Why do you need pet insurance?
Pet insurance can help you improve animal welfare because veterinary bills can add up quickly. In our blog, we summarized 12 reasons you need pet insurance. Your pets get sick, too, and may have accidents. The bills for your pets can sometimes be unexpectedly high. Pet insurance is primarily designed to cover those expenses.
Illness & injury
Covers veterinary bills when your pet gets sick or is injured in an accident, including surgeries and emergency care.
Loss & theft
Some policies pay if your pet dies, is lost, or is stolen, giving you financial protection beyond medical care.
Liability
You can find coverage that covers the expenses if your pet injures someone else or damages their property.
Takeaway: Basic pet insurance covers your pets when they get sick or injured. Better (more expensive) policies can cover when your pet dies, is lost, or is stolen.
What does pet insurance cover?
Many insurance companies provide pet insurance. Coverage usually reimburses costs related to medical advice, diagnosis, care, or treatment. Below are the most standard coverage types. Because pet insurance varies from company to company, always refer to your policy for your specific coverage definition.
Accidents Core
Covers injuries and emergencies related to accidents. This is the most basic level of pet insurance and is included in virtually every policy.
Illnesses Core
Reimburses you for the costs of major or minor illnesses. However, pre-existing conditions are normally excluded from coverage.
Prescriptions Add-on
When your pet gets sick, you may need prescription medications. If you opt in to prescription coverage, your cost can be covered. Prescription coverage usually comes with limits.
Hereditary Conditions Add-on
Usually available as an add-on. Covers the costs of inherited conditions and congenital disabilities that are common in certain breeds.
Watch out for the add-ons: Because pet insurance is a newer product compared to traditional insurance like auto, coverage packages vary significantly from company to company. Always pay close attention when you compare packages.
What are the steps for purchasing a pet insurance policy?
So you've decided that pet insurance is a good investment and want to protect your pets. (Smart decision!) Now what?
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1
Find out the pre-conditions of your pet
Insurance companies will not be likely to pay for treatment for conditions that have already received medical treatment. Gather your pet's medical history before you start shopping.
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2
Understand the plan coverage and policies
No two pets are alike. Find a customized plan that fits your budget. Because pet insurance varies from company to company, understand the key terms in your policy. Companies usually provide basic coverage for accidents and illnesses, plus premium packages with more add-ons.
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3
Choose your deductible wisely
The deductible is the amount you pay out of pocket before your insurance kicks in. Higher deductibles mean lower premiums. Make sure you choose a deductible that fits your financial situation -- a lower premium is appealing, but a higher deductible can be a strain when you need to file a claim.
Note: Read your policy carefully about the co-pay, limits, scope, exclusions, and waiting period.
How much is pet insurance?
The national average for pet insurance is from $11 to $49 per month. The premium is determined by factors such as your type of pet, the pet's health condition, and your coverage.
| Pet Type | Accident & Illness | Accident Only |
|---|---|---|
| Dog | $594.15/year | $218.13/year |
| Cat | $341.81/year | $133.61/year |
Source: NAPHIA - The North American Pet Health Insurance Association1
How much does pet insurance cost for your breed?
If you are wondering how much it costs for a specific breed, find yours in the list below.
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What is not covered by pet insurance?
Pet insurance does not cover all risks. When you purchase your policy, always read the fine print to understand the exclusions. Pay particular attention to these common exclusions:
Pre-existing conditions
Any illness or injury your pet had before the policy start date is typically excluded. This is the most common exclusion across all pet insurers.
Waiting or affiliation period
Most policies have a waiting period (typically 14 days for illness, 2 days for accidents) before coverage begins. Claims during this window are denied.
Treatment of a hereditary disorder
Unless you specifically add hereditary condition coverage, treatment for breed-specific genetic disorders will not be reimbursed.
Costs for congenital anomaly or disorder
Congenital conditions present at birth are often excluded from standard policies. Check whether your plan covers these or requires a separate add-on.
References
Our articles are intended for informational purposes and should not be considered legal or financial advice. Our articles are not written or reviewed by insurance agents. Consult your policies with your agent or a professional for details regarding terms, conditions, coverage, exclusions, products, services, and programs.
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