Is Pet Insurance Worth It? Absolutely!
Protecting Your Pet From Unexpected Vet Costs
Responsible pet parents are usually well-prepared (and even excited!) for the day-to-day costs associated with having a pet. Things like food, toys, litter boxes, treats, and other essentials are baked into the monthly budget to ensure their pets have the best life possible.
What a lot of pet parents don’t plan for, however, is the unexpected expenses — a cat who won’t eat dinner, a dog who got hurt on a walk, a sneezing kitten, or a puppy with an upset tummy. As much as we hope not to experience an emergency illness or injury with our animals, accidents happen, and when they do, many people aren’t able to comfortably pay for the sometimes high cost that comes with emergency veterinary care.
It’s estimated that 1 in 3 pets require emergency veterinary treatment each year, and the average emergency visit can sometimes cost thousands in extreme cases, which could include exam fees, diagnostics, like X-rays or ultrasounds, medications, sedation, or even surgery.
With rising veterinary costs and such a high likelihood that a pet will end up needing emergency care, it makes sense that the pet insurance industry has grown by 25% on average over the last five years.
But is pet insurance worth it for the average pet? Veterinarians (including us!) overwhelmingly say, “Absolutely!”
How Does Pet Insurance Work?
Pet insurance is similar to human insurance in that pet owners pay a premium (usually on a monthly basis) and submit claims to their insurance company when costs arise that are covered by their plan. Then, once a set deductible is hit, their insurance will cover a portion of the overall costs.
How pet insurance differs from human insurance, however, is that pets are considered property by U.S. law, and so most insurance companies won’t cover preexisting conditions and will only cover new illnesses or injuries.
How Much Does Pet Insurance Cost?
Depending on your pet’s breed and age, as well as factors like where you live and the company you get your policy from, pet insurance costs about $60 per month for dogs and about $32 per month for cats, on average.
This number usually increases over time as you make claims, your pet ages, and new diagnoses are made that increase the overall cost of your pet’s veterinary care.
Most pet insurance companies also offer different levels of coverage that can increase or decrease the monthly premium costs. For example, a plan that only covers accidents and not illness could decrease the monthly cost to just $15 per month for dogs and less than $10 for cats.
The Benefits of Pet Insurance
Less than 5% of pet owners in the U.S. have pet insurance for their pet, likely due to a lack of knowledge or an underestimation of how much veterinary care actually costs nowadays. But, when pet insurance can save pet owners, on average, 70-to-100% of their unexpected vet costs, it’s shocking that more pet parents aren’t making this important investment in their pet’s health.
While pet insurance has its downsides, like additional monthly premium costs, the reimbursement model, and not usually covering pre-existing conditions, the pros far outweigh the cons.
Benefit #1: Save on Vet Costs
The most obvious benefit of pet insurance is the reduction in costs for vet care. Although most basic pet insurance plans don’t cover wellness care or care for preexisting conditions — unless you purchase a specific plan that will — the unexpected costs of an urgent care or emergency vet visit are where pet parents often need the most assistance anyway. This is where having pet insurance can significantly reduce the burden.
Pet insurance ensures your pet can receive potentially life-saving care without completely draining your bank account.
Benefit #2: Makes Elective Care More Accessible
Another benefit that isn’t as obvious is that pet insurance makes elective procedures and chronic condition care more accessible. For example, if your dog has a limp that’s noticeable but isn’t yet affecting their mobility, pet insurance may make the difference! You have the option to be proactive and get an X-ray diagnosis before it becomes a chronic condition like arthritis.
Pet insurance allows you to take a proactive approach to your pet’s care and help them live a longer, happier life.
Benefit #3: Peace of Mind
Lastly, pet insurance gives pet owners the peace of mind knowing that when something happens that is out of their or their pet’s control, they don’t have to choose between their pet and their savings.
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The Veterinarian Recommendation? Get Pet Insurance
When we start seeing a new pet patient, one of the first conversations we have is around pet insurance, and when our patients aren’t already covered, we always recommend they look into getting a plan for their animal. This is especially true for puppies and kittens, as pet insurance is often cheaper over your pet’s lifetime when they are covered before any chronic health issues are identified and diagnosed.
There are pet insurance plans that can fit in almost anyone’s budget, and with an average cost of $30 - $60 per month, veterinarians largely agree that pet insurance is worth the upfront cost for the potential savings, peace of mind, and ability to improve an animal’s vet care options.
If you have questions about pet insurance or are interested in learning more about mobile vet services in Dallas, TX, reach out to Dr. Olson at Dallas Veterinary Concierge today.