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What is Pet Insurance?

Car insurance, home insurance, health insurance...PET INSURANCE?! What is pet insurance, anyway?

By Ossiana TepfenhartPublished 7 years ago 3 min read

We live in a golden age of insurance. Everything can be insured — your apartment, your car, your body, even your golf game can be insured under the right circumstances. No one likes to risk anything, so it's easy to see why so many people put so much money into insuring against the unknown.

That being said, while I understand the value of insurance, I was pretty perplexed when I found out my friend had a pet insurance policy on their bird. Then again, I didn't quite understand what is pet insurance for.

"So what, if your parakeet dies, you get a $30,000 funeral for it?" I asked.

My friend, being incredibly patient, explained what the policy did — and I was actually pretty impressed. If you don't know what is pet insurance used for, this article will help clear things up...and might even convince you to get a policy for your pet, too.

What is pet insurance, anyway?

Pet insurance is, in its most basic form, health insurance for your pet. As many pet owners known, going to the vet isn't cheap. In fact, depending on what pet you have, it could be extremely pricey. Pet insurance usually acts as a way to cushion the financial blow of veterinary bills if your pet gets sick.

Some forms of pet insurance will also pay out a small amount of money if your pet dies, gets injured by a third party, or causes damage to someone — or someone else's property.

What is pet insurance good for?

Much like with other forms of insurance, a single policy doesn't really cover everything. So, asking what is pet insurance good for doesn't really make sense unless you go into a specific policy.

  • Accident Only pet insurance will only pay out if your pet gets hurt in an accident or causes an accident.
  • Term pet insurance will only cover your pet for a certain portion of their life. Lifetime policies will insure your pet for their entire lives.
  • Maximum Benefits typically will help reimburse or pay for large amounts of veterinary bills, but not all of them. Much like with regular health insurance, you may have to pay copays and deductibles before you get benefits.
  • Dental insurance will cover dental work done for your pets.

Overall, each pet insurance policy will be different, and you'll have to choose one that will likely give you the benefits you need to help mitigate financial issues caused by pet problems. After all, you can't always rely on pet charities to save your furry friend.

Now, you know what pet insurance is, and why people buy it for their pets.

For many people who don't know what pet insurance is for, a little education can make them realize that it's sometimes worth the money. So, don't laugh if you hear about pet insurance — it can be a really smart move for the right family.

What is pet insurance worth?

It really depends. If you have a pet goldfish, you probably won't get much value out of your insurance policy. In fact, there are some pets that just won't really do much with insurance.

However, the right insurance policy can make a huge difference in vet bills for cats, dogs, larger mammals, exotic animals, and particularly long-lived pets. Cancer bills for dogs can run as much as $5,000. A good policy can help you save thousands in that realm.

Most of the time, you can expect to pay around $300 to $500 per year for cats and dogs. So, it can be a good purchase depending on what kind of bills and pets you will have.


About the Creator

Ossiana Tepfenhart

Ossiana Tepfenhart is a writer based out of New Jersey. This is her work account. She loves gifts and tips, so if you like something, tip her!

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