Is pet insurance worth it?

Pets can make a house feel like a home. Ask most pet owners and they'll tell you that their pet is much more than a roommate. They're family. Of course, this means anytime a furry loved one gets hurt or sick, a trip to the vet is the logical next step.

Caring for a pet throughout their lifetime is an important responsibility, regardless of their age, breed or how they came into your home. But veterinary costs can add up quickly.

Having a pet insurance plan may save money in the long run by helping to pay for preventative care and emergency treatments. You can have peace of mind knowing that if something does happen, your beloved pet is covered by an insurance plan.

Still, many owners wonder if pet insurance is worth it. Let's go over some of the basics to help you decide.

How much does pet insurance cost?

The cost of pet insurance varies depending on the level of coverage Opens in a New Window.‍ ‍ ^{See note 1} Basic accident-only coverage will cost less than comprehensive accident and illness coverage in terms of average premiums Opens in a New Window.‍ ‍ ^{See note 1} Think of pet insurance like car insurance - it's there to give you a financial safety net if something unexpected were to happen with your furry friend. There are yearly premiums, deductibles, co-pays and benefit caps.

Basic accident-only coverage

A basic, accident-only plan is the most affordable pet insurance plan. The USAA Insurance Agency offers basic plans that cost as little as $1 per day‍ ‍ ^{See note 2} for this type of pet insurance.

These plans help pay the medical bills if your pet suffers an accident that requires emergency veterinary care. This includes injuries like cuts and gashes, as well as sickness from ingesting poisons or foreign objects.

Comprehensive accident and illness coverage

If you're willing to pay a bit more, you can get comprehensive coverage for accident and illness. This plan helps cover essential services for injuries and illness, as well as chronic and genetic conditions like cancer. It also helps pay for medical procedures, surgeries and hospitalizations.

Accident and illness coverage for pets can be a great option if you own a breed that's more vulnerable to illness. For example, bulldogs and pugs are prone to breathing problems that may require surgery. Doberman pinschers, English setters and chihuahuas are known to have digestive and gastric issues. And golden retrievers are prone to ear infections and arthritic hips.

Certain cat breeds are also more prone to illnesses and allergies. Persian cats often suffer from kidney disease and eye problems. Siamese cats are inclined to retinal atrophy that can lead to blindness. Sphynx cats, or "hairless" cats, can suffer from skin conditions and gum infections.

Will I save money with pet insurance?

Having any type of pet insurance will help lower your out-of-pocket costs at the veterinarian. That in itself could provide significant savings. Take a look at the costs for some common veterinary treatments to see just how expensive care can be without pet insurance:

• Surgery to remove a harmful object your pet swallowed can cost more than $1,500.‍ ‍ ^{See note 3}
• Nonsurgical removal of ingested poisons or harmful foods can cost more than $900.‍ ‍ ^{See note 3}
• Treatments for pets suffering from heat stroke can cost more than $2,000.‍ ‍ ^{See note 3}

Every owner hopes that their pet will live a full life without any problems requiring emergency treatment. But should an emergency happen, pet insurance can be there to soften the financial blow.

Pros and cons of pet insurance

More and more pet owners are deciding to get insurance. According to industry research, there are more than 4 million pets insured.

But whether pet insurance is worth it for you depends on several factors including your family's living situation, how many pets you have, the type of animal and its age. Like human health insurance, pet health insurance costs are based on risk assessment.

You might not need pet insurance if you only have one pet, especially if that pet spends most of its time indoors. But if you have multiple pets, breeds with known conditions, or exotic pets like lizards and snakes, it might make more sense. You could potentially save thousands on yearly medical costs with the right coverage.

You should also consider if there are any ways to save on the cost of insurance premiums. USAA members qualify for 15% off a single pet insurance policy. And members who are active duty or have multiple pets may qualify for up to 25% off.‍ ‍ ^{See note 4}