May 22, 2023

Why You Need Pet Insurance

In this blog post, we discuss the significance of purchasing pet insurance, also known as safeguarding both your furry friends and your pocket!


When it comes to our pets, the thought of something happening to them can be too much to bear, and we forget that just like humans, animals can become sick or injured. That's why pet insurance is so important. Accidents can happen and things can go wrong when least expected.

That's where pet insurance comes in: it helps protect your pet from unexpected vet bills or hospital visits due to accidents or injuries, as well as help with some illnesses. But that's not all; there are plenty of other reasons why you should invest in pet insurance today. In this article, I'll be discussing why now is the best time for you to get pet insurance and the urgent reasons why you need it for your furry family member.

Let’s take a look at the benefits of Pet Insurance

Pet insurance offers several benefits for pet owners, including:

  • Financial Protection: Pet insurance helps mitigate the cost of unexpected veterinary expenses. It covers a portion of the costs associated with accidents, illnesses, and injuries, reducing the financial burden on pet owners. This can be particularly valuable when faced with high-cost treatments, surgeries, or long-term medical care.

  • Peace of Mind: Knowing that your pet is protected by insurance can give you peace of mind. You won't have to worry about being forced to make difficult decisions based on your financial situation. Instead, you can focus on providing the best care for your pet, knowing that you have support to manage the expenses.

  • Comprehensive Coverage: Depending on the insurance plan you choose, pet insurance can cover a wide range of medical treatments, including diagnostic tests, surgeries, medications, hospitalizations, and specialist consultations. Some policies also cover alternative therapies such as acupuncture or physical therapy.

  • Flexibility in Choosing Veterinary Care: Unlike some human health insurance plans that restrict you to specific healthcare providers, most pet insurance plans allow you to visit any licensed veterinarian. This flexibility enables you to choose the best veterinary care for your pet without worrying about network restrictions.

  • Routine Care Coverage: Some pet insurance policies offer optional coverage for routine care, such as vaccinations, annual check-ups, dental cleanings, and preventive medications. This coverage can help you budget for routine expenses and ensure your pet receives essential preventive care.

  • Pre-existing Condition Coverage: While most pet insurance plans do not cover pre-existing conditions, there are exceptions. If you enroll your pet at a young age and maintain continuous coverage, some insurers may provide coverage for certain pre-existing conditions after a waiting period. This can be beneficial if your pet develops a chronic condition in the future.

  • Emergency Boarding Coverage: In the event of an emergency or if you require hospitalization, some pet insurance policies may cover the cost of temporary boarding for your pet. This ensures your pet is well-cared for even when you cannot be there.

Note: It's important to note that the specific benefits and coverage can vary between different pet insurance providers and policies. It's recommended to carefully review the terms, conditions, and coverage limits of any policy you consider to ensure it meets your specific needs.

Why You Need to Consider Pet Insurance Pronto

Medical Costs for Pets Are Rising

It's no secret that medical costs are on the rise—not just for humans, but pets as well. Emergency vet visits, prescription medications, and long-term treatments can all put a strain on your wallet. That's why pet insurance—which covers up to 90% of unexpected veterinary expenses—is a necessity for any pet parent.

Pet insurance premiums vary depending on the type of coverage and pet, but the average cost is about $50/month. Compared to the cost of an unexpected medical expense or surgery, which without insurance could set you back more than a thousand dollars, that monthly premium is much less of a hit to the bank account—and it could save you from financial ruin down the line.

The takeaway? Keep Fido or Fluffy safe by signing up for pet insurance now. After all, if you think your pet is part of your family, why wouldn't you want them insured?

Accidents and Illnesses Happen - Be Prepared

Unexpected accidents and illnesses can occur at any time with any animal, and this is one of the best reasons to have pet insurance. Even the most well-warded pet can end up getting in an accident or having an emergency medical need arise. If you are not prepared for this eventuality, it could cost you quite a bit of money.

With pet insurance, you will have peace of mind knowing that any medical necessity your furry family member needs will be covered. Veterinary bills can be quite costly when facing a serious illness or injury, and most pet parents don't want to have to worry about footing the bill in cases like these.

Having the assurance of pet insurance will also help with other health related costs such as preventive care or diagnostics when necessary. In doing so, you can keep your pet in good health for years to come. Pet insurance takes all the stress out of potential health care costs and allows you to focus on providing your pet with the best possible care and comfort during their times of need.

