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Is Pet Insurance Affordable?

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Pet insurance can be a helpful resource that can provide you with peace of mind. However, deciding whether to get pet insurance can be a big decision. There are many factors to consider. One, in particular, is the affordability of pet insurance. Is pet insurance worth it?

Is Pet Insurance Affordable?

Similar to home or car insurance, when deciding whether to get pet insurance, you will want to consider many items—your budget being a top factor. One of the many great aspects of pet insurance is that, when you select your plan, you can customize it to be the best fit possible for your pal and your budget.

There are many ways to save on your insurance plan, but it’s important that you find the right balance between saving money and still having helpful coverage. Too restrictive of an insurance plan could mean that hardly any issue is covered, which wouldn’t be beneficial to you or your pet.

One way to save some money on your plan is to choose a lower annual limit which means you can pay less for your premium. If you’re wondering how to pick your pet insurance annual limit, it’s helpful first to understand what this term means. An annual limit is the total amount you can get reimbursed during one year. Pet parents are able to customize their annual limit as well, but remember to think ahead in yearly increments for your coverage needs.

You may also want to consider your deductible amount. Though many pet parents choose a lower deductible so that they can get more cashback, by raising your deductible, you can have a lower premium.

What is a good deductible for pet insurance? Your deductible is the amount you need to meet before you begin getting reimbursed. Some insurance providers offer an annual deductible, which means you will only need to meet it once a year, regardless of how many times your pet becomes sick or injured.

Other providers may offer a per incident deductible. With this option, you would need to meet your deductible multiple times throughout the year, based on when your pet has different health issues occur—such as allergies or a broken bone.

The range deductibles are offered can vary from one insurance provider to the next. For some, you will only be able to select from a few pre-set deductible amounts, while for others, you can choose any amount from a wide range.

Another option to consider is a lower reimbursement percentage. Though this will mean that you are responsible for a larger portion of your veterinary bills, it can also help lower your premium.

Affordable pet health insurance does exist—you may just have to tailor your plan to best fit your budget.

What Is the Most Affordable Pet Insurance?

Since every pet parent has a varying budget and different monthly expenses, “affordability” can look different for each person.

  • Affordable dog health insurance. Prior to signing up for any insurance plan for your dog, it’s helpful to do some research. For instance, some dog breeds are naturally healthier, while others are predisposed to developing more health issues. You may also want to consider the size of your dog. Extra-large breeds, such as Saint Bernards, could have more expensive veterinary bills. By weighing your options with the type of dog you are covering, you can hopefully find the best bang for your buck.

  • Affordable pet insurance for older dogs. Some pet parents may be under the notion that it’s most worthwhile to insure a young dog or puppy since they are more likely to get into sticky situations or accidentally get an injury. Coverage for older dogs is equally as important, though, especially for our canine friends that stay young at heart—you never know what they’ll get into. When insuring an older dog, it’s important to note that pre-existing conditions are not covered by all pet insurance providers. Still, if your dog develops more involved and thus more expensive conditions in their senior years, these could be covered by your plan.

  • Best affordable cat insurance. Many of the same items you would consider for a dog’s insurance you can also consider for your cat’s insurance. When comparing plans, consider how many cats you will be covering, their ages, breed, and if you’ll be insuring a cat and a dog. In general, cats typically do not have as high expenses as dogs, but that doesn’t mean your cat can’t be an exception.

Since there are many factors to consider and each insurance company has different costs and options, there is no one answer on which insurance is the most affordable—this will vary with each pet parent and their needs.

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Common Insurance Questions

As a pet parent, it’s natural to have some questions about pet insurance, particularly when it comes to the financial aspect.

  • Why is pet insurance so expensive?
    Though many pet parents may initially be hesitant towards the cost of pet health insurance, signing up for a plan can save you quite a bit of money compared to paying veterinary expenses straight out of pocket.

Insurance prices can fluctuate from one insurance provider to another and from one plan to the next. Since most pet health insurances can be customized, costs can also vary depending upon the annual limit, deductible, and reimbursement percentage. Some pet insurance providers also offer add-on options for an additional cost, such as preventive care.

Besides the actual plan itself, your pet insurance expenses may be affected by a few other factors. These can include whether you have a cat or dog (cats are normally cheaper), the breed of your pet, their age, and whether they have any existing health conditions.

Not to mention, some veterinary clinics may charge more for their services than others, so prices may vary based on where you visit for your pet’s care.

  • What if I can’t afford pet insurance?
    If you have looked at various pet insurance plans but haven’t been able to find one that fits your budget, an accident-only plan may be a better fit. Accident-only plans are more budget-friendly than traditional insurance plans, but they can still offer many benefits.

A broken bone, swallowed object, poison ingestion, burn, cut, and insect sting all typically constitute accidents. Exam fees, the costs of diagnostic tests, and related treatments can all be covered with this plan option. Though illnesses won’t be covered, you will likely have a lower premium.

Even after doing research on which insurance option you think would fit your needs best, don’t hesitate to ask your friends and family for any recommendations as well. Insurance can be a confusing product to maneuver at first, but over time, you too can become an insurance pro.

Pet Insurance vs. Savings

Many pet parents can initially be hesitant towards signing their pet up for an insurance plan. Through weighing the pros and cons of this decision, they compare the benefits of an insurance plan versus just having a savings account or emergency fund for their pet.

There’s no doubt that having a separate ‘pet fund’ is a good idea, particularly in the case of an emergency. Still, this alone may not be sufficient to cover all your pet’s veterinary expenses. Plus, you may also run into the issue that one emergency procedure could use all the money you saved.

A great way to look at these two options (insurance and savings) is to get a free quote on how much pet insurance would be costing you each month, then compare that amount to how much you’d be able to put aside monthly into a savings account. Chances are, you will be able to get more bang for your buck with insurance. Coverage can be an excellent choice for individuals with multiple pets since those bills can quickly become doubled.

Pet health insurance is much more than just a financial decision for pet parents—it’s also an emotional one. No one wants to be caught in a situation where they must choose between their pet’s health and their financial means. Pet insurance can help ease the stress of such a decision and allow you to choose the medical care that’s best for your pet without having to focus solely on the price.

An ASPCA® Pet Health Insurance plan can help you with eligible costs for covered conditions like surgery expenses for accidents and help provide peace of mind that your pet can receive the care they need. Check out our online resources to learn more about your insurance options and get a free quote today. The information presented in this article is for educational and informational purposes only and does not constitute or substitute for the advice of your veterinarian.


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