Is Pet Insurance Worth It?
Pet insurance can turn a sudden vet bill of thousands of dollars into something manageable, but it isn't right for everyone. Here's how it works, what it covers and doesn't, how to compare policies, and when saving on your own might be better.
By Pond.com editors Updated 2 min read
Quick answer
- Pet insurance usually pays you back for a share of covered vet bills after you pay the vet.
- Accident and illness plans are the most common; accident-only plans cost less but cover less.
- Pre-existing conditions are almost never covered, so it's cheapest and most useful to insure a pet young.
- You choose a deductible, a reimbursement rate and sometimes a yearly limit, which all affect the price.
- It's most worth it if a large, sudden vet bill would be hard for you to pay.
Vet care has become much more advanced, and more expensive. An emergency surgery or a cancer treatment can easily cost thousands of dollars. Pet insurance can help, but it doesn't cover everything, and it isn't always the best value.
This article is general information, not financial or veterinary advice. Policies vary a lot; always read the terms.
How pet insurance works
- You pay a monthly premium.
- Your pet sees any licensed vet, and you pay the bill.
- You send a claim to the insurer.
- The insurer pays you back a share of covered costs, after your deductible.
Types of plans
| Plan | Covers | Good for |
|---|---|---|
| Accident and illness | Injuries plus illnesses like cancer, infections and chronic conditions | Most pet owners who want broad cover |
| Accident-only | Injuries such as broken bones or swallowed objects | A tighter budget |
| Wellness add-on | Routine care like vaccines and checkups | Budgeting routine costs, if it adds up |
What's usually not covered
- Pre-existing conditions, anything with signs before cover starts
- Waiting periods, especially for some conditions like joint problems
- Breeding, cosmetic procedures and some elective care
- Routine care, unless you add a wellness plan
Choosing your options
- Deductible: what you pay before the plan pays; higher means a lower premium.
- Reimbursement rate: often 70%, 80% or 90% of covered costs.
- Annual limit: some plans cap yearly payouts; unlimited plans cost more.
When it's worth it
It often makes sense if:
- A sudden bill of $2,000 to $5,000 would be hard to pay
- You have a young pet, before conditions develop
- Your pet's breed is prone to costly health problems
Saving on your own may be better if:
- You have a solid emergency fund
- Your pet is older or already has health conditions
- You'd make different treatment decisions based on cost anyway
How to compare policies
- Read the sample policy, especially exclusions.
- Check waiting periods and how they define pre-existing conditions.
- Ask how premiums rise with age.
- Read reviews about how quickly claims are paid.
Common questions
Standard policies usually don't. Some insurers offer a wellness add-on for routine care like vaccines and checkups, but it often costs about as much as the care it covers, so do the math.
Usually yes. Most pet insurance in the US lets you use any licensed vet, because you pay the vet and then claim back from the insurer.
Usually yes, often each year. Ask how a company prices older pets, since that affects your cost over your pet's whole life.