Pet Blog > What to Know about Pet Insurance

What to Know about Pet Insurance

Pet insurance is a relatively new way to prepare for your pet's care. According to a recent survey, 20% of pet parents have gone into debt caring for their pets at an average of over $1,500. For many of us, that is a LOT of money that we just do not have tucked away for an emergency.

Before you buy pet insurance, please do your own research into the types of injuries or illnesses your pet's breed may be prone to in their lifetime. Is your dog's breed commonly a jumper prone to knee injuries? A cranial cruciate ligament repair (CCL, the equivalent of an ACL tear in humans) can cost anywhere from $650 to over $6,000. Perhaps your cat is curious and ingests some medications lying on your bathroom counter? Treatment for cat poisoning from human medications can cost between $250-$2,000.

Also, talk with your vet about what they expect you may spend over the life of your pet. Common questions you may want to ask:

• (first question) How much do you think I will spend annually on my pet's care?

• Do you do veterinary lab work in-house, or is there an extra cost to have it done elsewhere?

• Does your clinic offer physical therapy after an injury?

• Do you have specialty veterinarians like orthopedic vets or dog neurologists?

• Does your clinic offer payment plans or deferred payments if I have pet insurance?

Your vet cares about your pet, too, and wants your dog or cat to live a healthy life. Yes, they are a business and do have to make some money, but anyone who becomes a veterinarian does so because they care about animals.

Top Pet Insurance Questions

How does pet insurance work?

Pet insurance works a lot like dental insurance and how health insurance used to work. You will pay your veterinarian at the time of service then file a claim with your pet insurance provider. You may even ask your vet if they would be willing to defer collection until you receive payment from your insurance plan.

How much does pet insurance cost?

Pet insurance premiums can vary a lot based on your pet's species, breed, and age. Then you can also determine the level of coverage you wish to have for your pet. Variables like deductibles (how much you pay before insurance kicks in), coinsurance or copay amount (percentage of coverage), and annual limit (maximum yo can get back in a year) are often adjustable to help you find a plan that is right for you.

What does pet insurance cover?

Pet insurance typically covers accidents and evens illnesses that your pet may have. Some plans may give you the option for routine pet care, such as tooth cleaning and cremation fees. When you are buying pet insurance, you can often tailor the coverage options to include or exclude specific care features. Almost no pet insurance plan will cover pre-existing conditions. If your pet has a pre-existing condition, you may consider using CoFund My Pet to fundraise for your pet's veterinary bill.

Can I use pet insurance at my vet?

Most policies will let you use your pet insurance at the veterinary clinic of your choosing. Feel free to ask your veterinarian if pet insurance plans typically cover their services. If in doubt, contact your insurance provider before seeking care.

Is pet insurance worth it?

We believe pet insurance is worth it because it is another way to help ensure your pet gets the care it needs to live a longer and healthier life. We encourage you to shop around, read different pet insurance reviews, and find the most affordable pet insurance for your situation. 

Conclusion

A pet insurance policy can make your annual pet care bill both more affordable and more predictable. We encourage you to weigh your options and compare what you anticipate spending on your pet's care to decide if pet insurance is right for your needs. As a parting note, I'd remind you that you have insurance to cover your own medical expenses, why wouldn't you have cat insurance or dog insurance for your four-legged family members?

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