Here's what pet insurance covers:

  1. Accidents and injuries, such as broken bones or being hit by a car
  2. Illnesses—like cancer or diabetes—which can be costly to diagnose and treat
  3. Routine checkups and vaccinations
  4. Prescription medications and treatments
  5. Alternative healing options like acupuncture
  6. Coverage for older pets with pre-existing conditions
  7. And more!

So as you can see, no matter what health conditions your pet might end up facing down the road, you always have an extra layer of protection when you have pet insurance—giving you peace of mind that your beloved animal companion will get the care they deserve no matter what comes their way.

There Are Many Types of Pet Insurance - Find What Works for You

You may be surprised to learn that there are actually many types of pet insurance. And, believe it or not, some types could fit your budget.

1. Accident Only Plans

Choosing an accident only plan is the most cost-effective way to insure your pet since it covers unexpected injuries like a broken bone or puncture wound. So if your pup slips on the stairs or gets into a tussle with another pooch at the park, you're covered.

Here are The Best Pet Accident Insurance Providers of 2023

2. Wellness Plans

Wellness plans cover preventative care like vaccinations, flea and tick treatments and heartworm medications, but not accidents or illnesses. The cost of preventative measures can really add up over time, so these plans are ideal if you want to keep those costs down.

Here are the Top 10 Pet Wellness Plans - Side By Side Comparison

3. Comprehensive Plans

These are the most expensive but also the most inclusive pet insurance plans as they cover accidents, illnesses, hereditary and congenital disorders as well as routine care visits such as nail trims and teeth cleanings. They also include hospitalization coverage in case you need to take your furry family member for more serious medical treatment.

No matter your budget or type of pet you have, there's an insurance plan that will give you added peace of mind knowing that you won't have to worry about covering costly veterinary bills if anything ever happens to your furry friend.

Speak with a financial planner at Vincere Wealth to determine which is best for you!

Pet Insurance Can Save You Money in the Long Run

One of the most compelling reasons to get pet insurance is that it can save you money in the long run. No matter how well you look after your furry family member, accidents and illnesses happen, and they can come with a hefty price tag.

Think about it—even for seemingly minor ailments like ear infections, flea infestations or digestive problems, vet fees can easily add up. So getting pet insurance is a smart decision—it will give you peace of mind that the high costs of unexpected medical treatments won't break the bank.

But that's not all—here are some other ways pet insurance could help save you money:

  • It covers hereditary and congenital conditions, meaning there's no need for expensive bespoke health plans
  • Most pet insurance policies offer discounts if you cover multiple pets
  • Many policies also include routine visits and vaccinations, meaning less out-of-pocket expenses
  • You don't have to pay a deductible before your policy kicks in
  • It creates more access to potential treatments for your pet because of reduced costs

So if you're looking to minimize costs associated with caring for your furry family member, then getting pet insurance is definitely worth considering.

How to Choose a Pet Insurance Plan?

Shopping for pet insurance can be overwhelming, with so many different policies and terms out there. But the key things to look out for when choosing a pet insurance plan are:

  1. Coverage - What sort of medical expenses are covered? Is there a deductible? Are pre-existing conditions excluded?
  2. Premiums - How much are the monthly premiums? Are they affordable for your budget?
  3. Claim limits - How much do you get reimbursed per claim per year, if any?
  4. Additional benefits - Does the policy include coverage for boarding, grooming, vaccinations, or other additional services?
  5. Waiting period - Is there a waiting period before you can make a claim?
  6. Claim process and customer service - Is the process smooth and quick, or is it overly complicated and time-consuming? Do they have good customer service representatives to answer your questions?

Read more: 8 Tips for Choosing the Best Health Insurance Plan for Your Pet

See what plans are available and compare them against each other – this way you'll be able to find the right balance between coverage and affordability that works for you and your furry family member.


It’s not just financial security that pet insurance can provide – it can also give you peace of mind. By insuring your pet, you are protecting both you and your pet in case of an unexpected accident or illness that could occur in the future. Pet insurance can also be a great investment if you ever need to make a claim.

Plus, pet insurance companies and policies are tailored to fit different financial capabilities, and can include a variety of coverage options, such as accident-only or comprehensive plans. So, whether you’re a first-time pet owner or a lifelong animal lover, pet insurance can help you take care of your furry family member, and help ensure their wellbeing is taken care of now and always.

More on Josh.

‍About the Author

As Managing Partner of Vincere Wealth Management, Josh assists clients in navigating financial challenges and making sound financial decisions. Having someone guide you in making sensible financial decisions today can have a substantial impact on your future financial wellbeing. Josh takes great pride in guiding customers through the complexities of taxes, real estate, businesses, employer stock and international financial planning.

Reach out to Josh today.

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