Pet Insurance vs. Crowdfunding for Pet Care

Having a pet comes with a financial responsibility. When daily expenses rise, your pet gets sick, or an accident happens, you could find yourself financially strained. Fortunately, there are ways you can offset vet bills and other pet-related expenses.

Let’s take a look at two of those ways — pet insurance and crowdfunding — so you can make an informed decision when figuring out how to pay for vet bills.

How Pet Insurance Works

Pet insurance can help you cover the cost of your pet’s care by reimbursing you for eligible expenses.¹ While every policy is different, here’s a simple overview of how pet insurance works:

1. Choose a plan that fits your budget and your pet’s needs, and pay your premium.
2. Visit your veterinarian whenever your pet needs treatment.
3. Pay the bill directly to your vet at the time of service.
4. File a claim with your pet insurance company and receive reimbursements on covered costs.¹

Most policies include a deductible, which is the amount you must pay before reimbursements begin.^1,2 Many plans also have coverage limits or exclusions for things like pre-existing conditions. Reviewing the details of your plan helps you understand what’s covered and helps ensure you’re prepared when your pet needs care.

How Crowdfunding for Pets Works

Crowdfunding is a method of funding a need, project, or business venture through donations — usually via the internet. Websites, such as GoFundMe, are used specifically for raising funds online.³

Crowdfunding for pets means asking for monetary donations for your animal. Whether you need the funds for your pet’s surgery, chemotherapy, medication, or any other reason, crowdfunding can be a way for you to secure the money needed.³

How Is Crowdfunding Different From Pet Insurance?

Crowdfunding and pet insurance are very different approaches to helping you cover pet-related costs. Pet insurance requires you to pay a monthly or annual premium and can provide financial protection by reimbursing you for a portion of covered veterinary costs.

Crowdfunding typically doesn’t require up-front costs to you, but you may pay fees on the money raised. This method could be helpful in emergencies or for expenses not covered under pet insurance. However, successful crowdfunding hinges on the generosity of others. And depending on the crowdfunding platform you choose, you may not receive any money if you don’t reach your fundraising goal.

Benefits of Choosing MetLife Pet Insurance

If you’re deciding how to prepare for unexpected vet bills, there are pros and cons to consider for both crowdfunding and pet insurance. Here are a few reasons why enrolling in a MetLife Pet Insurance policy may be the better choice for you:

• Predictable coverage: Crowdfunding outcomes are never guaranteed. With MetLife Pet, you have clear details on coverage and know what you might be reimbursed for, meaning you can plan accordingly.²
• Long-term support: Crowdfunding is a reactive way to pay for an unexpected expense. It’s not the most effective way to manage expenses over time. MetLife Pet, however, offers a proactive approach to unexpected vet bills by helping you manage future expenses.
• No delays when your pet needs care: Crowdfunding campaigns can take time to set up and gain traction. Not having the funds could delay treatment. When you have a MetLife Pet policy to help you manage vet bills, you likely have a method for paying bills up front so care isn’t delayed. Then your claim can be reimbursed and your bank account replenished.
• No added tax or legal burdens: Crowdfunding efforts can come with legal and tax implications. And you’re typically obligated to use the funds raised for the exact purpose outlined in your campaign. With pet insurance, you don’t have to take on the mental load of these burdens on top of getting your pet the care they need.

Overall, MetLife Pet offers proactive, predictable coverage you can use to help you manage vet bills — something crowdfunding can’t guarantee. And a few reasons you might consider MetLife Pet over a different provider include our optional Preventive Care coverage, a 0-day waiting period on accidents and Preventive Care benefits, and our Family Plan, which covers up to three pets on a single policy with a shared deductible.⁴

Real-life savings with pet insurance

Let’s take a look at a few MetLife Pet customer stories to help show how much you could save with a MetLife Pet Insurance policy.

Randy, a hound puppy from Virginia, ate an electrical cord and needed surgery to remove it. The total cost for the vet visit was around $6,200, and MetLife Pet covered about $5,600 of the bill.⁵

Lila, a domestic short-hair cat from New York, needed emergency treatment for a bite wound after a dog attacked her. The treatment for the injury cost about $1,500. Because Lila’s family had MetLife Pet Insurance, they were reimbursed over $1,200.⁵

Mocha, a German shepherd from California, suffered bodily trauma after being in a car accident. She needed multiple vet visits to treat her injuries. Altogether, the vet bills came to about $7,000, and MetLife Pet covered $5,000.⁵

MetLife Pet Insurance Can Help You Manage Vet Bills

Crowdfunding may help you raise money to pay for pet health expenses, but it isn’t a dependable long-term solution. Donations can fall short and take too long to collect.

MetLife Pet Insurance, an award-winning⁶ provider, offers a more predictable and consistent way to manage unexpected veterinary expenses. With flexible coverage options, fast reimbursements, and some of the shortest waiting periods available, MetLife Pet is a trusted choice for pet parents who want financial protection.⁷ Ready to enroll? Get a free quote today.