Types of pet insurance (2024)

Key points

• Accident and illness plans are the most popular type of pet insurance.
• Accident-only pet plans can cover your cat or dog’s accidental injuries, like breaking a bone or getting into a car accident.
• A wellness plan is an optional add-on that provides coverage for your pet’s routine care, such as vaccinations, wellness exams and heartworm prevention.

Types of pet insurance

The three types of pet insurance are accident and illness plans, accident-only plans, and wellness plans for routine care. More than 5.7 million pets in the U.S. are insured by at least one of these pet insurance types, according to 2023 data from the North American Pet Health Insurance Association (NAPHIA). Over 92% of insured pets are covered by an accident and illness plan with an embedded wellness plan.

Understanding the main types of pet insurance plans can help you pick the policy that best meets your needs.

Accident and illness plan

An accident and illness plan is the most commonly purchased pet insurance policy. It offers comprehensive coverage for your pet’s illnesses and injuries, reimbursing you for unexpected vet bills after your pet receives covered medical treatment.

What it covers

• Accidents, including if your pet swallows a foreign object, breaks a bone or is involved in a car accident.
• Breed-specific conditions and genetic conditions, like your Labrador retriever developing bloat, epilepsy or hypothyroidism.
• Cancer treatments.
• Diagnostic tests, like biopsies, urinalysis and non-routine fecal exams.
• Emergency care at a veterinary hospital.
• Hospitalization and surgery.
• Prescription medication.
• Sickness, including pneumonia, vomiting and diarrhea.

What it doesn’t cover

• Breeding, pregnancy and whelping.
• Cosmetic procedures like ear cropping.
• DNA cloning or testing.
• Injuries resulting from cruelty, neglect, fighting and racing.
• Pre-existing medical issues that occur before the policy waiting period ends and are incurable.
• Preventive care, like routine dental care and cleanings, vaccinations and spay or neuter surgery.

Accident-only plan

An accident-only pet insurance plan covers the cost of veterinary care for accidental injuries but excludes illness coverage. It may be a good fit for pet owners searching for more affordable coverage or whose dog or cat won’t qualify for a comprehensive pet insurance policy because of age or health.

What it covers

• Car accidents.
• Cuts or wounds.
• Fractured or broken bones.
• Ingesting foreign objects.
• Poisoning.
• Prescription drugs for covered conditions.

What it doesn’t cover

• Breed-specific conditions.
• Cancer.
• Congenital conditions.
• Chronic conditions.
• Dental illness.
• Genetic conditions.
• Pre-existing health conditions.
• Routine care expenses.

Pet wellness plan

Pet wellness coverage is an optional add-on some pet insurers offer as a rider to an accident and illness plan. A preventive care add-on can help offset your out-of-pocket expenses for routine medical services not covered by pet health insurance policies.

What it covers

• Blood, fecal and parasite tests.
• Deworming.
• Flea, tick and heartworm prevention.
• Heartworm test or FeLV screen.
• Microchipping.
• Physical exams.
• Rabies.
• Routine expression of the glands.
• Spay/neuter.
• Teeth cleaning.
• Urinalysis or ERD.
• Vaccinations or titers.

What it doesn’t cover

• Accidents.
• Illnesses.

Other pet coverage options

Although pet insurance can provide long-term peace of mind, it may not be the right fit for all pet parents. Luckily, other pet coverage options are available to help cover your pet’s medical bills.

For example, you can get coverage for an emergency vet expense up to $3,000 through the emergency fund Pawp after paying a $24 monthly fee, or, for a telehealth-only plan, a one-time fee of $99 per year with an emergency fund add-on for $19 a month.

You can also create a savings account for your pet that you can use when unexpected medical expenses come up. There are many high-yield savings accounts earning 5% or more in interest, helping you grow your cat or dog’s emergency fund faster.

CareCredit is another option, allowing you to put human and pet dental and medical expenses on a credit card, including bills pet insurance will reimburse for. Expenses of $200 or more are often eligible for promotional financing options, which may help if you find yourself in a less-than-ideal financial situation with a large vet bill looming.

There’s also Scratchpay, a short-term personal loan alternative that lets you pay your bills over either six, 12, 18 or 24 months. But note that you may have to put money down at the beginning, and the loan amounts are relatively small at $35 to $1,000. Additionally, while there may be 0% APR, it could be much higher, up to 36%.

How to choose the best coverage option for your pet

There are several things you can do to get the best coverage for your pet.

• Read the fine print. Pet insurance plans aren’t one-size-fits-all. Some include extra benefits such as coverage for alternative therapies or the implantation of a microchip, while others don’t. Reading the fine print and comparing pet health plans can help you find the best option at the right price.
• Consider your budget. Your budget is more than the cost of your premium. You should also consider your potential out-of-pocket expenses to cover your annual deductible and reimbursem*nt rate. The more the pet insurance company pays toward your pet’s covered medical treatment, the higher your monthly premium.
• Know which questions to ask. “Your pet insurance needs may vary based on lifestyle, breed, and the pet’s medical history,” said Tom Bean, vice president of operations at Figo Pet Insurance. Asking the right questions can help you determine which type of insurance, coverage options and reimbursem*nt level is the best fit. Jorgensen recommends pet parents should ask these five key questions when considering pet insurance plans:
  — Will I have easy access to pet health experts through this policy?
  — What is the provider’s history and reputation in the industry?
  — Will I be reimbursed quickly, and how easy is it to submit a claim?
  — Will this policy cover things like surgeries or prescriptions?
  — Does the pet insurance provider offer discounts for insuring more than one pet?

“If you’re looking to create a plan to fit your budget, you can get a quote in a few simple steps, then customize your plan by adjusting how much you want to be reimbursed or your deductible amount.”

Brian Jorgensen, CEO of Pet Insurance, MetLife.

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