Our pets are more than just animals — they’re family.The thought of your furry friend facing a health crisis is terrifying.Unfortunately, it’s a reality that millions of pet owners have to face.

When veterinary costs are high, many people turn to insurance to help cover the expenses.But is pet insurance worth it? Let’s explore.Understanding the Cost of Pet InsuranceLike most insurance, the cost is a significant factor in whether this protection is worth it.The premium you pay depends on the policy.

Accident and illness and accident-only are the two main types of pet insurance coverage.Here’s a breakdown of each of them:Accident and Illness PlanAn accident and illness plan typically costs more than an accident-only plan.In 2024, the North American Pet Health Insurance Association (NAPHIA) released its annual State of the Industry Report, which provided data from the pet insurance industry in the U.S.

and Canada.The report says in 2023, the average annual premium for pet insurance under an accident & illness plan was roughly $676 for dogs (or about $56 a month), and $383 a year for cats (or about $32 a month).1According to the American Society for the Prevention of Cruelty to Animals (ASPCA), this option often covers the broadest conditions associated with accidents and illnesses.2 An accident is typically defined as an event that leaves a pet injured.For example, if your dog played outside and accidentally ran into a sharp object causing a deep cut on their paw.On the other hand, an illness normally involves a change to a pet’s normal healthy state that is not caused by an accident.For example, if your cat becomes lethargic and refuses to eat, and a visit to the vet reveals a urinary tract infection (UTI) requiring medication and a follow-up, that would be considered an illness.Under an accident and illness plan, the coverage could help with expenses related to the above examples.

The ASPCA adds that some pet insurance providers may include:However, each provider could have a slightly different list under their plan.They will also most likely have exclusions that can include:Pre-existing conditions are significant exclusions in nearly every pet insurance plan.Pet insurance typically covers only new injuries or illnesses, not conditions that existed before the policy’s start date.

For instance, if your dog has a history of hip dysplasia, the insurance will most likely not cover any related treatments or surgeries because it’s considered a pre-existing condition.Accident-Only PlanAn accident-only policy covers accidents but does not include illness-related issues.Like an accident and illness policy, an accident-only policy has some exclusions.According to the NAPHIA report, Americans spent an average annual premium of roughly $204 for dogs (about $17 monthly) in 2023.For cats, they spent around $116 a year (about $10 a month).Rising CostsAs a dog or cat gets older, the cost of protecting them with pet insurance increases.

By the time they’re around 10-14 years old, insuring them can cost thousands of dollars a year.This is because rates go up when your pet is older and more prone to health issues.What Does Pet Insurance Not Cover? Most plans do not cover spay or neuter surgeries, along with pre-existing conditions.However, this may be covered if you add wellness and preventative care to your policy.

Since pet insurance is designed to cover unexpected costs, routine services like vaccinations, checkups, and cleanings are typically not included.What You Pay for a Trip to the VetTo understand if pet insurance is worth it, it’s helpful to know what statistics say about the cost of taking your animal companion to the vet.According to CareCredit, the national average cost of a routine vet visit ranges from $25 to 186.3 A visit may be for routine services such as a checkup or staying current with vaccinations.If the exam involves more than just a physical, the cost can range from $25 to $600, depending on the type of procedure and complexity of the issue.Price of Specialty Veterinary CareHowever, a visit can cost much more if your pet needs specialty care or surgery.

Here’s a table outlining the costs of some common specialty veterinary treatments:The Final VerdictSo, is pet insurance worth it? There isn’t a definitive answer.Similar to umbrella or comprehensive insurance, it depends on what you prioritize for your pet and how comfortable you are with potential unexpected vet bills.You should get pet insurance if:You should skip out on pet insurance if: Other ResourcesAs an independent insurance agency, we work with several companies to ensure substantial coverage for pet insurance.Click here to get a quote from Safeco Insurance.SourcesThe 2024 NAPHIA State of the Industry Report.

NAPHIA, 2024.︎Emily W.Comparing Types of Pet Insurance.

ASPCA.︎Average Veterinary Pricing by Procedure.CareCredit.

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