Is Pet Insurance Worth It?

If you have a furry friend at home, you may have heard of pet insurance. Many of us are careful with our money — and our pets. So, is pet insurance worth it?

The good news is pet insurance absolutely can be worth it because it can help cover costs associated with accidents and illnesses, as well as routine care.

Let’s take a look at the most important aspects of pet insurance, and how it can make it easier for you to provide your pet with the veterinary care they need. 

Pet Ownership and Pet Insurance: Facts and Statistics

• Pet ownership increased to 94 million U.S. households in 2025, up from 82 million in 2023.¹
• The average cost of annual expenses and pet expenditures has also risen, with the entire pet industry generating $152 billion in revenue in 2024. That number is projected to hit $157 billion in 2025.¹
• Vet care is the second largest expense, after food and treats.²
• Rising pet expenses can be particularly challenging amid recent inflation and tariff concerns affecting many Americans.³
• Surprisingly, only about 7% of the national pet population is insured — about 6.4 million pets.⁴

With these stats in mind, let’s take a deeper look at why you might consider enrolling in pet insurance and whether pet insurance is worth the cost.

How Pet Insurance Helps Cover Vet Costs

Basically, pet insurance works by reimbursing you for covered expenses after your pet’s care. It can help cover things like routine illness exams, medications, and annual vaccinations.

But where pet insurance can really come in handy is with expensive treatments due to accidents, emergencies, and long-term illnesses. Unexpected scenarios — like heartworm, anterior cruciate ligament (ACL) surgeries, and even breed-specific diseases or cancer — can cost thousands.⁵ Pet insurance can help alleviate some of these costs.

Real-life examples of how MetLife Pet helped cover costs

When 3-year-old New York pup Macey collapsed while playing, her parents knew she needed to visit the vet right away. She was diagnosed with a cruciate ligament injury, and the surgery came with a hefty bill — nearly $6,400. But thanks to their dog insurance policy from MetLife Pet, Macey’s owners were reimbursed for over $5,700.⁶

We also reimbursed one family $10,500 for abdominal effusion care for their Hungarian Vizsla, and another family $9,450 for intervertebral disc disease (IVDD) surgery for their Boston terrier.⁶

What Does Pet Insurance Cost?

The cost of pet insurance depends on several factors, including your pet’s species, breed, gender, and age, as well as where you live. The good news? MetLife Pet policies can start at $7 per month for a cat and $16 per month for a dog.¹⁰

With MetLife Pet, you can also put up to three dogs and cats together on one policy with a shared deductible on our family plan.¹¹ You can also use any licensed veterinarian in the U.S., so there’s no need to change from your preferred vet.

Pet insurance deductibles

In addition to a monthly premium, you’ll likely have a deductible you need to pay before you can be reimbursed. Deductibles can vary by plan and insurance company, but they ultimately affect how quickly your reimbursements begin to kick in.

Say you have a plan with a $250 deductible, an 80% reimbursement rate, and your dog needs a $2,000 emergency vet visit. Once you meet that $250 deductible, MetLife Pet Insurance can reimburse you for up to 80% of that visit if it’s covered under the terms of your policy.^12,13 This could put up to $1,600 back in your pocket.

What Pet Insurance Covers

Pet insurance can reimburse you for covered veterinary costs that may accrue while taking care of your pet's health — some of which can be costly. Let’s take a look at what most pet insurance plans cover and what they don’t.

What pet insurance plans typically cover

• Unexpected injuries and accidents (falling down stairs, breaking bones, etc.)
• Unexpected illnesses (cancer, dysplasia, etc. — only through accident-illness plans)
• Surgeries
• Prescription medications
•  X-rays, bloodwork, tests, etc.

What MetLife Pet’s Preventive Care add-on can cover

• Annual wellness checkups
• Vaccinations
• Spay/neuter surgeries
• Parasite preventatives
• Teeth cleaning

What pet insurance plans may not cover

• Pre-existing conditions
• Elective surgeries, cosmetic procedures, and organ transplants
• Obedience training

For more information, check out MetLife Pet Insurance’s coverage and exclusions to see what we may cover for your pet.

