Pet insurance: Is it worth the investment?

They love us unconditionally, greeting us at the door after a long day, waiting patiently for the kids to get home from school. Our pets are the heartbeat of our homes, but when they get seriously sick or critically injured, the cost of care can force families to make some very difficult decisions. Vet bills have skyrocketed. That's why pet insurance nearly doubled from 2020 to 2024. But even with more coverage options, fewer than 4% of U. S. Pets are insured tonight. A look at the pros and cons of pet insurance and what to know before you buy. She was undoubtedly the most iconic dog in television history. From 1954 to 1973, Lassie wasn't just Timmy's loyal canine companion. She was everyone's hero. Lassie also made history, becoming the first dog in the U. S. To have pet insurance. It was in 1982, veterinary pet insurance issued the first dog policy to Lassie symbolically as a way to launch the new business. Today, there are over 25 pet insurance companies in the U. S. And as with human policies, insurance for our pets can be expensive. It can be. Yes, I won't deny that. But, um, and the next question is, well, is it worth it? And I hope nobody has to find out. Robert Early is with True Panion, considered the leading pet insurance company in the U. S. Early says it's not just a good idea to invest in pet insurance for some households. It's a financial necessity. A great Dane with a torn cruciate that surgery can cost 9 to $10,000. Policies are primarily for sick and injured animals. Insurance doesn't typically cover preventative care, and most companies won't start a new policy for a pet over 14. What you pay each month varies depending on what's covered and the deductible. On average, let's say $50 a month. Let's just say on average now the six week old kitten, the eight week old kitten who's, you know, paying 1995. That's gonna be blended in with the eight year old Rottweiler that just started a policy at $300 a month. That's a lot, and that may have a lot to do with why only 4% of dogs in America are insured. It's even less for cats. But here's what bites the cost of veterinary care has surged 40 to 60% in the last decade and costs now for, you know, a major illness, injury, surgery, hospitalization can be upwards of $10,000. That's Dr. Cara Duffy, owner of the newly opened Priority Pet Urgent Care in Leland. She says the cost for pet care has skyrocketed because there's so much more vets can do now to treat our four-legged family members. You know, the care that is available to our pets has really improved. We can offer a lot of advanced treatments, complex surgeries, chronic disease care, cancer management. But with that, you know, expertise comes a lot of cost. Dr. Duffy is a proponent of pet insurance. She has it for her two dogs and two cats. You might think she could treat them herself, but she says that's not always the case. I'm not a specialist. I'm not a surgeon. I'm not a criticalist. So if one of my animals needed advanced surgery or if they needed, you know, really advanced diagnostics and care, that's not something that I can provide. As a vet, a big reason Dr. Duffy advocates for pet insurance is saying the heart breaks when a bill is well into the thousands and a pet owner simply can't afford the treatment. You know, sometimes we know what needs to be done and we know that that pet could be helped, but the finances just become a roadblock. The term that you're bouncing around with is called economic euthanasia. And it's when a pet is put down because they can't afford the bill. Pet insurance wasn't widely known in the U.S. until about 20 years ago. Policies generally allow you to select a plan with a 70 to 90% reimbursement rate. Both Dr. Duffy and Robert Early say insurance in the long run is a small price to pay for that faithful, loyal companion.