Is Pet Insurance Worth It?

Pet insurance works differently from human health insurance. Instead of paying your vet directly, many pet insurance plans require you to pay the bill up front and then submit a claim for reimbursement. 

Here’s a quick breakdown: 

• You choose things like your monthly premium, deductible, and reimbursement percentage when enrolling. 
• After your vet visit, you submit your invoice and medical records. 
• The insurer processes your claim and reimburses you a percentage of the covered costs. 

One of the biggest advantages of pet insurance is that it helps cover the cost of unexpected and oftentimes expensive veterinary care. Whether it’s a swallowed sock that requires surgery or a cancer diagnosis that involves months of treatment, having pet insurance can help you focus on care, not cost. 

Other benefits include: 

• Peace of mind: The goal is to help make sure you won’t have to scramble to cover the full cost of a sudden $10,000 vet bill. 
• Preventive care (if added): Many plans offer wellness packages that help you budget anad stay on top of routine care. 
• Budgeting made easier: Paying a monthly premium is predictable and easier to plan for than emergency expenses. 

Wondering how much pet insurance costs? Monthly premiums for puppies and kittens can start at $30, depending on factors like: 

• Pet’s age and breed 
• Your ZIP code 
• Type of coverage (accident-only or accident and illness) 
• Deductible and reimbursement rate you choose 

While coverage can be a financial lifesaver in emergencies, some pet parents may pay more in premiums over time than they receive back in claims. It’s also important to review exclusions: Most policies don’t cover pre-existing conditions, elective procedures, or breeding-related care. 

If your pet stays healthy, you might go years without making a claim. But many pet parents end up using pet insurance if their pet develops a chronic illness or gets injured. 

According to the North American Pet Health Insurance Association, about one in three pets will need emergency veterinary treatment each year. That means while pet insurance may not always result in a financial return, it can offer vital financial protection when you need it most. 

If you’re unsure about purchasing pet insurance, here are some other ways to prepare for pet-care costs:

With this method, you set aside a fixed amount each month in a savings account dedicated to your pet’s medical needs. This gives you control, but it requires discipline—and you’ll need time to build it up.

Think of it like this: If you set aside $50 a month but then get hit with an unexpected $3,000 vet bill while your pet is still under a year old, the savings account would not yet have the required funds.

CareCredit is a credit card that offers special financing for health care, including veterinary care. It can be useful in emergencies, but if you don’t pay off the balance during the promotional period, interest rates can apply.  

Some organizations offer grants or funding for pet parents who can’t afford veterinary care. These resources are limited and often require an application and vet documentation. 

Ask yourself these questions to decide whether insurance is the right move for your family: 

• Does my pet have pre-existing conditions? Pre-existing conditions are not typically covered. If your pet has chronic health needs, insurance may offer limited value—unless you find a plan with some flexibility. 
• Can I cover a $2,000 to $5,000 emergency vet bill out of pocket? If not, pet insurance could prevent you from having to choose between your finances and your pet’s health. 
• Is my pet young and healthy? Young, healthy pets generally qualify for lower premiums and better comprehensive coverage, making insurance more worthwhile. 
• Do I want to avoid unexpected expenses? If budgeting is important to you, having a fixed monthly premium can help you plan ahead and reduce financial surprises. 

So should you get pet insurance? The answer depends on your pet’s needs and your financial situation. For some, it’s a safety net that offers comfort and security. For others, a savings fund may be the better route. 

Ultimately, whether you need pet insurance is a personal question—but you don’t have to answer it alone. To learn more about how pet insurance can help protect your pet or to get a personalized quote, visit CarePlus by Chewy. You can also speak directly with one of our licensed experts at 800-672-4399, who will be happy to answer any questions you might have.