Is Pet Insurance Worth the Cost?

People bring out their dogs, cats, and pets to be blessed at the Washington National Cathedral in Washington, D.C., on Oct. 3, 2021. Tasos Katopodis/Getty Images

Pets are big in America. Sixty-six percent of U.S. households own a pet. Many of these pet owners look at their pup or kitty as one of the family. While loving a pet is priceless, their medical bills aren’t. That’s why pet insurance is increasing in popularity.

Pet insurance was an unknown product for years. But in 2022, the number of pets insured rose to 5.3 million from 3.1 million in 2020. But what does this insurance cover? And is it worth the cost?

What Pet Insurance Costs

You can choose two types of insurance policies: an accident and illness policy or an accident-only policy. There’s a significant difference in pricing.