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In a nutshell
For a small monthly fee, you can purchase pet insurance to cover medical costs for your dog, cat or other pet.
- Pet insurance typically requires you to save your vet bills for covered services and submit claims for reimbursem*nt from your insurance provider.
- Depending on your plan, coverage can be limited to emergency visits or extend to preventive care.
- Pet insurance will cost you about $10 to $53 per month, though it varies by pet, policy and provider.
FEATURED PARTNER
Lemonade Pet Insurance
FEATURED PARTNER
Lemonade Pet Insurance
Usually covered
Diagnostics, injury from accident, cancer, flea and heartworm prevention, allergy medicine, arthritis medicine
Annual coverage limits
$5,000 to $100,000
Reimbursem*nt rates
70% to 90%
Deductibles (annual)
$100, $250, $500, or $750
What is pet insurance?
Pets are treasured family friends who need lots of care and attention. Medical care is one important part of that, including preventive visits, regular veterinarian visits and emergency care.
Unfortunately, emergency vet visits don’t come cheap. In fact, MetLife estimates an emergency vet visit for a dog could run between $150 and $5,000. For a cat, it can cost between $150 and $3,000. Without ample savings for this kind of situation, just one emergency could end up breaking the bank.
Enter pet insurance: a health plan you can pay into every month to protect your furry friend in case a covered medical incident arises. Just like human health insurance, pet insurance covers certain medical procedures, including accidents, illnesses or preventive care, depending on the plan. Pet insurance works just like other insurance plans: It has deductibles, coverage limits and other specifications that vary by provider.
How does pet insurance work?
Pet insurance works similarly to health insurance for humans, covering the cost of designated procedures as outlined in your policy. Unlike health insurance, however, pet insurance is almost exclusively paid via reimbursem*nts, rather than veterinary offices billing the insurance company directly. That means you’ll have to cover the bill for your pet’s vet visit and file a claim to get the covered amount reimbursed.
Pet insurance comes with a few key terms you’ll need to understand, including the following:
- Premium: Your pet insurance premium — or the amount you pay each month for coverage — will vary depending on different factors, including your pet’s age and health history, the instances you want covered, your deductible and more.
- Deductible: Pet insurance plans come with a deductible, which is an amount of money you are responsible for paying before your policy kicks in.
- Reimbursem*nt percentage: After you meet your deductible, your pet insurance plan will cover a percentage of the remaining bill, which usually ranges from 60% to 100%. (80% to 90% is most common.)
- Annual limit: Your plan might also have an annual limit to the amount of money you can claim. Once you reach this limit, you are personally responsible for additional medical charges.
- Covered services: Every pet insurance policy is different when it comes to what bills are covered. Some policies only kick in for accidents and emergencies, and others include preventive care.
What does pet insurance cover?
There are three main types of pet insurance coverage, each of which accounts for different medical procedures and costs:
- Accident-only coverage: This is the most basic form of pet insurance, and it covers emergency situations such as broken bones, bite wounds or ingesting a foreign object.
- Accident and illness coverage: Accident and illness coverage pays for the cost of emergency injuries plus treatment for certain illnesses such as cancer, allergies or infections.
- Wellness coverage: Wellness coverage is the most comprehensive form of pet insurance. It includes accidents and injuries and routine vet expenses, such as wellness exams, vaccinations and blood work.
Plans may include a combination of any of these covered instances, so you’ll want to read the terms of the policy carefully before deciding which one is best for you.
What does pet insurance not cover?
For the most part, pet insurance will not cover preexisting conditions. Even if you find a policy that covers preexisting conditions, you’ll likely be subject to a longer waiting period before coverage kicks in.
Other noncovered costs may include:
- Elective procedures.
- Pregnancy and breeding.
- Behavioral issues.
- Preventable diseases.
Pet insurance also won’t pay for nonmedical costs, like food, grooming or boarding.
How much does pet insurance cost?
The cost of pet insurance varies significantly depending on different factors, such as your pet's age, gender and breed, as well as the level of coverage, deductible and reimbursem*nt percentage you choose. The average cost is between $10 and $53 per month, according to PetMD.
Pet insurance with wellness coverage — the most comprehensive option — will run you the most per year. According to the North American Pet Health Insurance Association 2023 state of the industry report, the average annual premium for this kind of coverage was $613.37 for cats and $1,134 for dogs in 2022. In comparison, the average for accident-only coverage was $122.19 for cats and $200.58 for dogs.
What to consider before getting pet insurance
Pet insurance can be costly, especially if you opt for wellness coverage or have an older pet or a breed with known health issues. Before deciding if pet insurance is right for you, consider if you have the budget for the premium and deductible as well as the kind of situations you might need pet insurance for.
