A cat gets examined during a vet visit.

The Importance of Pet Insurance

Pet insurance may be a helpful addition when caring for your pet, since vet bills from accidents and illness can start to add up over time.

Here at PetPlace, we've been sharing reliable and trustworthy information on pet health and wellness since 2006. And now, we're excited to bring you this guide that covers what you need to know about choosing the right pet insurance for your furry friend.

Importance of Securing a Pet Insurance Plan

First, let's take a look at why having a pet insurance plan can be so important. Many pet parents are hesitant to get insurance coverage for their pets, seeing it as an added expense. But the reality is that without proper coverage, you may end up paying much more in unexpected vet costs.

Just like humans, cats and dogs can face unforeseen health issues that require emergency medical care, surgeries, and long-term treatments.

For example, treating a broken bone can cost as much as $2,000 or more, while cancer treatment can run upwards of $10,000. That's a lot for most pet parents to handle out of pocket, especially if you have multiple pets or limited savings.

Comparing Pet Insurance Companies

All pet insurance providers are different, offering a variety of different coverage types. These will range from inexpensive plans (which might only cover accidents) to more robust options. These more robust policies might cover all or some of the following:

Accidents: Even the simplest, least expensive plans typically cover services and procedures associated with accidents. Common accidents include insect bites, foreign body ingestion, and poisoning.
Alternative Therapies: Treatments like acupuncture, massage therapy, and chiropractic care have become increasingly popular with pet parents over the years. Some plans may offer reimbursement for this treatment if it’s associated with a covered condition.
Chronic Conditions: Dogs and cats are susceptible to a host of chronic conditions as they age. These may affect the joints, heart, kidneys, or other parts of the body. Chronic condition coverage offerings may repay policyholders for eligible treatment and medication.
Hereditary Conditions: Certain breeds are uniquely susceptible to conditions like heart disease and hip dysplasia. If these problems arise after the policy takes effect and following any associated waiting periods, reimbursement may be provided for eligible costs related to these conditions.
Illnesses: Providers may offer plan options that cover treatment for illnesses like urinary tract infections and digestive issues. Plans with illness coverage also typically cover more serious and costly conditions like cancer.
Prescription Medication: Some plans cover medications associated with managing the symptoms of covered conditions. For accident & illness plans, this may include coverage for chronic conditions like hip and elbow dysplasia or heart disorders.
Preventative Care: For an additional fee, some providers offer optional wellness coverage that reimburses pet parents for routine costs like wellness exams, flea and tick prevention, and vaccinations.

Tips to Help You Choose the Best Pet Insurance for You

In the previous section, we discussed general pet insurance coverage and important factors to consider when choosing a plan. Now, let's define key terms and explore additional factors that could impact your decision.

Deductible: This is the amount you need to pay before your insurance coverage begins. A higher deductible usually means a cheaper monthly bill, but it also means you’ll be paying more when you visit the vet. It’s all about what you’re comfortable with and what you can afford. For example, if you have a young, healthy dog, you might opt for a higher deductible since they’re less likely to need frequent vet visits. Some plans have annual deductibles, and some plans have deductibles for individual conditions.
Copays: This is the portion of the vet bill you’re responsible for after the deductible. A lower copay is great when you’re at the vet’s office, but it might mean a higher monthly bill. It’s all about finding that sweet spot that works for your wallet. Consider how often your pet gets sick or has accidents to help decide what copay level or reimbursement rate is best for you.
Annual Benefits: This is the maximum amount your insurance plan will cover in a year. More coverage is always nice, but it does come with a higher price tag. Think about what your pet might need and choose a plan that gives you enough coverage. If you have an older pet that’s prone to health issues, a plan with higher annual benefits might be a good choice.

In addition to deductibles, copays, and annual benefits, it's important to consider premiums and waiting periods. Premiums are what you pay every month to keep your insurance active, and they can vary based on your pet’s age, breed, and coverage type.

Waiting periods are the time between when you sign up and when your coverage starts. Make sure you know how long this is, so you’re not caught off guard, especially if your pet needs immediate care.

Next up, think about your pet’s age, breed, and health:

Age and Breed: Older pets and certain breeds might need more medical care, so a plan that covers a lot could save you money in the long run. Make sure the plan you pick covers breed-specific issues. For example, if you have a Bulldog, look for a plan that covers skin issues, which are common in the breed.
Health Needs: Choose a plan that provides robust coverage, whether it’s for regular checkups or an unexpected vet bill.

Pet Insurance for Cats

If you're a cat parent, find a plan that gives your cat the coverage they may need without breaking the bank, and check customer reviews to see how other cat parents feel about their experience with the company.

Pet Insurance Plans for Dogs

If you're a proud pup parent, you know how energetic and curious our furry companions can be. When selecting insurance, it's crucial to find a powerful plan that offers coverage for various potential concerns, ranging from minor accidents to major health issues. Additionally, ensure that the plan includes coverage for breed-specific conditions. Choosing a policy that considers hereditary conditions can make a big difference.

Pet Insurance for Older Dogs and Cats

Older pets need love and care too, and sometimes they need a bit more medical attention. Look for companies that don’t have upper age limits, so your senior pets can get covered. Also, seek out plans that help with age-related issues and offer wellness care to keep your pet happy and healthy. Plans with coverage for arthritis or other common issues in older pets can be particularly beneficial.

By taking the time to look into all these details, you’re on your way to finding the perfect pet insurance plan for you and your pet. It’s all about giving yourself added peace of mind and making sure your pet is covered for eligible vet bills.

Additional Pet Insurance Resources

FIGO Pet Insurance LLC (“FIGO”) is a licensed insurance agency (NPN #16841904; CA license #0K02763). PetPlace is a trademarked brand name owned by Independence American Holdings Corp. (“PetPlace”) and is not a licensed insurance agency or an underwriter of insurance. FIGO and PetPlace are affiliated companies; and PetPlace may receive compensation for referrals. All inquiries regarding insurance should be directed to Figo or the licensed insurance agency you contact through this website. The information contained in this website is for illustrative purposes only and coverage under any pet insurance policy is expressly subject to the conditions, restrictions, limitations, exclusions (including pre-existing conditions), and terms of the policy documentation issued by the insurer. Insurance products are underwritten by either Independence American Insurance Company (NAIC #26581, Scottsdale, AZ) or United States Fire Insurance Company (NAIC #211113, Morristown, NJ).