The questions to ask before deciding how much pet coverage, or cash, you may need I’ve been wanting to get a dog for a while now, but a few things have been holding me up: How much will it cost? Will the pup be OK while I’m at work for eight hours? Who will watch it when I go out of town?
One other key concern: the cost of unexpected illness or injury. Monthly pet insurance premiums average $70 for dogs and $36 for cats. Would pet insurance protect me from a large vet bill, or would I be better off building a dedicated savings account?
Here’s what I learned after speaking with pet experts and crowdsourcing info from my pet-owning friends. Don’t Short Yourself offers weekly money tips to help you earn it, stack it and grow it. I would like to receive updates and special offers from Dow Jones and affiliates.
I can unsubscribe at any time. Big money idea of the week: Pet insurance or a dedicated savings account? First, I asked my Facebook friends about their experiences with pet insurance — and their responses varied wildly: Keeping your fur baby healthy can take a big bite out of your budget.
The average household spent $560 on vet care in 2025, according to an American Veterinary Medical Association report. And emergency vet bills can run into the thousands of dollars, according to Jennifer Quammen, president of the AVMA. > ‘Insurance doesn’t necessarily make the care itself less expensive. It’s changing how that financial risk is distributed.’ > — Jennifer Quammen, American Veterinary Medical Association But an insurance policy for your pet doesn’t simply wipe those costs away, noted Quammen, a practicing veterinarian.
Because policies vary widely in cost and coverage, she said, you need to understand exactly how pet insurance works — and your animal’s needs. Certain breeds are predisposed to heart or orthopedic issues, for example, that can be expensive to treat. Meanwhile, conditions like allergies often don’t show up until a pet is 2 or 3 years old, Quammen said.
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