Is Pet Insurance Worth It? 5 Best and Popular Companies

Wondering if pet insurance is a smart investment? With veterinary costs rising, many pet owners ponder, “Is pet insurance worth it?” The value of pet insurance is highly personal, and it’s wise to take a detailed look at its benefits and drawbacks before making a decision. 

Caring for a pet means providing food, exercise, and a safe living place. Pets also need regular visits to the vet for check-ups and shots, and sometimes they need emergency care. 

The cost of looking after a pet’s health can be a few hundred to over a thousand dollars yearly, depending on the pet. In the U.S., a recent MarketWatch survey found that 44.6% of dogs and cats are covered by insurance. 

Pet insurance helps pay unexpected vet bills. The most common reasons pets go to the vet are skin allergies, ear infections, stomach problems, and joint pain. Regular vet visits are important to keep pets healthy.

5 Top Pet Insurance Companies

1. MetLife Pet Insurance

MetLife Pet Insurance is a distinguished pet health insurance provider recognized for its comprehensive coverage options. They offer up to 90% reimbursement on veterinary bills, covering various services, including emergencies and routine care. 

One of the unique features of MetLife Pet Insurance is its flexible reimbursement options, which include 70%, 80%, and 90% choices, with additional options for specific underwritten policies. 

MetLife Pet Insurance stands out in the market with its quick coverage commencement for accidents and optional preventive care, which begins at midnight Eastern Standard Time of the policy’s effective day, compared to the typical 2 to 15-day waiting period of many competitors. 

MetLife Pet Insurance was awarded with “Pet Insurance of the Year” for last year and the year before. The award indicates their commitment to quality service and customer satisfaction.

2. Embrace

Embrace is a highly regarded pet health insurance provider, offering comprehensive coverage for unexpected illnesses and medical expenses for dogs and cats. They are known for saving pet owners up to 90% on veterinary bills, focusing on simplicity and customer convenience. 

Forbes gave Embrace a 5-star rating because they care about making customers happy and providing top-quality service.

The offerings demonstrate their dedication to providing value and support to pet parents. Their customizable pet healthcare plans stand out in the pet insurance market. They offer a single, adaptable plan, allowing pet owners to tailor the price and coverage to their needs. 

3. Pet Assure

Pet Assure offers an innovative approach to pet care with its veterinary discount and wellness plans. Their vet discount plan gives you instant savings on medical services for your pets at certain vets. This includes regular check-ups and emergency help. 

The plan is unique as it offers immediate discounts without needing claim submissions, covering a wide range of services. The Mint Wellness plan by Pet Assure is another standout feature, offering reimbursements for annual routine pet care expenses from any veterinary provider. 

Key aspects of this plan are managing pet health expenses by providing money back on vet bills and allowing visits to any veterinarian. It’s designed for easy online claim submission, focusing on routine wellness coverage.

The highlight of Pet Assure services is their inclusivity; all pets are eligible for coverage, regardless of age or pre-existing health conditions. This makes Pet Assure a versatile option for pet owners struggling to find coverage elsewhere. 

4. 24PetWatch

24PetWatch offers pet insurance programs to provide quality health insurance for pets. 24PetWatch’s insurance plans are underwritten by the North River Insurance Company, rated A (Excellent) by AM Best. This ensures a high standard of reliability and trustworthiness in their offerings.

The company is notable for its dedication to complete pet care. They provide insurance programs that meet various health needs for pets. Their focus is on providing pet owners with peace of mind, knowing their pets are covered in case of unexpected health issues.

24PetWatch also emphasizes ease of access and customer convenience in their services. They aim to make pet insurance understandable and accessible to pet owners, ensuring that pets receive the care they need without unnecessary complications or delays.

5. Hartville 

Hartville provides comprehensive pet coverage, including accidents, illnesses, hereditary conditions, etc. Their Complete Coverage SM plan covers many incidents pets might encounter, from minor to serious issues and even rare conditions.

