Is Pet Insurance Worth It?

Yes, pet insurance is worth it—if you can afford the monthly payments, of course.

Like all insurance policies, pet insurance is designed to cover situations that come out of nowhere. It’s the go-to plan for everything you can’t plan for, and it prevents you from making the awful decision to either remain financially stable or say goodbye to your beloved pet way too soon. I’ve been there, and it’s the worst.

That said, pet insurance premiums can be costly, especially if your pet's breed is infamous for hereditary and congenital issues. Premiums also increase with your pet’s age, and you’ll still need to pay out of pocket for preventative care.

Often, though, the cost of surgery or treatment means pet insurance pays for itself. It just may take some time for your investment to come to fruition.

Learn more: How Much Does Pet Insurance Cost?

I used to think it made more sense to set aside the money I would’ve spent on a pet insurance premium and use it for vet emergencies. That way, I wouldn’t lose any money if my pet didn’t need critical care.

But I never kept the money around just for my pets’ use. I spent it as needed for all of life’s emergencies. So when my dog got a cancer diagnosis and needed $15,000+ in treatment, I felt helpless. Yes, I had saved nearly that much money over his lifetime by not paying pet insurance premiums, but it didn’t do me much good when I got that staggering estimate.

I recommend crunching some numbers and figuring out how much money you might spend on premiums over your pet’s lifetime. Then, weigh that against their risk.

Cancer, hip dysplasia, diabetes, renal failure, and cruciate ligament tears are just a few examples of injuries that may happen more often in some breeds than others. For mixed-breed pets, consider using Embark’s Breed and Health test to find out if they carry any genetic markers for hereditary diseases.

You also don’t want to forget about non-genetic risk factors, like the possibility of your pet getting hit by a car, swallowing something they shouldn’t, or getting attacked.

If you think it might be worth enrolling your pet in an insurance plan, go ahead and do it while they’re young. Pet insurance plans won’t cover certain conditions until after a waiting period. If a diagnosis for a condition happens during the waiting period, it’s considered a pre-existing condition and won’t be covered. Get that waiting period over while your pet is still young and the picture of health.

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