Remember, however, that emergency vet visits can run to thousands of dollars, so if you do not have a fund in place to cover this charge, you need to be prepared to decide how you will shoulder the cost.
Related: Is pet insurance worth it?
How to get pet insurance
If you’re ready to sign up for pet insurance, follow these steps:
1. Compare insurance providers
The first step is to research available options and find ones that meet your needs. Are you insuring a dog, cat or other animal? What level of coverage are you looking for? What is your budget? These are all important questions to answer and make sure potential policies match.
2. Apply for coverage
Once you’ve chosen an insurance provider, you are ready to apply for coverage. You’ll be required to submit personal information about yourself and your animal, which may include health history information about any preexisting conditions.
3. Comply with the waiting period
Many pet insurance policies will have a waiting period of a few weeks before coverage kicks in. If possible, wait to schedule any veterinary visits until after this period.
4. Start using your insurance coverage
After you’ve been approved for coverage and your waiting period is over, you can start to use your coverage. You’ll continue to receive treatment for your pet as usual and cover the bill, but then submit your covered charges for reimbursem*nt.
Popular pet insurance providers
If you’re ready to check out pet insurance policies, consider these popular providers:
Lemonade
Lemonade is a popular pet insurance provider, thanks to affordable plan options and comprehensive coverage for care, from annual wellness exams to vaccines. They offer an easy-to-use app where you can find out if your claim is covered in minutes. You also might be eligible for discounts on your premiums if you insure multiple pets or pay annually. Lemonade plans start at $10 per month.
Pets Best
Offering a variety of plans with comprehensive coverage, from accidents to routine care, Pets Best is another great choice for protecting your cat or dog. For accident and illness plans, Pets Best does not institute an upper age limit on pets covered, so pet owners with older furry friends might consider this provider. Plans from the issuer start as low as $6 per month for accident-only insurance for cats and $9 per month for dogs.
Fetch
Fetch is another popular pet insurance provider, offering a variety of plans for dogs and other pets. One unique selling point is that Fetch covers hereditary conditions linked to pet breeds, which many other providers exclude. If you have a pet breed with a history of health issues, a Fetch plan might be a good choice. The average cost for Fetch plans is $35 per month for dogs and $20 per month for cats, although it varies by coverage level.
Embrace
Embrace pet insurance offers a variety of coverage options, including pet dental insurance, which is difficult to find. The provider also has a more flexible policy regarding preexisting conditions than competitors, covering costs associated with curable preexisting conditions when the pet has been symptom-free for at least a year. Plans from Embrace start as low as $8 per month, depending on pet and coverage.
Nationwide
Nationwide is the only major pet insurance provider that offers coverage for “exotic” pets, or animals other than cats or dogs. If you’re looking for coverage for your lizard, rabbit, guinea pig or other pet not covered by traditional policies, this may be a good choice for you. Monthly premiums with Nationwide start at about $31 per month and vary based on coverage amount and type of pet.
Related: Best pet insurance companies
The AP Buyline roundup
Pet insurance can be pricey — especially if you want a low deductible and high coverage — but it can definitely be worth the cost. Unexpected veterinary emergencies are very expensive, and pet insurance can help you rest assured you will be able to cover the costs of keeping your furry friends happy and healthy.
Keep in mind that most pet insurance policies require you to cover the cost upfront and file for reimbursem*nt later, so keeping an emergency fund to pay for these costs is also a smart financial move.
Frequently asked questions (FAQs)
How does a deductible work with pet insurance?
A pet insurance deductible works just like any other insurance deductible. You’ll need to meet this cost before your policy will cover any bills. Depending on your insurance provider, you might have an annual deductible or a per-incident deductible. With an annual deductible, you’ll need to meet the set amount just one time before further charges are covered, according to your plan’s terms, for the rest of the year. For a per-incident deductible, you’ll be responsible for paying a certain balance on every single vet bill.
How soon after getting pet insurance can you use it?
For the most part, you’ll be subject to a waiting period after you sign up for pet insurance before you can start to take advantage of it. This could be as short as a couple of weeks or as long as several months, and it can vary based on the instance you need to be covered. If you’re considering signing up for pet insurance, make sure to read your policy's terms and conditions carefully for these requirements.
Does pet insurance cover any pets besides cats and dogs?
It depends on the policy. Most providers — like Lemonade and Fetch — only provide coverage for cats and dogs, but you can find policies that extend to other animals. For instance, Nationwide Insurance covers exotic animals, from birds to guinea pigs.
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.
