How Important is Pet Insurance?
One of the biggest puzzles for new pet owners is ‘should I or shouldn’t I invest in pet insurance.’ I struggled with this for years, especially when I saw the prices inching up over time. When I finally investigated, I was shocked at how wide the price window was between various companies and plans. While I thought it would be straightforward, it was not. I was thinking you picked a company, paid a price, got a copy of what it covered and that was it. I had no idea of all the variables involved. Here is a rundown of what I found:
- Most go by pet age. The older the pet, the more expensive the plan. Some will ask if your pet has seen a vet in the last year.
- You can usually get a multi-pet discount, however on some of the plans I investigated they were very unclear how you did that. One plan asked right up front if you wanted to cover multiple pets and factored that into the price. Another advertised they gave a multi-pet discount then had no way to add additional pets after you entered information on the first one.
- This was big for me, and I only saw it by accident. There are annual pay-out caps, and the basic policies did not cover very much. A fair number of plans have decent limits (ex.$10,000-20,000 annually) however I saw one basic plan with only a $1500 annual payout. In the pet world, that would not even cover one CT or MRI.
- All plans I looked at had several coverage levels. Usually, a basic level covering emergency-type situations, then you can add plans that cover vaccines, spay/neuters, and wellness checks. This can add an additional $15-25 per month to your premium.
- Read your fine print. I had to make a claim once where they asked me to submit every piece of vet paperwork since the kitten was born. Every visit, not just pertaining to the illness. It looked like a book. Thank God I had it. I did get paid.
- Pay attention to deductibles. What may look like a good deal may not be if they only pay out 50%. Another plan may pay 70-80% for a few dollars more.
In my pet insurance travels, I did find an article (it was updated for 2024) that had comparisons for pet insurance companies. It was written by a licensed insurance professional, so I feel like he covered all the bases. I made sure they were all plans with high annual caps and the article is laid out so you can compare easily and get more information if you want to. When done correctly, pet insurance can be a huge asset for pet parents. No one wants to deny medical care for a sick pet due to cost. I hope this information can help you make an educated decision.
Here is the link to the pet insurance article https://www.tbo5trk.com/3594XQ5/2GMH37/
(There are affiliate links in this article. I donate a portion of all compensation made to a shelter or rescue. Thank you for your support)