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Pros & Cons of Pet Insurance

Pros & Cons of Pet Insurance

A closer look at the details.

Lola & Herbie
May 30, 2024

Hey Petlovers!

We hope the following information is useful as you decide if pet insurance is the right option for you and your family.

The first section breaks down the realistic pros & cons of purchasing pet insurance. The second section gives our suggestion on how to handle emergency planning, depending on the type of pet you have and how old they are.

Part 1: Pros & Cons

Two Approaches to Pet Insurance

Set aside money each month in case of emergency (skip pet insurance).
Purchase pet insurance for peace of mind.

Let’s look at the pros and cons of both options.

Setting Aside Money Each Month
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Pros	Cons
You stay in control of your money. If your pet never needs it, you will still have it.	It may take a while to save a significant amount of money.
You can set aside more or less each month as your budget allows.	If your pet has health concerns before you’ve saved enough, the cost could be overwhelming.
Your money will cover any expense your pet needs, whereas pet insurance may not.	Paying out of pocket for standard visits and procedures will cost more in the short term.
The most expensive common pet procedures are knee & joint replacements which can run $3,500 to $7,000. Once you save that figure, you can leave it alone and direct your money elsewhere.	If your pet does require a large veterinary bill, it could drain your savings and make it difficult to afford future veterinary bills.

Purchasing Pet Insurance
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Pros	Cons
Pet insurance provides peace of mind.	Waiting periods for illness and accident coverage can range from 14 days to 1 year, respectively.
You won’t have to go into debt to keep your pet healthy if there is a significant procedure needed.	Pet insurance reimburses you after you pay the vet directly. The money still comes out of your pocket initially.
There are several types of pet insurance that allow you to customize your needs.	It can be expensive to purchase accident, illness, and routine wellness coverage combined.
Monthly payments are generally under $70 per month for comprehensive plans.	Insurance won’t cover pre-existing conditions, behavioral issues, taxes or administrative fees, pregnancy care, grooming, or a few other common pet needs.
Insurance may open you up financially to more extensive and better treatments for your pet.	If your pet is healthy, you will end up paying more for unused insurance premium than you would on infrequent vet visits and the occasional procedure.

Part 2: Our Opinion

Lola & Herbie’s Opinion
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Based on our research, the following options could be the smartest way to keep your pet safe without losing thousands of dollars in pet insurance premiums.

Young Dogs:

If you have a young and healthy dog, we suggest setting aside money each month and forgetting about it until they get older. Try to have a few thousand dollars in the account by the time they turn 7 or 8. On top of that, we recommend getting accident coverage in case anything happens.

Adult & Senior Dogs:

For adult and senior pets with a higher likelihood of injury and illness, we recommend investing in accident & illness coverage. Additionally, you can do the math to see if routine wellness coverage would be worth it.

Accident & illness coverage become much more valuable for older pets, and that little extra financial freedom could give you access to more services that provide a couple extra good years with your best friend.

Young Cats:

Cats (generally speaking) tend to remain healthy until they’re 6 or 7 years old. So, our recommendation is to start squirreling away money each month while they’re young, even if it’s a small amount. If you have an indoor/outdoor cat, we suggest getting accident insurance as well.

Adult & Senior Cats:

If your cat is an adult, it would be wise to invest in accident & illness insurance. Some plans (such as Spot Insurance) cover preventative dental cleanings. Dental issues in cats are often one of the key contributors to declining health, especially in old age.

Cheapest option: Lemonade pet insurance plans start for just $10 per month.

Lola & Herbie receive a small commission if you click the link above and purchase pet insurance through it. We sought out this partnership after finding out that Lemonade was the most affordable option, to our knowledge. While we’re suggesting that you take a look, it’s still important to read the fine print and make sure that it’s the right plan for you.