Pet Insurance: Do you Need it? Pros & Cons

by | Aug 28, 2022

Pet insurance is health insurance for pets. Like human health insurance, pet insurance policies cover treatment costs for your pet animals and, as a result, reduces out-of-pocket payments.

Choosing to get pet insurance may seem like a straightforward choice. However, it is often complicated as many pet insurance consists of special clauses and exclusions that may cost you more money in the long run if you are not careful.

Advantages and disadvantages of pet insurance plans

Weighing the pros and cons of your pet insurance plan will help you determine if you need it or not.


Purchasing a pet insurance policy gives you access to many benefits. Keep reading to learn about these benefits.

It assures you of protection for your pet

Many pet owners often find themselves unable to pay for certain veterinary costs for their pets.

Luckily, pet insurance guarantees that your pet’s health care is covered. It also ensures that you won’t have to choose between your pet and your bank account.

A good pet insurance plan will significantly reduce your financial burdens as it covers thousands of dollars that you would have otherwise paid out-of-pocket.

You can choose your preferred vet

Unlike human health insurance, pet insurance doesn’t require an in-network clinic.

Also, claim reimbursement is between you and your insurer, without any input from your veterinarian. So, you can choose any veterinarian of your choice.

However, you need to ensure that the vet you choose is a fully licensed professional.

It gives you financial relief

Your pet insurance plan helps to significantly reduce the financial implications of emergency veterinary bills.

Some insurance options provide as high as 70% to 90% coverage of your veterinary, while some cover the entire cost.


Even though pet insurance offers numerous benefits, not everyone can use it. Below are some disadvantages of purchasing a pet insurance plan.

Some plans don’t involve certain animals

While most pet insurance plans cover cats and dogs, only a few cover other pets. For this reason, it may be difficult to find the right plan for your exotic pets.

Some insurance plans don’t cover routine or preventative visits

Many insurance policies don’t include routine or preventative visits. As a result, you may have to pay separately for these visits.

You may have to pay some out-of-pocket fees

Most insurance policies cover a percentage, between 70% and 90%, of veterinary bills and not everything. As a result, you may still have to pay some amount out-of-pocket.

Additionally, most policies have a maximum benefit limit. This means that you will have to pay the entire veterinary cost if your pet has a recurring health issue that makes you exceed the maximum benefit limit.

You pay all the medical bill upfront

A pet insurance plan is essentially a reimbursement plan.

This means that you have to pay the entire medical cost upfront. After, you will submit a claim directly to your insurer.

If your insurer approves your claim, they will reimburse you the agreed-upon percentage.

It doesn’t cover pre-existing conditions

Most insurers do not provide insurance coverage for older pets or pets with pre-existing conditions.

For this reason, you may want to set aside funds for their health care.

Do you need pet insurance?

Every pet owner needs pet insurance as they help with covering the financial burden of your pet’s healthcare. However, some insurance policies cost more than the coverages they offer, while others don’t offer the coverages you desire.

Consequently, we recommend that you research insurance pet companies and weigh their advantages against their disadvantages to know whether they will work for you or not. If they don’t, set up a special bank account where you will save money dedicated towards your pet’s health bills.