The popularity of pets has grown. So has the sophistication of veterinarian medicine, and in the process, its costs. Such forces have driven the growth of the pet insurance market from one insurer in the marketplace in 1982 to over a dozen today. But even though the number of policyholders has grown recently at a 12% to 15% pace, only 1% to 2% of their pet dogs and cats are insured.

To insure or not comes down to a fairly simple question, on the surface: What’s your pet worth to you? But ultimately, it’s both an emotional and financial decision. Here’s what you need to think about:

  1. Your array of options. Start with the nature of the policy – basic versus comprehensive. Basic policies cover the costs of treating certain common illnesses and accidents. Comprehensive plans start with covering annual wellness exams and vaccinations but also include blood work and other treatments.
  2. Factor in costs. How much you’ll pay varies a lot, from $10 on the low end to over $100. One survey finds the average cost for accident and illness coverage for dogs is $44.66, and for cats, $27.93; for accident-only, $15.84 for dogs and $12.72 for cats. And yes, pet insurance is more costly for dogs than cats, and it’s important to factor in the breed. Some breeds are more susceptible to medical conditions like cancer or hip displasia, so insuring them will be more costly. A Great Dane will set you back for dog food and pet insurance more than would a Chihuahua..
  3. Other plan components. Reading the fine print will further help you understand the extent of the protection you’re buying. Look at deductibles and co-payments, for example. Is there an annual cap on what the plan will pay? Are exam fees, prescribed medications or foods covered? And is this lifetime coverage or just through to a certain age?

In thinking through if pet insurance is worth it for your pet, it’s also important to think through coverage that best suits your needs. Thanks to modern-day insurance options, pet insurance is just one step you can take to ensure your pet is healthier and more protected.

If you’re considering pet insurance, explore HUB’s Personal Insurance Marketplace where you can get real-time quotes for all your personal insurance needs.

1 https://www.iii.org/fact-statistic/facts-statistics-pet-statistics
2 https://www.nytimes.com/2017/06/07/well/family/pet-insurance-is-the-latest-work-perk.html
3 https://www.valuepenguin.com/pet-insurance/average-cost-of-pet-insurance
4 https://www.nytimes.com/2017/06/07/well/family/pet-insurance-is-the-latest-work-perk.html