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Common Pet Insurance Mistakes to Avoid

Pets bring joy and companionship into our lives, but they can also bring unexpected expenses when illness or injury strikes. Pet insurance can help offset costly vet bills, but to get the most value from your policy, it’s important to avoid these common mistakes.

1. Waiting Until There’s an Issue

Don’t wait until your pet is already sick or injured to buy insurance. Most policies have waiting periods before coverage kicks in, and pre-existing conditions are generally not covered. You’ll get better coverage and lower premiums if you buy insurance while your pet is young and healthy.

2. Not Choosing the Right Type of Coverage

Pet insurance typically comes in three types: accident and illness, accident-only, and wellness coverage. Make sure you understand what each type covers and choose the one that best fits your pet’s needs and your budget.

3. Not Understanding Your Financial Responsibility

Insurance policies don’t cover the full cost of veterinary care. You’ll need to pay a deductible and a portion of the vet bill, depending on your reimbursement rate. Research average prices for local veterinary services to estimate how much various plans might save you.

4. Not Reading the Fine Print

Don’t make your decision based solely on an insurance provider’s ads. Review a sample policy to understand what is covered and excluded, coverage limits, and general terms and conditions. If you’re unsure about something, contact the insurance company and ask.

5. Not Shopping Around

Comparing pet insurance policies before you buy could save you hundreds of dollars per year. Gather quotes from several carriers and compare the same type and amount of coverage. You can also use online marketplaces to get quotes from multiple providers quickly.

6. Not Looking for Discounts

Look for discounts to save money without cutting coverage. You might get a discount for bundling pet insurance with home or auto insurance, insuring multiple pets, or paying your annual premium upfront. Check with your job or organizations you belong to for additional deals.

Is Pet Insurance Worth It?

Pet insurance can be worth the cost if you would struggle to pay a big vet bill on your own. It can also be a good idea if your pet is older or prone to breed-specific health issues. However, if you have a big emergency fund or the premiums are too high, you might want to skip pet insurance and save the money for veterinary care instead.

The Bottom Line

Purchasing pet insurance can help offset the cost of veterinary treatment, but it doesn’t cover every medical expense your pet may have. Adjust your budget to cover everyday pet care expenses and build up an emergency fund to handle unexpected vet bills. Opting for a high-yield savings account could help your savings grow faster, so you’re better prepared to care for your furry friend, no matter what the future brings.

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