Is Pet Insurance Worth It?

With the spike in pet ownership due to the COVID-19 pandemic, and the gradual lifting of restrictions allowing both owners and their dogs to get back out and explore the world, more questions are being raised about the value of pet insurance. Is it worth the cost? Today we explore the pet insurance marketplace and answer your questions about crafting the right care plan for your pooch.

How much does the average dog owner spend on vet care per year?

According to the ASPCA, owners of healthy dogs spend an average of $235 per year on veterinary care. This includes routine exams without medication or dental care, etc. Preventative flea, tick, and worm treatments usually administered monthly cost roughly $20 per dose. That more than doubles the yearly cost to $475. If your dog suffers an injury or develops an illness, diagnostic tests can run up to around $2,000, and surgery closer to $7,000. It is these emergency services that an insurance plan can help mitigate the cost of.

What is the monthly average range?

The price point and range of coverage varies widely from as little as $10 to $100 per month depending on where you live. For decent coverage, the average insurance customer can expect to spend approximately $30-$50 monthly.

The age and breed of your dog also affects how high your policy premium will be and the coverage available to them. Older dogs, large breeds, and those with preexisting conditions are insurance companies’ most expensive clients, so are often charged considerably higher rates or do not qualify for comprehensive coverage at all.

What is the average savings?

According to ValueTree, the average insurance claim for dog treatment is over $900. It may be helpful to begin by comparing local veterinarians’ rates for common services like overnight admission, vaccinations, tooth removal, parvo treatment, allergies, ear infections, etc. Consider your dog’s breed and the health issues they are most prone to. What would it cost to pay for these and any emergency services out of pocket? With that information in mind, you are better equipped to find the most suitable policy for your pet and compare the savings. Remember, though, that many pet insurance policies do not cover routine treatments or common/lesser ailments, but are designed to help cover costs of expensive procedures such as surgeries or long-term treatments like dialysis. In the event of an emergency, pet insurance could make life-saving treatment possible by saving you thousands of dollars.

What will pet insurance not cover?

The answer varies company to company and policy to policy, but the majority to do cover preexisting conditions. This includes spaying and neutering. If you are going to insure your dog, it is best to do so while they are still a puppy and avoid preexisting condition complications. Some policies cover medications while other cover only veterinary services.

Just like regular health insurance, it pays to shop around and compare what different companies offer. To get you started, here is a list of highly rated providers as of March 2021:

· ASPCA Pet Health Insurance

· Embrace Pet Insurance

· Figo

· Healthy Paws Pet Insurance & Foundation

· Lemonade

· Petfirst

· Petplan

· Pets Best

· Prudent Pet

· Pumpkin

· Spot Pet Insurance

· Trusted Pals

Be sure to check into your existing insurance policies with companies like Progressive and Geico as well. Many large providers offer add-on policies for pets.