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Is pet insurance worth it? Here are some pros and cons

Beautiful female veterinarian poses for camera with Goldendoodle patient
Pet insurance has multiple benefits for your furry friends but it comes at a cost. STEVE DEBENPORT/Getty Images

With inflation remaining stubbornly high and the prospects of relief unclear, millions of Americans are taking a closer look at their monthly expenses. The benefits of all subscriptions and services are weighed against their financial cost. Sometimes this leads to a reduction or, even, elimination of services to help make ends meet.

While you can't (or shouldn't) cancel certain financial protections like life insurance and car insurance, other services are worth evaluating to determine their true value. For pet owners, you may be reconsidering pet insurance.

This unique financial protection has multiple benefits for you and your furry friends but it comes at a cost. If you think you would benefit from having your dog or cat insured, then begin with a price quote. It's easy to get started.

Is pet insurance worth it? Pros and cons

There are a lot of factors to consider before purchasing pet insurance, starting with your personal financial situation and preferences. It's also important to weigh the advantages and disadvantages.

Pros

  • Reasonable cost. Pet insurance costs vary from provider to provider, as do the factors that determine the price. However, you'll likely pay between $15 to $40 a month for a cat and around $30 to $70 per month for a dog (Note: there are pet insurance options for other types of pets, too). Your pet's breed, gender, age and weight all affect your monthly number. And, if it seems a bit expensive, remember it factors in the price of care, treatment and even operations. Compared to those standard charges, having pet insurance may be cost-effective. 
  • You don't have to change veterinarians. Unlike traditional health insurance for humans in which only "in-network" providers accept your coverage, pet insurance applies across the board. So you won't have to hunt around for a new veterinarian once signed up. You can stay with the one that's always cared for your animal.
  • Peace of mind. As with other types of insurance, pet insurance provides peace of mind for the pet owner by knowing that many bills will be covered. It can be difficult for someone to choose between paying to help their animal and paying for other expenses. Pet insurance removes the owner from that difficult equation by providing additional resources for a set cost.

There are multiple other benefits to having pet insurance. Explore your options and put a protection plan in place now.

Cons

  • You'll still have to pay something. Pet insurance can help reduce costs and, sometimes, eliminate them entirely. But, depending on what issue your pet has, the treatment recommended and any potential surgical procedure, you may still wind up having to go into your pocket. Pet insurance companies are also unlikely to cover pre-existing conditions that were diagnosed before your coverage began.
  • It doesn't work like your health insurance. With traditional health insurance, a provider submits a claim on your behalf, leaving you with little to pay in the office (although bills may come later). Pet insurance, meanwhile, requires you to pay the bill upfront. You're then responsible for individually filing the claim with the provider who will reimburse you at a later date. 
  • You may not use all the benefits. A monthly pet insurance bill will be worth it if it helps you reduce costs. But, if your dog is healthy and doesn't require frequent visits, you'll wind up paying for something you don't use. Unfortunately, pet health is unpredictable so you won't be able to do a true cost-benefit analysis until you sign up with a provider.

As mentioned earlier, pet insurance has multiple benefits and, if you can afford it, may be worth getting as a form of protection for your animals. You can speak with a pet insurance provider today to find out more.

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