is pet insurance worth it? costs, advantages and faqs
Our pets are nothing if not unpredictable.
We can’t predict when our cats will jolt from a dead sleep and launch an attack at a blank spot on the wall, or when their delight at receiving belly rubs will turn into claws out combat. We can’t predict which household appliance our dogs will declare war against, or which pile of mud or loose piece of trash they’ll feel the undeniable urge to roll in or feast upon.
But more seriously, we can’t predict when our pets will become ill or get into an accident. Just like people, pets get cancer, develop heart disease, and catch viruses. They also break bones, eat things they shouldn’t, and get hit by cars. In fact, statistics show that one in three pets will require unexpected veterinary care every year.*
Some people think of pet insurance as an unnecessary luxury, but this couldn’t be further from the truth. Americans will spend more than $18 billion on vet care this year alone**, and these costs fall almost entirely on pet owners to pay out of pocket, since a majority of pet parents do not have pet insurance. With so many pets without coverage, costs can mount quickly, and many families aren’t prepared.
Advances in veterinary medicine
The good news is that veterinary medicine has progressed by leaps and bounds in recent decades, and is now capable of successfully treating most ailments that can afflict our pets. The bad news is that many pet owners can’t afford to spend the hundreds, thousands or even tens of thousands of dollars that these treatments can cost. The result? Pet parents forced to make heart-wrenching decisions based on their budget, not on what’s best for their pet.
This is where pet insurance comes in. Many pet parents ask themselves if it’s really worth it to pay a monthly premium when they may go years without using the insurance at all. But even when you’re not filing claims, your policy is still working for you — providing peace of mind that whatever happens, you can give your pet the best treatment. For many pet parents, pet insurance is worth it to know that while they can’t predict what will happen to their pet, they’ll be prepared.
Is pet insurance worth it for you?
Every family is unique, and everyone must weigh different factors when deciding whether pet insurance is worth it for them. Consider your pet’s breed and research what conditions he or she may be at risk for. Golden Retrievers are particularly prone to cancer, while Labs and Pit Bulls often experience problems with their knees. Bengal cats are prone to heart disease; the Burmese breed is predisposed to diabetes — and the list goes on.
Then, consider what you’d do if your pet were to develop an illness that was curable — but treatment came with a $5,000 price tag or higher. Does your family have savings set aside for such an emergency? Would you be able to cover the cost without ending up in financial ruin?
Is dog insurance necessary?
Over 63 percent of households in the United States have a dog. That's over 89 million pups according to the American Pet Products Association's 2019-2020 National Pet Owners Survey!
Of course, with as many dogs are there are, it's only natural that a good number of those curious pets will get into unexpected trouble. In fact, every six seconds, a pet parent is faced with a vet bill for over $1,000†.
Thankfully, dog insurance can save pet owners up to 90% on unexpected trips to the vet’s office for things such as broken bones, swallowed socks and ear infections.
Conditions like cancer require treatments that cost canine parents thousands of dollars, but when your dog is protected, you only have to worry about a small fraction of the total. The best part? This frees you up to focus on your pet’s recovery.
Customize your pet insurance cost
While the price of pet insurance depends on a few factors like your pet’s age, size, breed and location, premiums can cost as little as $20 per month***. That’s less than what the average American spends annually on coffee. When you consider just how expensive vet bills can be, pet insurance is a relatively small price to pay to keep your furry family member safe.
Finding a pet insurance provider that offers a customizable plan can make monthly premiums affordable — and deliver peace of mind that no matter what unexpected medical needs arise, they’ll be covered.
Before you enroll your pet or get a free insurance quote, here are a few important things to know:
- ● The cost of pet insurance is generally higher for dogs than cats, because larger animals are more prone to health problems‡.
- ● Older animals are also more generally more expensive to insure than younger ones.
- ● Pre-existing conditions are not covered by any pet insurance provider.
- ● The lower your deductible, the more you can expect your pet insurance policy to cost.
So, is pet insurance worth it?
The majority of pet owners aren’t equipped to cover such an out-of-the-blue expense. Every day, families around the world must confront the choice between saving their pet’s life or protecting their own finances — and the heart-breaking result is curable pets being euthanized simply because their owners are unable to afford the treatment they need.
For many pet lovers, having a pet insurance policy is worth it simply to avoid ever finding themselves in this position. Your pets are members of your family and they deserve the best care available. Pet parents insure their pets for the same they have health insurance for themselves. Pet insurance guarantees you can provide just that.
A LOVE UNCOMPLICATED℠ pet insurance policy from Petplan simplifies your life by allowing you to pursue the treatment that's best for your pet.
LOVE UNCOMPLICATED℠ is service mark of fetch, inc.
*According to Datamonitor
**Pet Industry Market Size & Ownership Statistics, American Pet Products Association
***State of the Industry Report, 2018 Highlights, North American Pet Health Insurance Association
†According to Petplan claims data
‡Average Cost of Pet Insurance: 2019 Facts and Figures, Value Penguin by Lending Tree