A unique aspect of Hartville is its accident-only coverage, which is an excellent option for pet owners primarily concerned with major injuries. The plan acts as a financial buffer for significant incidents like accidents or injuries, offering peace of mind to pet owners.

Hartville also emphasizes convenience and efficiency in its services. They make managing pet insurance quick and simple, with all processes, from submitting claims to reviewing benefits, available online. This approach respects the busy schedules of pet owners, making pet insurance management a hassle-free experience.

Is Getting Pet Insurance Worth It? 

Pet insurance can be a smart choice because vet bills are often expensive. If your pet gets injured or sick, their treatment can be expensive. Insurance helps cover many of these costs, making it easier to manage unexpected vet bills.

The value of pet insurance depends on your pet’s health and the insurance plan you choose. Some pets, especially certain breeds, might need more medical care, which can make insurance helpful. If your pet is usually healthy or has health issues that insurance doesn’t cover, paying for insurance might not seem worth it.

How Much Does Pet Insurance Cost? 

Pet insurance costs vary, with dog insurance averaging $30 to $50 monthly and cat insurance around $15 to $30. These rates depend on your pet’s age, breed, and location. Plans have deductibles and typically reimburse 70% to 90% of vet bills after you pay.

There are three main types of pet insurance: 

• “Accident Only” covers injuries from accidents and is the least expensive.
• “Accident and Illness” plans cover both accidents and diseases like cancer. 
• The most comprehensive “Wellness” policies include routine care such as vaccinations. The best plan depends on your pet’s needs and your budget.

Pros and Cons of Pet Insurance 

Pros of Pet Insurance

• Financial safety net: Helps manage unexpected vet bills, making it easier to afford emergency care or expensive treatments.
• Peace of mind: Knowing you’re covered can reduce stress when your pet gets sick or injured.
• Flexible plans: Many options are available, from basic accident coverage to comprehensive wellness and routine care plans.
• Choice of vet: Most plans allow you to choose any vet, giving you flexibility.

Cons of Pet Insurance

• Pre-existing conditions: Insurance doesn’t cover your pet’s health issues before getting the policy.
• Age and breed restrictions: Premiums or coverage limits might be higher for older pets and specific breeds because they have a greater chance of health problems.
• Deductibles and copays: Even with insurance, you’ll need to pay a portion of the vet bills, which can add up over time.
• Not all-inclusive: Basic plans may not cover routine care like vaccinations, requiring additional expense.

Frequently Asked Questions – Is Pet Insurance Worth it?

What Age Is Best To Get Pet Insurance?

Ideally, getting pet insurance when your pet is young is often best. Because younger pets typically have fewer pre-existing conditions, it makes it easier and cheaper to get comprehensive coverage. Moreover, getting insurance early can give you peace of mind as your pet ages and their health needs might change.

Is It OK to Not Have Pet Insurance?

Not having pet insurance is a personal decision and can be okay, especially if you’re financially prepared for potential veterinary expenses. However, without insurance, you’ll need to cover all out-of-pocket vet costs, a significant burden in emergencies or chronic illnesses. 

Is Lifetime Pet Insurance Worth It?

Lifetime pet insurance can be valuable, particularly for pets prone to chronic or hereditary conditions. It offers continuous coverage throughout your pet’s life, reassuring as they age and their medical needs potentially increase. 

While lifetime policies can be more expensive upfront, they can offer significant savings and stability in the long run, especially for ongoing medical care.

Conclusion – Is Pet Insurance Worth it?

Pet insurance plans can be a valuable investment for pet owners. While they may require regular payments, they offer peace of mind, knowing that unexpected vet bills are covered. Researching the best pet insurance companies ensures you find a plan that fits your budget and provides comprehensive coverage for your furry friend’s needs. 

As a pet owner, veterinary care is essential for maintaining your pet’s health, and having insurance can help alleviate the financial burden associated with medical expenses. Comparing different insurance options allows you to make an informed decision and choose the best coverage for your pet.

Related Reads:

• 12 Best Dog Walking Jobs Apps And Sites [Earn $2000+]
• Best Small Business Grants for Women and Their Impact