Pet Insurance | Churchill (2024)

FAQs

Is pet insurance worth it for dogs? ›

It can reimburse you for expenses like cancer treatment, emergency care, prescription medications and surgery. In some dire scenarios, pet insurance could save the life of an animal that would otherwise be euthanized if its owner couldn't afford treatment.

According to our research, pet insurance costs $768 a year for dogs and $324 a year for cats, with an overall average monthly cost landing at $49 per month. Our team secret-shopped for 14 national pet insurance providers and gathered over 2,000 quotes in all 50 states.

Background: Pet insurance companies typically divide their products into 3 main categories: accident-only, accident and illness, and wellness coverages. Each level offers specific services that are covered and excluded and will vary by price. Insurance policies are usually broken down by the type of pet being insured.

"We advise all paw-rents to insure their pet at a young age," Spot says. "You can enroll your pet in a plan from Spot as soon as they're 8 weeks old. Don't let your pet develop a 'pre-existing condition' before they're insured."

So, once you've covered your deductible for a condition, your pet insurance will typically reimburse a percentage of any additional cost. That percentage depends on the policy you sign up for. In most cases, you'll be able to choose 70%, 80% or 90% reimbursem*nt coverage.

Typical deductibles range from $0 to $1000, but averages are typically closer to $100, $250, or $500. For example, if your plan has a $200 deductible, you will have to pay the first $200 out of pocket before the insurance company will start reimbursing you for vet bills.

Your pet insurance premium is based on a long list of factors, some of which can change from year to year. If your pet insurance premium has increased, one of these factors may be in play. Age: As your pet gets older, they're more likely to have an expensive-to-cover illness or age-related injury.

Insurers cover diagnostic tests, surgery, hospitalization and even physical therapy if it's necessary to treat injury or illness. But even the best pet insurance companies exclude checkups, vaccinations, grooming and other recurrent pet care expenses.

What are the alternatives to pet insurance? ›

The typical waiting period is 14 days, particularly for illness coverage. Some pet insurance providers have a waiting period of only a few days for accident coverage. Hereditary conditions such as hip dysplasia typically have much longer waiting periods — up to a year.

Covered diagnostic tests typically include blood tests, X-rays, MRIs, and ultrasounds necessary to diagnose and treat your pet's medical condition. Surgeries. Pet insurance provides coverage for routine procedures such as spaying and neutering, as well as more complex operations like orthopedic surgeries. Medications.

Fortunately, most pet insurance providers cover medication as long as a licensed veterinarian prescribes it for a covered condition. Unfortunately, this doesn't apply to prescription food and supplements.

It's usually not too difficult to know when you should claim, and you can always check your policy documents or speak to your insurance provider if you're not sure. The only time it might not be worth claiming is if your policy excess – that's the amount you pay to make a claim – is more than the cost of the treatment.

The Verdict: Is Pet Insurance Worth It Or Should I Just Save Money? For many people, especially in 2024, pet insurance is worth the cost — and better than just setting aside a rainy-day fund. With the right coverage, you can provide your pet with diagnostics, treatments, and medications without serious financial risk.

So how many pet owners have pet insurance? About half, or 44.6%, of pet owners stated they currently have pet insurance in our survey. On a larger scale, NAPHIA's 2022 State of the Industry Report found that more than 4.41 million pets were insured in North America in 2021, up from 3.45 million in 2020.

Lifetime pet insurance cover is ideal if your pet develops a long-term illness, such as diabetes or arthritis. Because Lifetime pet insurance policies are so comprehensive, they can cost more than Time limited policies, which offer cover for short-term illnesses and injuries.