Should You Get Pet Insurance?

Anyone with a pet knows how expensive it can be to get routine care from the vet. And you can easily pay hundreds — or thousands — of dollars if your dog or cat has a medical emergency or illness. If you’re just starting out, you may not have built up a sufficient emergency fund to cover these potential costs. Would pet insurance help limit those expenses? Here are a few facts to consider when deciding if it’s worthwhile to buy a policy.

  • Pet insurance generally doesn’t cover routine exams and care, but it does cover accidents and illnesses.
  • Plans typically reimburse a portion of your costs (typically 60% to 90%) and may also have a deductible and out-of-pocket maximum limit, either per year or over the pet’s lifetime.
  • Policies may not cover preexisting conditions.
  • Premiums are usually lower for younger pets and can also vary by breed and location. Costs vary widely by plan, but tend to range from $30 to $150 per month for a dog and $10 to $50 per month for a cat.
  • Generally, less-expensive policies may only cover accidents and not illnesses.

Before you buy, ask your vet and other pet owners for recommendations. Several websites make it easy to compare the cost and coverage of pet policies. And check with your employer — some organizations now offer discounts on pet insurance as an employee benefit.

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