Pet Insurance - Is It Worth It?

If you are like most uninsured pet owners- you have gone back and forth trying to decide if your pet actually needs health insurance. There are varying opinions about this topic, some who love having insurance and some who worry that it is a scam. The truth is- each case is different and unfortunately, there is no one size fits all answer.

At The Drake Center, we recommend having pet insurance simply based on the fact that it helps you provide the care your pet needs, when they need it. Having to make health care choices based on financial circumstances can be incredibly difficult to make. This article is designed to help you make a very important decision for the well-being of your pets.

According to Wallet Hub, on average, dog owners spend $235-$776 annually and over $10k over the pet’s lifetime on vet bills. They also say that the average cat racks up $160-$546 annually, and almost $8.5k over the pet’s lifetime in vet bills.

The life span of your pet obviously varies; however, the average lifespan of a dog is 10-13 years (so let’s say 11.5 years). The average lifespan of a cat is 15 years. Wallet Hub says that the average monthly premium for a dog is around $30, and cat’s will run you approximately $20 per month. Let’s break down the math:


Dog Premiums:

$30/per month x 12= $360 annually

$360 annually x 11.5 years = $4,140 lifetime

Possible lifetime savings of: $5,860


Cat Premiums:

$20/per month x 12= $240 annually

$240 annually x 15= $3,600 annually

Possible lifetime savings of: $4,900


Your savings will depend on the company, plan, and deductible you choose, as well as the unforeseen health circumstances that your pet may face over their lifetime. It is also important to note that, just like human health insurance, pet insurance will not cover pre-existing conditions. Therefore, the sooner you get your pet covered the better. You will have peace of mind knowing that you will never have to sacrifice saving the life of your pet over financial circumstances.

Consumer Affairs has created a quick online quiz to determine if you are a good candidate to purchase pet insurance, or if you should forgo the option. You can take the quiz here.

Pet Insurance 101
Pet Insurance 101 graphic created by Trupanion.

To find out more and to read consumer reviews, you may want to visit

Cheers to the long, healthy, happy life of your pet!


**All information is taken from each company’s web site. The Drake Center is not liable for the information provided to clients. For more detail, please contact each company directly.

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