Is Pet Insurance Worth It?

Pet insurance is a billion-dollar industry! Depending on your pet, you could easily spend on average $300 to $700 dollars a year on insurance alone. One thing's for sure, the earlier you insure your pet the cheaper. The one main question that most people wonder the most when it comes to pet insurance is, is it even worth it?

Like any insurance policy, it depends on your monthly premium. Your plan is based on the age, breed species, and even the location of your pet. A Golden Retriever in Toronto will cost you less insurance compared to a Chihuahua. You will have to find out all the details of each policy and find out exactly what you're covered for. For example, one policy might charge you $70 a month and give you a coverage up to $8,000 but it may come with a deductible of 20% now let's say your pet has an accident that costs $5,000 you'll still pay $1,000 out-of-pocket plus the monthly premiums.

The 5 Pros of Pet Insurance

So is pet insurance worth it? There certainly are a lot of reasons to get your pet covered:

1. It’s Easy to Compare Options

Unlike human health insurance, which can be a labyrinth of plans and riders you need a pro to help decode, pet insurance is relatively straightforward. Policies are simple, tiers are easy to compare, and you can get a no-commitment quote from different companies within minutes, making price shopping a breeze.

2. Premiums Can Be Low for Young Pets

If your pet is young or healthy, or you choose a lower tier, you can get coverage for less than the cost of your Netflix and Hulu subscriptions. Such a low monthly premium is not a huge price to pay for the security of knowing your pet can get the help they need.

3. Deductibles Are Reasonable

Compared to the cost of one late-night animal ER visit, most plans’ deductibles are affordable. If, heaven forbid, your pet is seriously injured or ill, you could wind up paying at least the cost of the deductible anyway — but with insurance, you can get your pet the extra care and piece of mind toward vet bills that you may not have been able to afford on your own.

4. You Get to Choose Your Vet

There are no “out-of-network” provider headaches when it comes to pet insurance. As long as your vet is licensed, eligible expenses should be covered and there’s no need to worry if your vet “accepts” your plan. Since you pay for the cost out of pocket and then submit a claim to the company for reimbursement, all you need from your vet is a copy of their invoice and for them to fill out a section of the claim form (or to send along your pet’s records).

5. You Can Do More for Your Pet

According to a recent joint analysis by Nationwide, owners with pet insurance are more likely to seek medical care for their pets than those without. Parents of insured dogs visit 73% more often while cat parents with insurance take their feline friends into the vet 43% more often.

No one wants to have to choose between a sick pet and a mountain of debt. Too many pet owners, faced with a catastrophic medical crisis they hadn’t prepared for, are forced to make the heartbreaking decision to elect for “economic euthanasia,” according to the University of Melbourne in Australia. If you invest in pet insurance, you could save yourself — and your pet — from ever facing such a decision.

The 4 Cons of Pet Insurance

But for some, the cons of pet insurance outweigh the pros. Here are a few of the biggest problems with pet insurance policies:

1. Premiums Can Be High for Older Pets

If your pet is older or has a pre-existing condition or you choose a high tier, you could be looking at monthly premiums of $50 or more. You’ll want to carefully weigh whether the annual cost makes sense for you. The more customized coverage you require (like if you want a specific chronic or behavior condition covered), the higher you can expect to pay.

2. You Still Have to Pay Up Front

Having pet insurance won’t save you from having to shell out big bucks if your pet needs a costly procedure. Whether you have coverage or not, it’s wise to have a separate savings fund for vet emergencies to ensure you can handle upfront charges until your claims are processed.

3. It Doesn’t Cover Everything

On average, a pet owner with insurance still pays around 20% of their pets’ medical expenses, according to a report by the New York Times. Routine wellness checkups usually aren’t covered (unless you pay extra for that), so you’ll still pay for those out of pocket. Certain hereditary/genetic conditions may also not be covered; be sure to check each policy’s specifics carefully.

4. The Coverage has Limitations

Many plans also limit the amount you can claim, either annually or over your pet’s lifetime. If your pet is unfortunate enough to suffer a major medical problem, you could max out your plan’s limit quickly and find yourself paying the difference.

Pet insurance doesn't cover any known issues with your breed or does it cover regular check-ups. Pet cleanings and vaccinations could easily cost you a few hundred dollars or even thousands of dollars every year. There are all-inclusive policies out there, but your monthly premiums could cost you well over a hundred dollars a month and it still won't cover any known issues. Now there are alternatives of getting pet insurance, you could set up a pet emergency fund by putting aside a hundred dollars a month. So, is pet insurance worth it? In most cases probably not, it's a better value to set up a pet emergency fund. If pet insurance gives you peace of mind, go for it you...

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