On the surface, pet insurance sounds like a no-brainer. After all, if you have health insurance, why wouldn’t your dog? However, just like anything else these days, pet insurance is full of fine print and exclusions that could actually end up costing you more money if you are not careful about which plan you choose. In other words, depending on you and your dog’s lifestyle, pet insurance might just be a waste of money.
Start by outlining what you want covered, how much you can pay a month, and what types of injuries/illnesses your dog is likely to suffer during his lifetime. Then, use the following tips to help you decide whether or not pet insurance is right for you.
The Pros
1. Low Deductibles. Unlike human insurance, pet insurance for the most part has low deductibles, averaging $150-200/year, with one notable exception. TruPanion allows you to choose your deductible based on how high a premium you want – their deductibles can be as high as $1,000/year.
2. Free Visits. Most pet insurance plans include at least one free visit a year.
Related: Compare all the pet insurance brands in one place
3. Bonus Reimbursements. Depending on your plan and carrier, some will even reimburse you if you need to cut a vacation short, need to pay to board your pet due to a family death or emergency, or if your pet dies. PetPlan has a plan like this.
4. Serious Illnesses. Almost all plans cover injuries and serious illnesses for fairly low ($10+) monthly premiums. If you are just looking to safeguard yourself against catastrophic events, you will do well with a pet plan.
5. Choose Your Vet. Don’t worry about not being able to go to your own vet, with the exception of private plans such as Banfield’s, which only work at Banfield Pet Hospitals.
The Cons
1. Maximum Benefits. Regardless of the plan and carrier you choose, you will be faced with a maximum benefit each year. So, if you have an accident-prone or illness-laden pet, you might still find yourself footing part of the bill.
2. Sport or Working Injuries. In most cases, these types of injuries are not covered except at the most expensive level or for an added cost. For example, with TruPanion, the premiums will run you 75% more than a non-working dog.
3. Upfront costs. Unlike human insurance, where you just pay your co-pay out of pocket, pet insurance makes you pay the bill and then sends it to them for reimbursement. So, even with an insurance plan, you still need the money up front.
4. Preexisting Conditions. Not surprisingly, if your dog already has a lot of conditions, the insurance ship has probably sailed for you. Better to put the money toward treatment at this point.
5. Routine care. Surprisingly, almost no plans cover routine care. If you just bought a puppy and think the best way to save money is to purchase insurance, look carefully. The AKC Pet Healthcare covers all the puppy essentials at the Wellness Plus level, which starts around $70/mo.
RELATED: Read Our Review of the Top 9 Pet Insurance Providers
Is Pet Insurance Worth It? It Depends on You and Your Dog
Pet insurance can be a financial safety net or an unnecessary expense. The key is knowing your dog, your budget, and your expectations. If you’re worried about unexpected emergencies and can afford to front the costs for reimbursement, a good plan could save you thousands. But if your pup already has health issues or you’re hoping to cover basic checkups, you might be better off setting that monthly premium aside in a dedicated savings account. Do your homework, compare plans, and make the choice that gives you peace of mind because your dog’s health and happiness are always worth planning for.
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