Is Pet Insurance Worth It? 9 Benefits to Consider

Pet insurance is a booming industry, with the pet insurance marketplace having grown by 27.7% in 2021.¹ There's a good reason pet insurance is growing in popularity among pet parents — actually, make that nine good reasons, each of which we cover below.

1. Pet Insurance Can Save You a Lot of Money

Pet insurance works by reimbursing you for a substantial percentage of costs relating to a wide range of veterinary expenses and pet healthcare costs.

In 2021, the average monthly premiums for accident and illness coverage for dogs was $48.66, and only $28.57 a month for cats.¹ Now, consider that an ACL injury — which is common to many dog breeds — can cost thousands of dollars to surgically correct. And treatment of chronic conditions, such as allergies or diabetes, can really add up, too.

Here is just a sampling of health issues and procedures that may be covered by pet insurance:²

• Spaying and neutering
• ACL surgery
• Cherry eye surgery
• Poisoning
• Broken bones
• Bowel obstruction removal
• Hunting injuries
• Allergies
• Diabetes
• Thyroid disease
• Epilepsy
• Skin conditions
• Urinary tract infections
• Hip dysplasia
• Arthritis
• Glaucoma
• Age-related illnesses
• Prosthetic devices
• Alternative pet medicine

A few hundred dollars a year spent in premiums could more than pay for themselves with just one major illness or injury during your pet's lifetime.

2. It Covers Emergency Care

Twenty-four-hour emergency vets are a lifesaver when your cat eats a toxic houseplant at 10 p.m. on a Friday night and your regular vet is closed for the weekend. But those emergency vet visits are expensive and can add financial stress on top of emotional stress.³ Pet insurance would reimburse you for your pet's emergency treatment and hospitalization regardless of whether they're treated at the ER or by your usual vet.²

3. Cancer Diagnosis and Treatments Can Be Reimbursed

Thanks to improvements in nutrition and advances in veterinary care, pets are living longer these days — and as with humans, that longevity increases your pet's chances of eventually getting cancer.⁴ Diagnostic procedures, treatments like chemotherapy, special diets and medications can all cost a fortune. But the prepared pet owner who has pet insurance for their dog, cat or other pet can rest assured that many of those expenses will be covered.

4. Pet Insurance Can Help Pay for Routine Vet Visits

Pet insurance doesn't only cover your dog or cat when they're sick or injured — it also covers the costs of preventing diseases throughout your pet's lifetime. Depending on the type of pet insurance coverage you have, you may also be reimbursed for the costs of annual pet wellness checkups, vaccinations, parasite treatment and prevention, dental cleanings and other types of routine veterinary care that can help your pet stay healthy and catch diseases before they're too far along to treat effectively.

5. Correcting Behavior Issues Can Be Covered

Anxious or unruly pets sometimes require more than good training to correct. While you may need to shop around, some pet insurance providers and policies cover veterinary behavioral consultations and medications to treat behavioral issues.² So if your pooch suddenly develops separation anxiety or starts obsessively chasing their tail and you've got the right coverage, you can feel free to seek help to calm your anxious pup.

6. Pet Insurance Also Covers Euthanasia

Although it's not a pleasant subject to think about, sometimes the best way to help your sick or dying pet is to provide them with relief through a humane and painless exit. This is a difficult decision, made even more so by having to worry about the expense involved. Pet insurance policies that cover the cost of euthanasia remove this worry so you can focus on deciding what's best for your fur baby.²

7. Makes Budgeting for Pet Care Easier

You could set aside money into a savings account each month to cover pet emergencies. But you never know when a serious illness or injury would drain those savings, and it may cost more money than you expect. Paying a fixed premium each month and having a set amount in deductibles to pay out of pocket makes it easier to budget for all kinds of vet visits, knowing that any money you spend over the deductible will be reimbursed to your bank account by your pet insurance.

8. Pet Insurance Lets You Use Your Regular Vet

Most pet insurance providers don't limit you to using a preferred network of vets. This means your pet's treatment is covered whether you take them to your regular vet, an emergency vet or a veterinary specialist of your choosing. Depending on where you go, it may even cover you and your pet while traveling.²

9. Your Peace of Mind

Your pet's health is as unpredictable as your pet, and health setbacks are inevitable. Few things are worse for a pet parent than discovering their dog or cat needs lifesaving surgery or an expensive diagnostic procedure, and having to wonder how to pay for it.

Pet insurance provides the answer, letting you focus on providing the best care for your beloved companion without the financial strain. Pet insurance is worth it just for the peace of mind it can give you when — not if — something goes wrong with your furry best friend.

CareCredit Financing for Pets

Taking good care of your pet's well-being from nose to tail is essential. Make sure to stay up to date on their regular checkups at the vet to help keep your pet happy and healthy for a lifetime of love. You can use your CareCredit credit card for pet care throughout the year for routine veterinary services as well as emergencies and surgeries.* Apply today and use our Acceptance Locator to find a veterinarian near you that accepts CareCredit.

CareCredit is there for you and your pet every step of the way; continue your wellness journey by downloading the CareCredit Mobile App to manage your account, find a provider on the go, and easily access the Well U hub for more great articles, podcasts, and videos.

Author Bio

Jean Marie Bauhaus is a freelance writer and novelist with eight years of experience. Her work has appeared on Hill's Pet, Chewy and AKC.org, and more.