How Much Pet Insurance Do I Need?

Great question! Many insurance providers offer two types of plans: “accident-only” and “accident-illness” plans. Accident-only plans typically only cover accidents, such as broken bones, whereas both accident and illness care are covered under accident-illness plans.

If you have a puppy who’s prone to eating things they’re not supposed to eat but isn’t necessarily prone to illnesses too often, you may want to go with an accident-only plan. If you have an older pet, accident-illness plans might make more sense for you, as many breeds become more illness-prone as they age.

Pet Insurance Waiting Periods

If you’re looking to get pet insurance — or considering when to enroll your pet — you should know there’s often a waiting period before your coverage begins. Luckily, MetLife Pet has among the shortest waiting periods for accident and illness coverage.

What’s more, competitors can require a 6-month waiting period to get coverage for orthopedic conditions. MetLife Pet does not.¹⁴

Pet Insurance vs. Savings Accounts: Paying for Pet Expenses

While it’s true you could set up a savings account to help cover vet expenses, that doesn’t replace the need for pet insurance. In fact, it can be beneficial to have both.

• Saving money takes time. Accumulating savings doesn’t happen overnight. It takes time to get enough saved up to help cover costs for an unexpected expense, like a vet bill. On the other hand, pet insurance can be ready when you and your pet need it for covered expenses.
• Savings accounts can get used for other things. Unexpected expenses can pop up at any time. If you have savings you plan to use for your pet’s needs, but your faucet springs a leak or your car breaks down, you may need to tap into your savings. Then, you wouldn’t have those funds to use for your pet if the worst happens.
• Savings accounts may not be enough to cover expenses. No one likes to think about their pet getting sick or injured, but it can happen. Sometimes, your pet has an unlucky year and gets sick several times. Pet insurance can help protect your savings and ensure you can afford to get your pet the care they need when they need it.
• Savings accounts can work with pet insurance. With the way our insurance works, you pay the vet bill and then submit a claim for reimbursement. You can use the funds in a savings account to pay the vet bill and then replenish the account with an approved claim reimbursement. This way, your wallet and your furry family members can remain protected.

Frequently Asked Questions

Will my pet insurance premiums go up because I have a claim?

No. Each pet's premium is based on the pet’s age, species, breed, gender, deductible, reimbursement rate,¹³ and ZIP code, as well as the coverage amount selected. Premiums don’t increase when you have a claim.

Is pet insurance only for catastrophic events or illnesses?

Pet insurance can help with a wide range of health issues — including major ailments like cancer or a broken bone, or milder conditions like an ear infection or hurt paw. It can also help cover the costs of preventive care, which can benefit many pet parents who want to be proactive about their pet’s health.

Is pet insurance worth it for a puppy or kitten?

Some illnesses are more likely to occur in older pets, but there are some significant health care costs that puppies and kittens face, too. These include spaying or neutering, de-worming, and initial vaccinations.

To help offset some of the out-of-pocket expenses associated with these vet visits, pet owners may find a puppy insurance or kitten insurance policy worth it for their new pet.

Bottom Line: Should I Get Pet Insurance?

So, is pet insurance worth it after all? The answer depends on your unique situation. In many cases, it can be worth the cost because it can help alleviate stress that may come with dealing with your pet’s health expenses.

But don’t wait until you get a big bill before getting your furry family member covered. With MetLife Pet Insurance, you have the power to customize a plan to best meet your needs. As the winner of the “Pet Insurance of the Year” Award,¹⁵ MetLife Pet can help you keep your pets happy, healthy, and protected.

Want to see if pet insurance is worth it for your family? Get a free quote today — it’s fast and simple.

Looking to purchase a policy through your employer? Get a free MetLife Pet Insurance quote for employees here.