Veterinary insurance is a specific insurance plan to help pet owners provide their pets with medical care. 70% of U.S. households have a pet, according to the 2021-2022 American Pet Products Association (APPA) National Pet Owners Survey. Pets are a financial commitment. Americans spend $103.6 billion on their pets in 2020 alone, stated the APPA. Due to the possibility of injury or unpredictable illnesses, veterinary insurance can provide a growing number of Americans with peace of mind. Veterinary insurance can cover wellness, illness, accidents and more. There are also specific insurances for different types of pets. Most insurances will have a deductible, which is an amount you must satisfy for covered veterinary expenses before you can start being reimbursed. The amount you pay for a pet insurance policy will depend on a few factors including your pet’s age, breed and your ZIP code.

According to the APPA, Dog owners spend an average of $242 on routine visits and $458 on surgical visits each year, according to APPA. The cost for cat owners is slightly lower, at $178 for routine visits and $201 for surgical visits. 

There are a few types of veterinary insurance plans. Comprehensive plans, the most robust, help cover the cost of care due to accidents, illnesses and surgeries, as well as vaccinations and diagnostic tests. Accident and illness coverage helps pay for emergency care, surgeries, hospitalizations and prescription medications, while accident-only policies help cover expenses after an accident. Some insurers also offer wellness plans, which take care of certain tests, exams, vaccinations and preventive treatments.

As a new pet owner, it is important to shop around for pet insurers because there are a lot of them competing for your business. Compare quotes from a least three insurers, and go with the best pet insurance company for your budget. It is recommended to speak to your veterinarian to discuss insurance plans.