Dogs are called man’s best friend for good reason. And there’s scientific proof that the sound of a cat purring can reduce stress and even lower blood pressure. But what happens when your pup helps themselves to a bar of dark chocolate? Or your cat suddenly stops purring and starts hiding in strange places?
It’s hard enough thinking about our pets getting sick or injured, let alone the expensive vet bills. It can even make you question what you can afford, and if pet insurance is worth it.
Depending on the policy, pet insurance can help cover the cost of expensive medical care like emergency surgery, cancer treatment, or hospitalization. In these situations, coverage can make the difference between proceeding with life-saving care or not.
Still, not every pet will need expensive care. Some animals live long, healthy lives with only routine vet visits. In those cases, you could end up paying premiums without ever filing a major claim. So, the real question is not whether pet insurance makes sense for your needs and your budget.
Pet insurance has become much more popular in recent years. Millions of dogs and cats in the United States are now covered, and according to the North American Pet Health Insurance Association (NAPHIA), the number has more than doubled since 2020.
Even with that growth, most pets still have no insurance at all, which means most owners face medical emergencies on their own. Veterinary costs continue to rise, and more advanced treatments are now available, so the gap between what pet families expect and what they can afford is widening. This is part of what is driving interest in insurance.
Can ChatGPT help me with my insurance? Maybe, but don’t let it be your agent
Common accident and illness plans usually cost less than $60 a month, with insurance for dogs costing a little more than for cats (source: NAPHIA). Accident-only plans tend to be less expensive but do not cover illnesses.
Younger, healthy animals tend to have the lowest rates. Costs do increase as pets age. This is important to remember, as preexisting conditions may not be covered. This means that one of the best times to insure your pet is when they are still a puppy or kitten.
Most plans reimburse a percentage of the bill after you meet a deductible, so you should expect some out-of-pocket costs. Coverage also usually excludes routine care unless you purchase a wellness add-on.
Inflation and insurance: Why it may be time to reevaluate your policies
Some pets are better candidates for pet insurance than others. In general, insurance offers the most value for:
• Young pets who have not developed preexisting conditions and can lock in lower premiums early.
• Breeds prone to hereditary or chronic medical issues, such as hip dysplasia, heart disease or certain cancers.
• Highly active pets who are more likely to experience injuries or accidents.
• Pets in households without a large emergency savings buffer, where a major vet bill would create financial strain.
• New pet owners who want predictable costs and peace of mind during the high-risk early years.
Here are some of the most common reasons people choose to insure their pets:
• Protection against catastrophic costs - A single emergency surgery or intensive treatment plan can cost several thousand dollars. Insurance helps ensure you can move forward with care rather than delay or decline it because of the cost.
• Access to better treatment options - When money is not the deciding factor, owners are more likely to pursue specialized care, advanced diagnostics or treatments that would otherwise be out of reach.
• Financial predictability - Monthly premiums create a consistent, manageable cost instead of sudden large expenses that can destabilize a budget.
• Coverage for chronic or long-term conditions - If a pet develops diabetes, allergies, heart disease or another chronic illness after the policy begins, ongoing treatment can be offset by insurance.
• Peace of mind - For many owners, the emotional benefit of knowing they are prepared for the unexpected is just as important as the financial protection.
Remember, many pet owners go without pet insurance. If you feel it isn’t the best fit for you and your four-legged loved ones, you can take a different approach to their well-being by setting aside money in a savings account specifically for vet care.
There are also resources that may help in a crisis. Some veterinarians offer payment plans through CareCredit, for example. You can also explore low-cost vet clinics, and many shelters and humane societies offer discounted vaccines, flea and tick prevention, and heartworm testing.
Pet insurance is most useful when your pet is young and healthy, when you do not have savings set aside for emergencies and when the peace of mind matters to you. It may be less useful for older pets, animals with multiple chronic conditions or for those who can pay a large vet bill without financial strain.
The answer is up to you. The value depends on your pet’s health, your finances and your tolerance for risk. Whatever you choose, they’ll be happy - as long as you’re giving them love, belly rubs, and a few treats, of course.
