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Understanding Pet Insurance: A Comprehensive Guide

Types of Pet Insurance Coverage

Keeping your pet healthy and happy can be a pricey proposition. Buying pet insurance can help you handle some of the costs. Pet insurance generally covers accidents and injuries, and you can add on coverage for illness and wellness care. However, coverage can vary widely from one insurance plan to another, so it’s important to understand exactly what a pet insurance plan pays for before you purchase a policy.

Accident-Only Insurance

This type of insurance covers injuries due to accidents such as emergency diagnostics and surgery, cuts and burns, broken bones, poisoning, animal bites, allergic reactions, and prescription medications. It does not cover preventive care, illnesses, or pre-existing conditions.

Accident and Illness Insurance

In addition to all accident coverage, this plan covers illnesses such as infections, digestive issues, diseases, allergies, diagnostic testing, prescription medications, and treatments. It does not cover preventive care or pre-existing conditions.

Wellness Plans

Wellness plans cover preventive care such as vaccinations, wellness exams and testing, preventive medications, preventive dental care, microchipping, and spaying and neutering. They do not cover accidents or illnesses.

What Is Covered by Pet Insurance?

Pet insurance typically covers the following issues, although coverage can vary depending on your provider and plan:

• Accidents and Emergencies
• Common Illnesses
• Chronic Illnesses
• Serious Illnesses
• Hereditary or Breed-Specific Conditions
• Tests and Diagnostics
• Medical Procedures
• Dental Disease and Dental Accidents
• Prescriptions
• Alternative Treatments
• Behavioral Issues
• Wellness
• End of Life Expenses

What Is Not Covered by Pet Insurance?

While coverage varies by insurer and policy, pet insurance usually doesn’t cover the following issues:

• Pre-Existing Conditions
• Accidents and Illnesses During the Waiting Period
• Elective or Cosmetic Procedures
• Grooming
• Experimental Treatments
• Breeding
• Abuse or Preventable Injuries
• Prescription Pet Food or Supplements
• Expenses Unrelated to Veterinary Services

How Much Does Pet Insurance Cost?

On average, pet insurance costs $116 to $625 annually for cats, and $204 to $1,263 annually for dogs, according to the North American Pet Health Insurance Association (NAPHIA). The cost can vary based on several factors, including your pet’s age, species, gender, the type of coverage, coverage amount, deductible, reimbursement rate, and your location.

How to Get Pet Insurance

You can get pet insurance by following these steps:

1. Figure out what coverage you need based on your pet’s health and habits and your budget.
2. Do your homework by checking various pet insurance websites to see which ones offer the coverage you’re looking for.
3. Get quotes from insurance providers by providing some basic information about your pet.
4. Review coverage and compare the details of coverage by reading their sample pet insurance policies.
5. Buy a policy and set up autopayments to avoid a lapse in coverage.

Is Pet Insurance Worth It?

Even common veterinary procedures can quickly add up to hundreds or even thousands of dollars. If your savings account can easily cover those costs, you may not need pet insurance. For pet owners without a hefty financial cushion, however, pet insurance can be worth it to provide a safety net to help handle unexpected veterinary expenses.

For example, suppose your dog is diagnosed with cancer and needs treatment costing $12,000. With pet insurance, your responsibility is just $2,400 (20% of the total), a much more manageable amount.

The Bottom Line

Most pet insurance policies require you to pay your vet upfront and file a claim to get reimbursed. Even with pet insurance, you’ll need a way to cover veterinary care until your claim is processed. Put some extra money into your emergency fund each month or start a sinking fund for veterinary costs.

Using a credit card that offers an introductory 0% annual percentage rate (APR) on purchases can help you pay for veterinary care without accruing costly interest. Introductory 0% APR credit cards generally require good to excellent credit; check your credit score before applying.

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