I Write About Insurance for a Living, and This Is the One Type of Insurance I Always Recommend (2024)

I (foolishly) adopted my first dog right after graduate school, even though I was drowning in student loan debt and rent payments for a tiny apartment outside Philadelphia. While my dog quickly became a part of my family, I worried about how I’d handle an emergency veterinary bill; I didn’t have a lot of extra cash.

Then I saw an ad for pet insurance at my veterinarian’s office, so I researched some options online and eventually chose a basic emergency plan with a well-known company. At the time, it seemed like everybody—including a debt counselor—told me I was wasting money I could instead use to pay down my loans. They warned me the insurer would never reimburse any claims, so I was just throwing money down the drain.

But a few months after signing up, a freak accident showed me how valuable coverage can be. And over the past decade, as my pack of animals has expanded, my pet insurance policies have saved me thousands of dollars.

In the years since I’ve launched a career as an insurance writer—covering everything from life insurance to auto coverage. The industry’s sales-forward reputation is often deserved.

There are plenty of unnecessary insurance products out there, but for most pet owners, pet insurance is totally worth it. (One of the key exceptions would be those with senior pets that have pre-existing conditions. In that case, insurance would be cost-prohibitive and would exclude treatments for those issues.)

So how exactly has pet insurance paid off for me? Here’s how the freak accent played out. My oldest dog is a Samoyed, a very high-energy breed, so I gave her lots of chews and bones to keep her occupied when I was at work. She bit down wrong on a bone, shattered her teeth and damaged her jaw. I rushed her to the emergency vet—which costs $300 just to get in the door—where the vet said she needed surgery immediately, to the tune of $2,000.

I luckily had a credit card to cover the cost upfront, and once she was home and safe, I submitted a claim to my insurer. I was pleasantly surprised to receive a check two weeks later for $1,750, the cost of the procedure minus my $250 deductible.

Without pet insurance, I wouldn’t have been able to pay that bill on my own. I would have had to make regular payments against my credit card balance, and it would have taken me months (if not years) to pay off the full amount with interest. What’s more, since I maxed out my card paying for the vet, I wouldn’t have been able to use credit to cover other expenses.

That experience was enough to convince me of the value of pet insurance. I have three dogs now, ranging in age from two to 11. And even though I’m now much better off financially, I still have coverage.

Pet insurance tends to be inexpensive for younger pets; coverage for my two younger dogs is about $35 a month each. But premiums grow as pets age. For my oldest dog, coverage now costs about $140 a month.

Over the past 10 years, I have paid $10,491 in pet insurance premiums, according to my records. That’s a lot of money. But all three dogs love to wrestle, play and get into mischief. As a result, injuries happen.

Since becoming a pet owner, I’ve submitted claims for emergency medical expenses totaling $15,550. Insurance reimbursed me for $14,300 of those expenses, so having pet insurance saved me $3,809 after paying premiums.

My tips for buying pet insurance

Pet insurance companies vary in terms of coverage options, exclusions and cost. I recommend reviewing sample policies before choosing a company. There are three main points to look for:

• Exclusions: Pay particular attention to what insurers don’t cover. For example, some companies won’t cover knee or hip issues in pets enrolled after the age of six. If you own a breed susceptible to those issues, that’s a major drawback.
• Waiting periods: All pet insurers exclude pre-existing conditions and usually have waiting periods before covering claims. The best pet insurance companies have two-week waiting periods for both accidents and illnesses.
• Care requirements: The policy document will outline your responsibilities as an owner to ensure your pet is covered. Depending on the company, you may have to take your pet for annual wellness and dental exams; if you don’t follow those requirements or don’t hold on to your pet’s medical records, the company will deny your claim.

As I’ve discovered the hard way, a single emergency veterinary visit can cost thousands of dollars. Pet insurance reduces the stress I feel at the vet since I don’t have to worry about cost when making medical decisions. The peace of mind it gives me is priceless.

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