Is buying pet insurance a good idea?
Some policies don’t work well for pet owners. Some pets need coverage more than others. Other policies have high deductibles. And pet insurance can be costly.
However, pet owners may want to consider buying insurance because veterinary service costs continue to rise. They increased by 7.9 percent between 2023 and 2024, according to the U.S. Bureau of Labor Statistics. Increasing costs are especially true for complicated procedures such as emergency surgery, which can cost from $2,000 to more than $10,000.
A clear majority of consumers who purchase health insurance for their pets say it’s worth what they paid for it, according to a Consumer Reports survey.
But when asked how satisfied they were with certain parts of their coverage, the responses were lukewarm at best. Very few pet owners expressed either very high or very low levels of satisfaction.
In the survey, the median cost for policyholders who had one dog, and no other pet, was $54.50 per month or $654 per year. Those who had one cat, and no other pet, paid $34.50 a month or $414 a year.
It’s also important to compare prices for veterinary services as well as insurance coverage. One survey showed prices vary widely for veterinary care with some companies charging three times more for the same service.
Like most consumer endeavors, buying pet insurance requires careful research.
Here are my tips:
Check out carefully what policies cover. Are accidents, illnesses, and routine care covered? Look for a high reimbursement rate, low deductibles, and no caps on payouts. The maximum amount an insurer covers annually usually ranges from $2,500 to unlimited. The amount of money you’ll pay before coverage kicks in, your deductible, generally ranges from $0 to $2,500. Reimbursement rates after your deductible is met are usually 70 percent, 80 percent, or 90 percent. You’ll pay a higher premium for higher coverage limits, higher reimbursement rates, and lower deductibles.
Compare prices. Make a chart with items such as monthly costs, deductible length, reimbursement rates, and exclusions to make it easier to compare prices.
Read the policy carefully for exclusions. Many policies don’t cover pre-existing conditions or dental care. Some policies exclude wellness care, but offer it as an add-on.
Find about whether there’s a waiting period. Accident waiting periods usually range from one to 14 days, while illness waiting periods are often 14 to 30 days. Some conditions, such as hip joints that don’t fit together properly, may have longer waiting periods.
Sign your pet up when it’s young and healthy. It reduces the changes for pre-existing conditions and makes sure insurance is in place if something happens. Policies may cost much more for older pets.
Ask your vet which policies they recommend. Also, be sure find out if your vet will be covered by the policies you’re considering.
Check for discounts. Discounts may be available if you insure more than one pet or if you have more than one policy from a company; you pay annually rather than monthly; or you serve in the military. And, check to see if your employer offers pet insurance.
Be aware most policies require you to pay upfront for visits. You’ll need to file a claim for reimbursement.
Look for websites that compare policies. One is Consumer Advocate with “10 Best Pet Insurance Providers – June 2026.” HerMoney also offers “Best Pet Insurance for 2026.”
Best wishes with your pet insurance shopping.
