What to know before getting pet insurance

Pet insurance can help cover unexpected veterinary costs. But it’s not the right solution for every pet or every family. Before enrolling in a plan, it’s important to understand what pet insurance typically covers, what it doesn’t, how much it costs, and what alternatives exist if insurance isn’t affordable.

There are different types of insurance plans to fit a variety of budgets and needs. This guide will help you understand how pet insurance works and what alternatives you may have.

What does pet insurance cover

Depending on the policy, the pet may be insured for both accidents and illness, accidents only, illness only, wellness exams or a combination. Covered veterinary options vary according to the plan. Here's a breakdown of what each pet insurance plan may cover:

Accidents: Depending on your plan, helps cover costs related to bite wounds, fractures, cuts, poisoning and other emergencies.
Illnesses: Includes some coverage for medication and surgery to treat illnesses like cancer or asthma, and breed-specific genetic disorders such as hip dysplasia.
Wellness and routine exams: Covers all necessary treatments to maintain the animal's health. Some examples may include dental care, heartworm prevention and vaccinations.

The pros of pet insurance

If your pet gets injured or sick, having pet insurance can help you be better prepared. Some top benefits of pet insurance for animals and owners include:

Makes veterinary costs more manageable: Having your pet insured can make unexpected vet expenses more manageable. Even if the insurance doesn't cover the full amount, a co-pay can help you get closer to the total amount needed.
Brings pet parents peace of mind: Pet insurance may help reduce worrying about treatment costs if your pet becomes sick or has an unexpected emergency, enabling you to get them the medical help they need.
Improves pet health and wellness: With pet insurance, owners may be able to take their pets to visit the vet more often, which can help keep animals in better health by identifying diseases or genetic conditions early on. Early detection may improve the prognosis or make it possible to avoid surgery.

The cons of pet insurance

Pet insurance can safeguard an owner’s peace of mind and provide access to otherwise out of reach treatment options. However, it may not be the best option for everyone. Some disadvantages to consider:

It's a gamble: As with any insurance, you might pay for pet insurance, but your pet might only face minor health conditions, so you could end up paying more than you get back. However, if your pet does get sick and you don't have insurance, you could be forced to pay large amounts out of pocket.
There are deductibles: Your plan may dictate an amount you must cover out of pocket before insurance kicks in. For example, if your plan’s deductible is $500, you must pay the first $500 of expenses yourself and then you can submit additional expenses to the insurance company for reimbursement. Also, some plans have a deductible per diagnosis, meaning you’ll have to reach the deductible cap for each separate illness before being eligible for expense reimbursement.
The coverage may be inadequate: When choosing pet insurance, do your research and check the coverage options for the plan. It can be disappointing if you pay high monthly premiums and then you find out that you're not covered for certain procedures or medications.
Pre-existing conditions may not be included: Illnesses or injuries that occurred before your policy started, or during the waiting period, may not be covered. Some plans may cover curable conditions after a symptom-free period, but chronic and breed-specific conditions may not be covered. Be sure to shop around for plans if your pet has a pre-existing condition.
Up-front payments: Some pet insurance companies require that pet parents make payments to their vet up-front, then file their claim paperwork and wait to be reimbursed at a later date.
You have multiple pets: For families with more than one pet, cumulative insurance costs can be expensive. Some companies offer discounts for multi-pet families, so be sure to ask.

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Need help affording veterinary care?

If pet insurance isn’t an option, you can search for low-cost vets, financial assistance programs and pet food support near you through Pet Help Finder. Click on “Veterinary Services,” enter your city, state or zip code, then click “Search.”

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Alternatives to pet insurance

While insurance can be helpful for emergency situations, the paperwork and time involved paired with the premiums and deductibles can turn some pet owners away. If you're not sure that pet insurance is the right choice for you or your pet, here are some alternative ways to cover veterinary expenses to consider:

Open a savings account dedicated to veterinary expenses: Contribute to it each month, just as you would if paying a monthly insurance premium. Over time, you can accumulate hundreds or thousands of dollars for emergency or unexpected vet care.
Negotiate a payment plan: Some veterinary clinics may be willing to offer a weekly or monthly payment plan, especially for established clients. Don’t be afraid to ask for flexibility in paying for care.
Seek “financially-friendly” veterinary services: Financially-friendly service providers, like PetHelpFinder.org, offer a variety of solutions to widen access to veterinary care, such as third-party billing services that do not require a hard credit check, lower than average pricing and special pricing on sick-care packages.
Open a credit card for pet expenses: Consider opening a line of credit with an amount that would be sufficient to cover or contribute toward pet health expenses. This option may work well for emergency medical expenses, however, be mindful of interest rates and how long it might take you to pay off the expense.

How do I choose the right pet insurance?

To choose the right pet insurance, you need to consider your financial capacity to cover monthly premiums and your pet's unique needs. Find out about the insurance plans' deductible amounts, deductible periods and any exclusions or limitations. You can use an objective insurance comparison tool to compare policies.

Asking the right questions of a company that offers pet insurance can also make your decision easier. Here are some examples:

Are there any exclusions based on breed, age or preexisting conditions?
What is the cancellation policy?
Is dental coverage included?
Is there a separate cancer rider?
What are the waiting periods for hereditary, congenital or orthopedic conditions?

Before signing up for pet insurance, you need to know if the company is reliable by exploring customer reviews and researching the company’s track record of honoring payments.

Always check the fine print before signing and clarify the claims process ahead of time.