Pet insurance for dogs: 3 major myths debunked

If you're a dog owner — and especially if you've owned more than one dog — it may seem like you know everything necessary to care for your furry friend. Sure, each breed comes with its own set of guidelines and best approaches. But, for the most part, if you've owned one dog, you're relatively prepared to take care of and raise another.

That said, there are some things about dog ownership that you may not be as familiar with. Pet insurance could be one of them. More and more owners are turning to pet insurance as a way to ease rising veterinarian bills. In exchange for a modest fee to a provider each month, pet insurance can cover a wide range of medical issues, procedures and even some medications.

To get the most out of a pet insurance policy, however, dog owners should familiarize themselves with how it works and the providers who offer the service. And they should understand what's true about pet insurance for dogs — and what's a myth.

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Pet insurance for dogs: 3 major myths debunked

Pet insurance for dogs can be cost-effective and valuable if you first understand these three popular myths.

Myth: Pet insurance isn't worth it for older dogs

While the best time to get pet insurance for your dog is when they're younger, that doesn't mean it won't be worth it for older dogs, too. In fact, there are multiple benefits to getting pet insurance for an older dog, not the least of which is the financial assistance it can provide during a time when you'll likely need it most. 

Older dogs tend to need more care more often. That's care that you'll get stuck paying completely out of pocket. But if you apply for pet insurance now, you'll be able to offset some of those costs by filing a claim and getting reimbursed for coverage. And you'll have some much-needed peace of mind knowing that your senior dog is protected when they need it.

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Myth: Pet insurance is much more expensive for dogs than cats

This isn't a full myth, but it isn't totally accurate, either. Yes, dogs will be more expensive to insure than cats. But that price differential could be negligible, as it's mostly dependent on the specific breed in question. An Abyssinian cat, for example, will cost more to insure than a Goldendoodle dog, all factors being equal. But an English bulldog will be more expensive than a Bombay cat due to the former's infamous health issues. 

So, if you're comparing the cheapest dog breeds to insure versus the cheapest cat breeds to insure, yes, cats will generally be less expensive, but only marginally so. And, in some cases, not at all.

Myths: You can't get pet insurance if your dog has a pre-existing condition

Pet insurance providers don't operate as health insurance companies for humans do. They will — and have — rejected applicants due to their pre-existing medical conditions. So, if your dog has a pre-existing medical issue at the time of application, they will likely be denied. But that's not the whole story.

According to Spot pet insurance, your dog could still secure a policy in the future.

"However, with plans provided by Spot, this doesn't mean the condition can't be covered in the future if the condition is curable," Spot says. "An injury or illness that is curable, cured, and free of treatment and symptoms for 180 days will no longer be regarded as pre-existing, with the exception of knee and ligament conditions. If a knee or ligament condition occurs before the coverage effective date or during a waiting period, any future ones won't be covered."

Lemonade pet insurance has a similar approach.

"A cured condition is a temporary condition or injury that is resolved for at least 12 months and may be considered for coverage in eligible states (check with customer service to find out if curable conditions are covered in your state)," Lemonade says. "Knee or ligament conditions and chronic conditions such as allergies, asthma or cancer cannot be cured."

The bottom line

Pet insurance can be valuable for dogs of all ages, from puppies to seniors. But, like any other financial product or service, owners need to do their homework before signing on the dotted line. This includes separating fact from popular myth. By knowing that pet insurance can still be valuable for older dogs — and that it's not significantly more expensive than it is for cats — owners can more accurately obtain a comprehensive and helpful policy. Similarly, by knowing when pre-existing conditions come into play, owners can better time their application so that their chances of being approved are greatly enhanced.