“A Comprehensive Guide to Pet Insurance: What You Need to Know”

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What Kind of Pets Does Pet Insurance Typically Cover?

Traditional pet insurance primarily covers cats and dogs. Its main goal is to alleviate the financial burden of unexpected accidents or illnesses, which can be quite costly without coverage. Some plans also offer optional add-ons for routine and preventative care.

Similar to human life insurance, factors such as age, gender, lifestyle, and health can influence the cost and eligibility of pet insurance. Costs can vary based on the pet’s location, age, gender, breed, and pre-existing health conditions, as well as the level of coverage chosen.

Basic accident coverage plans start as low as $10 to $20 per month. For more comprehensive plans that cover both accidents and illnesses, a 2023 report from the North American Pet Health Insurance Association (NAPHIA) found the average premiums to be:

• For dogs: $640.04 per year or $53.34 per month
• For cats: $387.01 per year or $32.25 per month

Here’s a brief overview of how pet insurance works:

1. Obtain a quote by providing details about your pet and their health.
2. Review the insurer’s plan options and terms. If you select one and get approved, you’ll submit payment and may need to provide paperwork from a recent vet exam.
3. Wait out any policy waiting period during which you can’t file claims. This period usually lasts a few days or weeks.
4. After the waiting period, visit the vet of your choice, pay in full, and submit a claim with documentation to your pet insurer for reimbursement.

Many health insurance plans reimburse 80% or 90% of the cost, which can significantly reduce major bills and ease the financial strain on your pet budget. For example, vet care for vomiting or diarrhea can cost $1,550; ingesting a foreign object can cost $3,250; and a leg fracture can cost $5,400, according to Healthy Paws Pet Insurance. Pets Best notes that unexpected pet health bills increase as animals age, with cancer treatment potentially costing upwards of $7,600.

Some vets offer their own wellness plans, which function like memberships with monthly fees to spread out the costs of routine care like vaccinations, sometimes at a discount. Unlike insurance, these plans typically don’t cover diseases or injuries, though they may offer discounts on those services.

Some pet insurers now offer add-on wellness coverage to complement their policies. Before adding a wellness plan through your vet or pet insurer, review the terms closely to ensure there’s enough coverage to justify the extra costs.

Which Pets Are Likely Excluded From Pet Insurance Coverage?

Pet insurance is generally available only for cats and dogs. Most insurers exclude “exotic” pets, which include birds, reptiles, amphibians, and small mammals like rabbits or guinea pigs.

Nationwide is unique in that it offers a plan for exotic pets starting at $21 per month, in addition to traditional cat and dog insurance. However, this coverage has limitations and won’t insure species that are venomous, poisonous, endangered, kept on display, illegal, or require a permit or license to own.

PetAssure is one of the few other companies to offer exotic animal coverage, but they only provide “pet plans” to make routine care affordable. Since it’s not insurance, it doesn’t help with emergencies or unexpected health issues.

There are also limitations for cat and dog insurance. Depending on your insurer and policy, you might not qualify for coverage or claims for:

• Chronic or pre-existing conditions
• Breed-specific conditions like hip dysplasia
• Spaying/neutering
• Behavioral health
• Elective surgeries
• Parasite prevention medication
• Injuries from abuse or neglect, or from making dogs race or fight

Ensure your prospective pet insurance plan doesn’t restrict certain breeds. Most accept any dog or cat, though premiums are often higher for purebreds since mixed-breed pets are less prone to breed-specific health conditions. Premiums are also typically higher for larger animals, older animals, and male pets.

Even if your pet is elderly or has a pre-existing condition, it doesn’t mean you’ll be denied coverage. Some plans have no upper age limits or won’t outright deny a pet with a health condition. You might just be limited on what health issues you can file claims for reimbursement. Read the fine print carefully.

How to Save Money on Pet Insurance

Pet insurance can help reduce the costs of pet ownership, but good plans aren’t cheap. Here are some ways to save on pet insurance:

• Shop around: There are many pet insurance options, and coverage, benefits, restrictions, and prices vary greatly. Gather free online quotes from multiple insurers to compare. Consider using an aggregator like Petted.com that provides quotes from multiple insurers.
• Pay attention to coverage: Pet insurance isn’t as standardized as human insurance, so what’s covered can vary drastically. Review terms closely to avoid costly surprises.
• Look at caps and limits: Analyze maximum payouts for insurance and wellness plans (if applicable) since these vary by plan. Check for per-incident caps on individual claims or annual or lifetime maximums.
• Hunt for discounts: Most pet insurance companies offer multi-pet discounts for enrolling more than one animal. Some larger insurance companies offer bundle discounts if you use them for another insurance product and add a pet policy. Discounts are common for paying premiums annually rather than monthly. Certain insurers provide discounts for first responders, military, health care workers, and those in animal care.
• Enroll early: Get coverage for your pet as soon as possible to leave less time for pre-existing conditions to develop that might not be covered. Younger pets cost less to insure. Some pet insurance plans have upper age limits; many don’t, but expect coverage costs to increase annually as your pet ages.
• Consider insurance when adopting: If you don’t yet have a pet, know what factors increase the costs of insurance. For example, mixed-breed dogs cost less to insure than purebred, as do younger, smaller, and female dogs, which may influence your choice when adopting a pet.
• Adjust policies: Some insurers allow you to customize a policy’s deductible and reimbursement rate to lower your premium (and vice versa). Lower ongoing premiums mean less coverage, so weigh your short-term financial needs with long-term potential costs.

The Bottom Line

Medical expenses for pets can be astronomical. Unless you have a hefty emergency fund, pet insurance can save you and your pet’s tail and help you avoid taking on debt (and potentially wrecking your credit) in the face of a steep unexpected vet bill. Pet insurance isn’t cheap, though, so it’s important to shop around, select a plan that works for your budget, and provides robust enough coverage to meet your needs and justify the expense.

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