vet directly if the veterinarian has the pet insurance’s software. Your pet insurance will work at any licensed vet or animal hospital across the U.S. 

What are some advantages of pet insurance?

  • Pet insurance allows you to pick your vet, whereas human health insurance limits you to which health care provider you can see. 
  • Pet insurance does not discriminate against any breed or age of pet. You can insure your pet at any age, however to obtain lower premiums, it is advised to get insurance as soon as you get your pet.
  • Pet insurance delivers peace of mind. Having pet insurance allows you to choose treatments for your pets that need medical care based on the best option available, not restricted based on your finances. 
  • Pet insurance provides an easy way to budget pet care costs. Pet insurance policies can be paid monthly, quarterly, semi-annually, or annually. You can decide which plan is best for you and most plans have discounts for additional pets you own.
  • Most importantly, pet insurance could save and extend your pet’s lifespan by allowing you to authorize the medical treatment your pet needs, should they fall ill. 

We hope this post helped you decide whether or not pet insurance is worth the cost for you. There are pet insurance plans to fit any budget and any breed. We highly recommend being prepared with a pet insurance and, if possible, a preventive plan with your veterinarian. We always feel more at peace knowing that our cats and dogs are covered should there be any major health issue. It’s happened to the most unexpected pets in our experience. One never knows when something can go wrong, and a pet insurance plan is one part of having peace of mind.

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