Pet insurance: compare plans, coverage and costs

You pay a monthly premium. When your pet needs covered care, you generally pay the vet first, submit a claim, and the insurer reimburses a percentage of the eligible bill after your deductible. Some insurers can pay the vet directly. Policies differ on what counts as covered, so the exact terms in the policy document are what matter.

Accident-only plans generally cover injuries such as broken bones or swallowed objects. Accident-and-illness plans add covered illnesses such as infections, allergies or cancer. Optional wellness add-ons can reimburse routine care such as vaccines and checkups. Coverage for dental, prescriptions, exam fees and alternative therapies varies by plan.

Price depends on your pet’s species, breed, age, and location, and on the plan you choose: deductible, reimbursement percentage, and annual limit. Younger pets usually cost less to insure than older pets. The only way to know your price is to compare estimates for your pet, then confirm the final quote with the insurer.

It depends on your finances and risk tolerance. Insurance can reduce the impact of an unexpected, expensive vet bill, but it costs money every month whether or not you make a claim. A useful test: could you comfortably pay a large emergency bill out of savings? If not, coverage may deserve a closer look.