Do You Really Need Pet Insurance?

If your dog or cat is part of the family, you’re not alone. Recent industry surveys show that tens of millions of U.S. households now own pets, and younger generations are especially likely to call themselves “pet parents” and spend more on veterinary care and wellness.

At the same time, the number of insured pets has climbed into the millions, yet insurance still covers only a small fraction of all U.S. dogs and cats—meaning many owners are still paying big vet bills out of pocket.

Pet insurance is designed to help you afford that care when something unexpected happens. But not all policies cover the same things in the same way, so it pays to understand the basics before you buy.

At The Ross Maghan Agency, we can help you compare your options and see how pet coverage fits into your overall protection plan.

What Pet Health Insurance Typically Covers

Most pet health policies focus on medical expenses when your pet is sick or hurt. Depending on the company and plan, coverage may include:

• Illnesses such as infections, chronic conditions, or cancer

• Accidental injuries, from broken bones to swallowed objects

• Diagnostic tests, surgeries, prescriptions, and hospital stays

Some plans also offer optional wellness benefits that can help with:

• Annual exams and vaccinations

• Screenings and routine blood work

• Spaying or neutering and other preventive care

Other plans cover accidents and illnesses only and do not include wellness. The key is to read the details so you know exactly what is—and is not—covered before you need to file a claim.

Key Policy Details to Ask About

Even when policies look similar at first glance, there are important differences. When you compare options, ask:

• What services are covered? Are surgeries, overnight hospital stays, prescriptions, or specialty care included? Is there any coverage for pain management or end‑of‑life care if your pet has a terminal illness?

• How are pre‑existing conditions treated? Most companies will not cover conditions that existed before your policy began. Clarify how they define “pre‑existing” and whether hereditary or congenital conditions are covered at all.

• How does the policy pay? Is there a waiting period before coverage starts? Do you have to use a specific network of veterinarians? What are the deductible, reimbursement percentage, and benefit limits? Do you pay the vet and get reimbursed, or does the insurer pay the clinic directly?

Getting clear, written answers to these questions can help you avoid surprises at claim time.

What Affects Your Pet’s Coverage and Cost?

Several things can influence both what you can buy and how much you’ll pay:

• Species: Dogs and cats are the most commonly insured pets, but coverage may be available for other animals. The type of pet you own affects both eligibility and price.​

• Breed: Some breeds are more prone to specific medical issues, which can make coverage more expensive or subject to certain exclusions or longer waiting periods. (Source)​

• Age and medical history: Younger, healthy pets are generally easier and less expensive to insure than older pets or those with prior conditions.

• Cost of care in your area: Veterinary costs vary by region, and premiums often reflect local pricing for common procedures.

Most policies also include a waiting period, usually ranging from several days to a few weeks after your policy starts, before certain types of claims will be covered. That’s why it’s usually better to enroll your pet before a major illness or injury occurs.

How Much Does Pet Insurance Cost?

Recent national data suggests that, on average, pet owners with a typical accident‑and‑illness policy pay around $50–$60 per month for dogs and around $30 per month for cats, depending on the plan they choose. More basic accident‑only coverage is often available at a lower monthly cost, but it won’t help with illnesses, which are a major source of vet expenses.

Those premiums may feel like “just one more bill” until you look at the cost of a serious emergency. A single emergency vet visit or surgery can easily run into the thousands of dollars, especially for advanced imaging or overnight hospitalization. For many families, having coverage in place can be the difference between saying “yes” to recommended treatment and struggling to afford care.​

Where Your Home and Auto Policies Stop

It’s also important to know what your existing policies do—and don’t—cover for pets:

• Homeowners and renters insurance: These policies can cover damage to your home and belongings, but household pets are generally excluded. If your pet is injured or dies in a house fire or other covered event, your homeowners policy will not pay to treat or replace your pet.​

• Auto insurance: Some auto insurers offer an optional “pet injury” endorsement that helps pay for veterinary care if your pet is hurt while riding in your vehicle. This coverage typically has its own limit and only applies to pets in your car—not to someone else’s pet that might be injured in an accident you cause. Injuries to other people’s pets are usually handled under your auto liability coverage if you’re legally responsible.​

For owners of horses, livestock, or high‑value animals, there are also specialized policies designed to cover the monetary value of the animal if it dies, is stolen, or becomes permanently disabled. These “animal mortality” policies work more like life insurance and are separate from health coverage.​

Is Pet Insurance Right for Your Family?

Whether pet insurance makes sense for you depends on your budget, your pet’s age and breed, and your comfort level with risk. With millions of pets now insured and enrollment growing year over year, more owners are deciding they’d rather budget for a monthly premium than face a surprise, four‑figure vet bill alone.

If you’re unsure where to start, The Ross Maghan Agency is here to help. We can:

• Explain the types of pet policies available in New Jersey and the surrounding area

• Help you compare coverage levels, deductibles, and reimbursement options

• Review how pet insurance fits with your home, auto, and liability coverage

Thinking about coverage for your four‑legged family member? Contact The Ross Maghan Agency at (732) 566‑0003 or use the contact form on our website to discuss pet insurance options and get a quote today.

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