Does Your Pet Need Insurance?

Is it necessary to get pet insurance and is it worth it? Find your answers here!

There is health insurance for yourself and homeowners insurance, but what about pet insurance? We love and care for our furry friends, but is pet insurance a wise investment or just another gimmick?

The number of owners investing in pet insurance is growing and is up over 20% with more than $1 billion being spent and roughly two million pets being covered according to the North American Pet Health Insurance Association.

At The Vet Set in Carroll Gardens, we care for your pet every step of the way — from their first pet immunizations to end of life preparation. In today’s post, well explore pet insurance to help you make a choice that makes sense for you.

Pet Insurance Advantages

Sometimes pet insurance just seems like another gimmick to get us to shell out more money on our pets, it’s like dog braces — do dogs really need braces on their teeth?! Pet insurance, in many cases, is valid as it is valuable, so let’s take a better look.

Your pet is protected.

If you want to sleep better at night, pet insurance is an option that is the perfect safety net to keep your pet safeguarded from an unplanned illness or injury. So, if you need a peace of mind knowing that your pet is covered, pet insurance is great way to do so.

Pet insurance is pretty straightforward.

Unlike the maze of our health insurance system that you almost need a degree in to decipher, pet insurance is fairly uncomplicated. Pet insurance policies are easy to compare and you can typically get a price quote within a couple of minutes, making plan shopping easy.

Pet insurance offers a variety of options for all budgets.

Depending on a couple of factors like health, age, and breed, your pet can get health coverage for a pretty low monthly premium, and it’s always nice to know your pet is protected. Even if your pet does have issues, there are so many companies and pet insurance plans that there is no doubt you can find something that works.

Deductibles are pretty reasonable.

Emergency vet visits can be expensive, and most pet insurance plans have deductibles that are affordable. If your pet does have an unexpected injury or illness, you will likely end up paying at least the deductible (if not more), so in this case, pet insurance makes sense — you may get extra care that you wouldn’t normally be able to afford out-of-pocket.

You don’t have to jump through “out of network” providers!

With pet insurance, there is no such thing as a vet that is out of network. So, if you love your Caroll Gardens vet, you can stick with them — as long as the vet is licensed, you shouldn’t have to worry as long as your vet accepts pet insurance. This also shouldn’t be an issue because with all pet insurance, the cost is paid by you upfront and then you submit a claim to the pet insurance company for reimbursement. What you need from your vet is a copy of the invoice so you can send it in for approval.

Disadvantages Of Pet Insurance

Why invest in pet insurance? While there are many benefits, let’s take a look at the reasons it may not always be the optimal choice.

Pet insurance premiums can be high.

If you don’t have a relatively healthy and young animal, the premiums tend to be more pricey with an older animal or one that has pre-existing conditions. You are subject to monthly premiums at upwards of $60 or more per month.

Pet insurance has limitations.

While all pet insurance coverage will be different and despite pet insurance, you still have to be able to pay the bill upfront.

Pet insurance doesn’t function in the same way as we’re used to because there is no co-pay option where you get the services first and then get the insurance bill later. With pet insurance, you have to be able to pay everything upfront, and then after services you can submit a claim with the pet insurance company.

So, does pet insurance save you from covering monumental expenses? Not so much. This is why people tend to not only have pet insurance but also a separate savings account for their pets in case an emergency does occur.

If your pet is relatively healthy, you may not need pet insurance.

Getting pet insurance is always a personal choice and we’re not here to sway your decision in any way. If your pet is relatively healthy and only needs routine vet care, monthly pet insurance may not be worth it to you. Again, pet insurance is always great to have should an emergency occur.

How Does Pet Insurance Work?

Pet insurance helps alleviate some of the costs that it takes to keep your pet healthy and thriving. People have a choice in the different levels of coverage, with each plan — whether it’s monthly or annual — being based on the amount of coverage you choose.

Plans can vary, with the most common being:

Emergency (accident/injury/genetic conditions)
Comprehensive (emergency, cancer, and alternative care)

Like traditional health insurance plans we use, many pet insurance plans will have a deductible with a certain amount you must pay before the coverage begins. This can be anywhere from $0 to $2,500, with the average amount in 2024 illness for dogs being $720 per year or roughly $60 per month.

The Cost Of Pet Insurance

We know that the average pet insurance cost in 2024 was $60 per month and $32 per month for cats, but individual costs will always vary based on your pet’s health, breed, age, and the plan you opt for.

Why not just set up a savings account for veterinary expenses?

Some pet owners like the idea of setting up a savings account for their pet in hopes of saving money on the pet insurance premiums, and while this makes sense, it may gloss over the purpose of pet insurance. Most people invest in pet insurance for large unplanned and unexpected circumstances to where they wouldn’t be able to pay for the bill out of pocket.

Putting away money for a “what if” scenario is wise, but here is where it may not work. Say you just opened a pet savings account and have been contributing to it for a couple of months, when suddenly your pet becomes seriously injured or ill and treatment requires treatment that will cost thousands of dollars.