Should you get pet insurance? Key considerations before covering your animal companion
By
Jeff Wagner
Jeff Wagner
Reporter/Anchor
Jeff Wagner joined the WCCO-TV team in November 2016 as a general assignment reporter, and now anchors WCCO's 4 p.m. newscasts.
April 20, 2026 / 10:39 PM CDT
/ CBS Minnesota
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Caring for a pet continues to become more costly, and unexpected veterinary bills can add financial strain. That situation leads some animal owners to question whether purchasing insurance for their furry companion is a smart decision.
At a dog park near Lake of the Isles in Minneapolis, WCCO spoke with five people, and only one of them acknowledged having pet insurance.
Adam Rafowitz mentioned that he previously paid for pet coverage but dropped it “after getting bills and seeing how little of the preventative care it covered.”
Estimates show there are 163 million dogs and cats living in U.S. homes, yet only 6.4 million are covered by insurance. That amounts to under 4%.
“I don’t think it’s worth it,” stated dog owner Richard Gwynne.
The pet insurance sector is fairly new, and according to experts, that is one reason for the low number of policies, though the market is expanding.
“I think it definitely has its place, and I think it can be really helpful for a lot of my clients. There’s a lot of different kinds of pet insurance,” said Amanda Mickelson, a veterinarian and medical director at All Paws Animal Hospital in Edina.
Three main categories exist
- Accident only: covers unexpected emergencies like broken bones.
- Accident and illness: covers accidents while adding sickness and disease.
- Wellness: covers routine work like vaccinations and yearly exams.
Depending on the plan chosen, the average monthly premium for a dog runs about $62, while for a cat it is roughly $32.
“If I get it discounted through work, I think it’s more beneficial than if you’re paying $70-100 per month, I’d say,” remarked dog owner Cali Smith.
Mickelson noted that the value varies from person to person, especially based on what they can afford. She added that her clients who carry accident and illness coverage often appreciated having it, even if they never ended up filing a claim.
Regarding wellness coverage, Mickelson thinks pet owners could potentially skip that option.
“If you’re a good budgeter and you can put aside a certain amount of money every month, there’s where I say maybe you can do that more on your own,” she said.
Pet insurance typically reimburses 70-90% of veterinary expenses, which proves especially valuable for surgeries and treatments costing thousands of dollars. Owners must still pay the vet bill upfront, with reimbursement arriving later from the insurer.
If that appeals to you, experts recommend starting the policy early in the pet’s life, ideally before any medical conditions arise.
