How much can you save with pet insurance?

Pet insurance can reduce the costs of caring for your dog or cat's health. Much like health insurance for humans, if your furry friend has an accident, gets ill or develops some other condition, pet insurance will kick in and pay for part (or all) of the treatment.

This can be hugely helpful if you're short on savings or would otherwise be unable to pay for emergency care should your pet need it. It can also ensure your animal gets the best treatment possible, no matter what your financial circumstances may be.

If you think you could benefit from insuring your pet then start by getting a free price quote now so you know exactly what to expect.

How does pet insurance work?

Pet insurance works on a reimbursement model. You take your animal to the vet, pay for the treatments they receive before you leave and then file a claim with your pet insurance company in the days following. They'll then reimburse you for any covered services.

Keep in mind that most pet insurance policies have a deductible, which ranges anywhere from $100 to $1,000. This is the amount you must pay out of pocket before insurance will chip in. Typically, the higher your deductible, the lower your premiums will be (and vice versa). Some insurance companies offer no-deductible plans.

There are many kinds of pet insurance, including accident-only pet insurance policies, which cover treatments only in the event of an accident, and accident and illness pet insurance, which extends to various sicknesses and diseases. If you want more comprehensive pet insurance coverage, most pet insurance providers offer wellness plans that cover preventative care, vaccinations and annual check-ups. 

See what works best for you by getting a quote from pet insurer Spot here.

How much can pet insurance save you?

Thomas Dock, public information officer for Noah's Animal Hospitals, has seen first-hand the power of pet insurance. Noah's once had a client with a Boston terrier puppy experiencing episodes of vomiting. The condition quickly turned into a hospital stay, and its owner incurred over $10,000 in total costs.

"Thankfully, the owner had purchased an insurance plan just a day or two prior and paid his first premium," Dock says. "He was reimbursed $9,000 of the $10,000 he spent."

Dock says stories of this magnitude are "rare cases," but the possibility is always there. Here's a look at what some major veterinary treatments and services cost without insurance — and what they'd look like with a policy with a 90% reimbursement rate and a $250 deductible.

As you can see, if your pet were to need surgery, C-section or other major treatment, having insurance could save you quite a bit.

Pet insurance may be helpful — or it may not

If your pet has an unfortunate accident or develops a life-threatening condition, pet insurance will certainly have been a wise investment, saving you cash and ensuring your pet gets the treatment it needs to thrive. 

But your pet may very well live a long and healthy life with very little medical treatment needed. In this case, pet insurance may not have been valuable.

As Dock explains, "Many times, people purchase pet insurance and end up never needing it."

To determine if you should invest in pet insurance, consider your animal's health, age and its breed's propensity for illness and various medical conditions. Your emergency fund should also factor in. If you don't have much saved up, pet insurance could be a smart financial safety net.

Shop around for your policy

Every pet insurance provider has different plans and premiums, so consider a few options before choosing who you'll buy your policy from. You should also look at any exclusions, as many insurers won't cover certain pre-existing conditions. 

Click here to get a quote from pet insurer Fetch by The Dodo now or use the table below to explore some top pet insurance providers.