Should I Get Pet Insurance? Pros and Cons Revealed

Pets make for the perfect companion to those who live alone or want to expand their family. But the sad truth is that they can be costly to care for, especially when an unexpected illness creeps up. If you have a pet, you’re probably already aware of this and are considering buying pet insurance before taking your furry friend to the vet.

Pet insurance wasn’t always an option for pet owners. But, with the cost of pet care being as expensive as it is, and only rising higher, insuring a pet is sounding more appealing to many. If you’re on the fence about buying pet insurance before heading to the vet, we’ve outlined below a few important things to consider.

It may be a good idea to purchase pet insurance before going to the vet, but you’ll need to consider the reason for your visit and the time between starting a policy and the appointment date. Just like traditional health insurance policies, pet policies often carry waiting periods and exclusions depending on the company you purchase from.

For example, most pet insurers impose a 14 or 15-day waiting period before coverage actually begins. So, if you purchased a policy today and the insurer has a 15-day waiting period, you’ll need to wait out those 15 days before you can submit a claim.

Now, there are some companies like MetLife that offer accident and wellness coverage the same day you purchase your policy. Others, like Healthy Paws, do subject pet owners to a 15-day waiting period, which means you’ll have to wait until after it expires to submit a claim for an accident or illness.

In addition to waiting periods, most pet insurance companies also won’t cover pre-existing conditions. A pre-existing condition is an injury or illness your pet suffered before the policy was purchased. However, there may be some companies that extend coverage to pets with pre-existing conditions, so do some research before forgoing coverage altogether.

While pet insurance can certainly help you to stay on top of your pet’s health knowing some or all of the visit is going to be covered, there are still a few other disadvantages that come with buying it. Here is a list of them:

• Most pet insurance plans are reimbursement-based, which means you’ll still be required to pay for the full cost of the visit upfront. Companies generally offer reimbursement choices of 70 percent, 80 percent, or 90 percent. The good news is that some pet insurers are able to process claims in under 10 days. This means you can expect to be reimbursed quickly for a portion of the visit if the claim is covered.

• You may have to pay a deductible. Most pet insurance plans carry a deductible or an amount you have to pay before coverage kicks in. So, if you select a plan with a $250 deductible, you’ll be responsible for the first $250 before the insurance coverage takes effect.

Although pet insurance monthly premiums can reach as high as $100 a month, most pet owners pay between $25 and $50 monthly for coverage. Policy prices are calculated using your pet’s species, breed, age, and sex. It’s worth noting that most pet insurance companies do provide free quotes which makes comparing policies much easier.

While pet insurance may seem like an added expense, knowing you might only have to pay 20 percent or 30 percent of their visit can help you avoid a large vet bill. It can also reduce the financial burden of having to cover multiple wellness checks, vaccinations, or worse, surgery in the event of an unexpected accident.

Another option is to set aside a certain amount of money each month (for example, the amount you would pay for a pet health insurance premium) in a savings account or emergency fund so that you can cover pet expenses when they arise. Planning ahead, whether you get pet insurance or save money, is important so that you have the extra peace of mind knowing that you can cover vet care for your pet.