Should I Get Dog Insurance? Pros and Cons (Updated 2020)
“Is dog insurance worth it?” This is one of the most common questions dog owners ask. Of course they know their dog’s health is important. But, does dog health insurance really cover what you need it to, and are the premiums affordable?
Much like human health insurance, dog insurance helps you afford medical care. Unexpected accidents and illnesses can cost you a lot of money. When you purchase dog insurance, you’ll pay monthly premiums to help you balance the cost of medical care.
However, some insurance companies may charge way more than your budget allows. Therefore, it’s important to find a good balance between coverage and cost to provide the best benefits to you and your dog.
This guide to dog health insurance will cover some of the basics of dog insurance. Additionally, I’ll go over some of the pros and cons to help you better understand what dog insurance is all about.
What Does Dog Insurance Cover?
Each insurance company is different, but most have them have general similarities in coverages. Most dog insurances will cover accidents, illnesses, and major medical costs, like surgeries and emergency room visits.
Some insurance companies will provide more comprehensive coverage for dogs. Some policies may include coverage for cancer or chronic, congenital, and hereditary conditions. Others will include reimbursement for alternative treatments, routine vet exams, and dental care.
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How Does Dog Insurance Work?
When you’re ready to sign up for a policy, you’ll choose your coverage and any additional benefit packages you may need. Most of the time, you can select the deductible that fits within your budget. This deductible is the amount you have to pay before your insurance will begin to reimburse you.
You’ll also need to choose a reimbursement level or co-pay. Your reimbursement level is usually a percentage of your vet bills that insurance will pay you back for. A co-pay is an amount you agree to pay for a medical service.
When a medical issue arises, you’ll bring your dog to the vet and pay the bill. Then, you submit a claim to your insurance company. The insurance company will first deduct the reimbursement or co-pay from your vet bills. Then, it will subtract your annual deductible. The remainder is the amount you’ll receive for covered medical services.
Do I Need Pet Insurance For My Dog? Is Pet Insurance Necessary?
Is dog health insurance worth it? Although it has both pros and cons, pet insurance for your dog can absolutely save you money in the long run. If you’re concerned about the cost of unexpected medical emergencies for your dog, it’s best to purchase a policy that can help ease your worries.
However, it’s important to understand the pros and cons of dog insurance so you can be fully informed when you search for the best policy.
Benefits Of Dog Insurance
Consider the costs if your dog came down with a sudden illness. Your dog required several vet visits and medications, racking up a couple of thousand dollars quickly in a few months to get his illness figured out. You didn’t have any money saved, so you had to rely on credit cards. If you had a health insurance policy for your dog, up to 90% of those bills could have been reimbursed.
With dog insurance, you’ll pay a monthly premium, which usually ranges between $20 and $50. The cost of that seems slim compared to thousands of dollars in vet bills. Plus, it will ease your worries knowing that you’ll be reimbursed for the high costs of medical care. Dog insurance is one of the best ways to help you budget your dog’s health services.
Negatives Of Dog Insurance
Of course, dog insurance isn’t perfect. There are hundreds of companies to choose from and they aren’t all created equal. In fact, some can be outright confusing to understand, leaving dog owners wondering, “What pet insurance should I get?” and “Is pet insurance necessary?”.
If you aren’t careful, you may end up paying more money each month than you need to. You may agree to coverage for more services than you’ll ever use for your dog. Additionally, there’s a chance you’ll rarely have to use your dog insurance, making you pay more in premiums than in vet bills over your dog’s life.
Furthermore, most dog insurance policies don’t cover routine care, like vaccinations or vet exams, without adding on additional packages. In short, you’ll likely pay more money to have routine care covered on your policy. And, most plans also will not accept your pet with pre-existing conditions, so it can be difficult to find a policy for dogs who already have health concerns.
Is Dog Health Insurance Worth It?
In certain situations, such as little vet bills over a dog’s life, insurance may cost you more out of pocket than the vet bills. However, most pet owners are happy to take that chance, since you never know if a dog will require a lot of medical care throughout his or her life.
Also, consider the peace of mind you’ll have knowing that, if an emergency arises, your wallet won’t take a huge hit. If there isn’t anything you wouldn’t do for your dog, then pet insurance is an absolutely worthwhile investment. A good insurance policy will help you budget the costs for medical care throughout the life of your dog, rather than worrying about where money will come from for unexpected emergencies.
Conclusion: Should I Get Dog Insurance?
“Should I get pet insurance for my dog?” is one of the most pressing questions for a dog owner. Is pet insurance worth it for a dog? What pet insurance should I get? Insurance can be confusing, but fortunately, there are plenty of companies and free information to help you decide.
I hope this article helps you see why the answer to “Should I get dog insurance?” is a resounding “Yes!”. Not only can the right insurance save you money through the life of your dog, but it helps you give your beloved family member the healthcare he needs to live a long, full, happy life.
I recommend getting free quotes from three specific dog insurance companies: Healthy Paws Pet Insurance, Pets Best, and Petplan. These companies offer some of the best coverage options for most dogs, while keeping premiums low and affordable.