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Protect Your Pet: 5 Reasons Why Pet Insurance Is Worth Investing In

Lindsay VanSomeren - Writer for DailyTails
By Lindsay VanSomeren
Davor Štefanović - Editor for DailyTails
Edited by Davor Štefanović

Updated August 30, 2023.

A dog at its regular vet checkup that's covered by insurance

Do you need pet insurance? Many people don't consider it because they don't want an added expense, but it's actually quite affordable. The average cost of pet insurance is around $38 to $56 per month for a dog and $20 to $30 per month for a cat. If you're wondering 'Do all vets take pet insurance?' there's no need to worry. Unlike human medical insurance, pet insurance works by reimbursing you, so you're free to use whichever vet you want.

Before you rule it out, it's good to consider the reasons why pet insurance is important. There are a lot of factors many people don't realize that will help you, your furry friend, and your wallet in the long run.

What Does Pet Insurance Cover?

Pet insurance is the equivalent of health insurance for people. And just like how you need to choose your own coverage level, you'll get to do the same for your pet. Keep in mind that the more comprehensive your policy, the higher the price tag—but the more it'll cover.

  • Accidents: Is accident insurance worth it? If you're not able to pay thousands of dollars out of pocket if your pet is injured in an accident, then it's a good idea to consider pet insurance.
  • Illnesses: What is pet insurance good for? In addition to accidents, many policies cover you when your pet is sick or hurting, such as if they need treatment for skin infections, digestive problems, allergies, weight management, or arthritis issues.
  • Wellness: Does pet insurance cover vet visits? Many don't, but if you pay extra for a policy with a wellness plan you may be covered for routine vet care like spay or neuter surgeries, vaccinations, and preventative medications for fleas, ticks, and heartworms.

5 Benefits of Having Pet Insurance

There are five main reasons why pet insurance is a good idea:

  1. Coverage for Expensive Treatments
  2. Freedom to Choose Your Vet
  3. No Discrimination
  4. Lower Costs
  5. Peace of Mind

» Check out the best pet insurance providers for dogs and cats in the US

1. Coverage for Expensive Treatments

One of the most heartbreaking things as a pet owner is having treatment options available to help or even save your furry friend, but not being able to afford it. Cancer treatments can run several thousand dollars, for example, and about 25% of dogs will develop the disease at some point in their life according to the American Veterinary Medical Foundation. Not only does pet insurance help you afford these costs, but it expands the range of treatment options available so you can choose what's best for your pet.

2. Freedom to Choose Your Vet

Pet insurance is much simpler compared to human health insurance. It generally works on a reimbursement basis where you pay the vet bills upfront, then file for some of those costs back. Most pet insurance plans reimburse you for about 80% of your bill. That gives you the freedom to choose whichever vet you want. It can be very helpful if you need after-hours or emergency care, or if your pet responds better to certain veterinarians. If your cat is afraid of the vet, for example, choosing a certified Cat Friendly Practice can help ease their own stress.

3. No Discrimination

Some pet insurance companies do have age and breed restrictions in place for the types of pets they'll cover, but in general, most pets will qualify for coverage. You can still get insurance for an older pet, but you may be charged a high premium so it's important to shop around for rates. In addition, many insurers also won't cover any pre-existing conditions your pet has, so it's important to buy them a policy as soon as possible if you'll be putting them on an insurance plan. If you're not sure which company might be best, your vet may be able to help suggest a few options for you based on your pet's age and medical history.

4. Lower Costs

Pet insurance can be a good way to save money if you'd otherwise be taking on debt to pay for any veterinary care your family member needs. Many people rely on personal loans or even credit cards to pay for vet care, and that can be very expensive, especially if you don't have excellent credit. It also gives you an easy way to budget for vet care with regular payments and helps keep your emergency fund intact. If you have multiple pets, you may even be able to get a discount on policies for your other pets too.

5. Peace of Mind

Pet insurance doesn't just help you save money. It saves you a lot of worry and anxiety too, so you can focus on building a better relationship with your pet. You can feel confident that no matter what happens, you'll be able to take care of them just as they take care of you too.

» Read more about Embrace vs. Trupanion pet insurance and find out which is better for your furry friends

Secure Your Pet's Future

If we've convinced you to consider pet insurance, it's a good idea to shop around for rates sooner rather than later. Pet insurance companies base the cost of your policy partly on your pet's age, so you don't want to wait too long. That also prevents the possibility of any policy exclusions for pre-existing conditions from popping up in the meantime, so you can make sure they're fully protected.