Pet
5 min read

How Does Pet Insurance Work? (A New Owner's Guide)

Written by
Team Waffle - Diamonde
Published on
October 4, 2022

You've just adopted a furry friend and you're on cloud nine. All you can think about is how much your life has changed for the better. But then reality sets in. Your new dog needs food, a bed, toys, vaccinations, routine check-ups...and pet insurance? Suddenly, your idyllic vision of life with a pet has been ruined by pesky reality once again. 

Don't worry, we're here to help clear things up. In this post, we'll tell you everything you need to know about pet insurance. How does it work? What does it cover? Is it worth it? Keep reading for a crash course in pet insurance 101.

What is pet insurance?

Pet insurance is a type of insurance that helps protect pet owners from the cost of veterinary care. The way it typically works is that you pay a monthly or annual premium, and in return, the insurance company agrees to pay a certain percentage of your veterinary bills should your pet become ill or injured.

Before signing up for pet insurance, it is important to research the different types of policies available to find the best one for you and your pet.

What does pet insurance cover?

Pet insurance typically covers accidents, illnesses, and preventative care.

  • Accidents: dog bites, car incidents, falling from a height, injuries sustained while playing, ingesting poisonous substances, and more.
  • Illnesses: arthritis, cancer, anemia, respiratory problems, digestive issues, ear infections, and more.
  • Preventative Care: routine check-ups, vaccinations, spaying or neutering, dental cleaning, deworming, and more.

Pet insurance policies can also be customized with endorsements to cover more than just accidents, illnesses, and preventative care.

  • Endorsements: medication & prescription costs, boarding fees in the event of an evacuation, advertising and reward fees for lost or stolen pets, routine care for older pets, burial expenses, and even more.

Is pet insurance worth it?​

There are many pros to having pet insurance.

One of the biggest advantages is that it can help you budget for your pet's health care costs. Veterinary care can be expensive, and unexpected accidents or illnesses can put a strain on your finances.

The average cost of veterinary care for pets can vary depending on the type of pet, the severity of the illness or injury, and the location. However, routine check-ups and vaccinations typically cost around $200 per year. More serious illnesses and injuries can cost thousands of dollars. According to Forbes, 42% Of Pet Owners Can’t Cover A Surprise Vet Bill Amid Inflation.

Pet insurance can help you pay for veterinary care without breaking the bank. It can also give you peace of mind knowing that you are financially prepared in the event of an emergency.

Another advantage of pet insurance is that it can help you make decisions about your pet's health care without worrying about the cost. If your pet needs treatment for an illness or injury, you can focus on what is best for them without worrying about whether or not you can afford it.

How to choose the right pet insurance policy for your needs:


The best pet insurance policy for you will depend on a variety of factors, such as the type of pet you have, your budget, and your needs.

To help you choose the right pet insurance policy, we've put together a few tips:

1. Know your pet: The first step is to know your pet. Consider their age, breed, health history, and lifestyle. These factors will affect the type of policy you need and the coverage you should get.

2. Research policies: Once you know your pet, it's time to start researching policies. Compare different policies to see what they cover and how much they

3. Consider your budget: Pet insurance policies can vary in price, so it's important to consider your budget when choosing a policy. You should also consider whether or not you're willing to pay more for a policy with higher coverage limits.

4. Read the fine print: Once you've chosen a policy, be sure to read the fine print before signing up. This will help you understand what is and isn't covered by your policy. Most pet insurance policies will cover accidents and illnesses, but there may be some exclusions. For example, some policies won't cover pre-existing conditions or hereditary disorders. It's always a good idea to read the fine print of any policy before you sign the dotted line!

5. Get quotes from multiple companies: It's always a good idea to get quotes from multiple companies before choosing a pet insurance policy. This way, you can compare prices and coverage levels to find the best policy. 

How to compare pet insurance quotes

When choosing a pet insurance policy, it is important to consider the following:

  1. Double-check the coverage options: Does the policy cover accidents, illnesses, routine care, or all of the above?
  2. The deductible: How much will you have to pay out-of-pocket before the insurance company starts covering costs?
  3. The reimbursement percentage: What percentage of veterinary bills will the insurance company reimburse you for?
  4. The age limit: Does the policy have an age limit for coverage?
  5. The annual limit: What is the policy's annual payout limit?

Overall, pet insurance is a great way to financially prepare for your pet's unexpected medical needs. It can also give you peace of mind knowing that you are covered in the event of an emergency. Be sure to do your research and compare policies before signing up for one. And most importantly, enjoy your time with your furry friend!

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Waffle, with offices located at 43 West 23rd Street, New York, New York 10010, USA is a licensed insurance producer and not an insurer. Waffle operates through Waffle Labs Inc (National Producer Number: 19499260). Waffle does business in California as Waffle Labs Insurance Agency. Coverage is subject to all the terms, exclusions and conditions of the insurance policy. Please see the sample policies for further information.