If a furry little someone is a part of your life, then you already know that from food to doggy day care, the costs can add up quickly. A recent survey shows pet costs – vet bills, grooming, the works – are up a whopping 42% since 2019.
For many pet parents (HerMoney CEO Jean Chatzky included), pet insurance can make caring for furry family members more affordable. But with so many options, it’s not always clear where to start your search – or how to determine what’s actually covered.
The most common questions people ask are simple: What is pet insurance, exactly? Does pet insurance cover vaccines? Are there discounts for multiple pets? From there, the list goes on and on. Luckily, we’ve got answers to some of the most common ones. Here’s what to know before you sign up.
WHAT IS PET INSURANCE, EXACTLY?
Pet insurance is health care coverage for dogs and cats. Depending on the policy, coverage may include accidents, illnesses, hereditary conditions, dental disease, and even behavioral issues.
At its core, though, pet insurance is designed to protect you from major, unexpected expenses. “It’s not, say, insurance if your dog bites someone,” explains Melissa Gutierrez, Chief Executive Officer of Pets Best Pet Insurance (you’d have to get a special add-on to your homeowner’s policy to cover that). Rather, pet insurance is largely for unexpected accidents and illnesses that are harmful to the pet’s health — the kind that you just can’t plan for.
HOW DO I CHOOSE A POLICY?
Like any insurance policy, the goal is to get the most coverage for a price you can comfortably afford, says Gutierrez.
That starts with understanding both your pet’s needs and your own financial limits. “If you can pay for the yearly visits and the vaccinations, but you think, ‘If my pet gets cancer, I can’t do a $3,000 vet bill,’ then that is the type of coverage you are looking for,” she says.
Most insurers offer a range of options, so comparison shopping is key. As you evaluate plans, you’ll likely keep coming back to the same key questions, for example: Does pet insurance cover vaccines?
Generally, plans fall into three main categories:
- Accident and illness
- Accident-only
- Wellness plans, which can help offset routine care, like annual checkups
DOES THE PET HAVE TO BE A BABY?
Not necessarily – but experts say the earlier you take out the policy, the better.
Most insurers recommend enrolling pets as young as possible, typically around eight weeks old. While some providers don’t require pets to be very young, many do set maximum age limits, says Gutierrez. “Pre-existing conditions are not covered, so the earlier you buy when the pet is young, the more likely it is you will have coverage if something does come up,” she explains.
WILL PET INSURANCE COVER VACCINES?
So, does pet insurance cover vaccines? In most cases, standard pet insurance policies do not. That’s because vaccines are considered routine, preventative care – not unexpected medical expenses.
However, many insurers do offer optional wellness add-ons or riders that will cover vaccines, exams and other preventative services. These plans are designed for pet owners who want help managing everyday care costs, not just emergencies.
If having vaccines covered is a priority for you, then check (and double-check) the fine print on your policy. Even when the answer to “Does pet insurance cover vaccines?” is “yes” under a wellness plan, there are often annual reimbursement caps and additional monthly costs.
HOW MUCH DOES PET INSURANCE COST?
Pet insurance premiums vary based on the type of pet you have (cat vs. dog), their age, breed, and even your location, says Rob Jackson, co-founder of Healthy Paws Pet Insurance. “Dogs seem to get into more mischief than cats, so pet insurance premiums tend to be higher for dogs,” he says.
Typically, plans are around $30-$60 per month for dogs and $15-$35 per month for cats. Like human health insurance, the cost of care goes up over time, so the cost of a pet insurance plan will increase as your pet ages.
ARE THERE DISCOUNTS FOR MULTIPLE PETS?
Yes, many insurers will offer multi-pet discounts for additional pets. If you have more than one furry family member, bundling them under the same provider can be an easy way to trim costs.
Beyond multiple-pet discounts, there are also typically discounts for service animals as well.
HOW SHOULD I START SEARCHING FOR A PROVIDER?
There’s no shortage of ways to start your search. A good first step is asking your veterinarian which pet insurance providers they trust. From there, do your own research online – reading reviews, comparing coverage options and getting quotes from multiple companies (to make it easier, we rounded up a list of good options here).
You may also want to check with your existing home or auto insurer, as some well-known carriers now offer pet insurance policies.
And don’t be afraid to pick up the phone. Asking questions – and getting clear, direct answers – can go a long way in helping you feel comfortable about your choice, especially when you’re trying to pin down details like, does pet insurance cover vaccines, and other key questions.
MORE ON HERMONEY:
- 3 Steps To Lower The Cost Of Your Homeowners Insurance Premiums Right Now
- 13 Women On Where They Keep Their Emergency Funds (and Why They Love HYSAs)
- How Does Pet Insurance Work? Everything You Need To Know.
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