Is Pet Insurance Actually Worth It?

As pet owners, we’ve all asked the same question: is insurance really worth it, or just a waste of money each month? 

Let’s be honest, figuring out the answer is a real hassle. With all the conflicting information and small print, it’s difficult to pin down exactly what protection your pet is getting (and how much money it could save you at the vets).
It’s easy to think only a pet who’s ageing, or has a long term condition, can benefit from insurance. But actually it’s safest to get your pet insured when they’re young and healthy. Here’s why:

Pets are expensive

On average, having a dog costs $1000 a year (cats are a little cheaper at $600). And that’s just for the basic supplies like food and litter. If you add in all the extras, such as treats and toys, it really does start to snowball!

When you then lump on vet fees and medication costs, the grand total can be alarming. But having pet insurance will soften the blow of any large, unexpected vet bills, so you won’t have to worry about your bank balance. 

Pets need more vet care than people realise

Accidents happen; it’s unavoidable. Even young, healthy pets usually end up at the vets several times a year. 

The problem is, emergency vet consultations are extremely expensive ($1000 to look at a broken leg!). Even for something simple, like eating something they shouldn’t, can land you with a hefty bill. 

Insurance is the only way to ensure you never have to choose between your bank account and your pet. 

The other important thing to remember is that no policy will cover the cost of care for an existing condition. So if you wait until the worst happens to get covered, you’ll miss out on the protection insurance can provide. 

The time to act is when your pet is fit and healthy. 

Insurance covers more than you think

If you go with the right provider (for example Lemonade), you have the option to customize your policy. This means you can get everything you want covered, and you won’t overpay on things you won’t use. 

Most people also don’t realise that the smaller aspects of pet healthcare like routine tests, vaccinations and annual checkups can be covered as well. So not only would you be covered for the unexpected, but you can cross off the cost of the more every day care too!

Vets are urging owners to get insurance

Lemonade’s own Vet Consultant sums it up nicely “insurance helps [pet owners] know they can afford any medical issues that arise in the future… to remove financial anxiety from their medical decisions.” 

With pet insurance, you’ll never have to sacrifice your pet’s health because of your finances. Instead, you’ll have peace of mind that whenever an issue arises, you can always be able to do what’s best for your pet. 

So is pet insurance worth it? 

It’s a lot like human health insurance. It’s a safety net that you hope you won’t need to use, but you’re always glad to know it’s there. And you can get your money’s worth by using it for the smaller, more routine aspects of pet care. 

So on the whole, yes, it’s worth it. And if you’re particularly money conscious, picking a more tailor made policy can give you the best of both worlds. After all, something is always better than nothing.
Why not try out our free quote generator? Just answer a few questions about your pet and see what coverage and prices you could get, in under 60 seconds! Check it out: