Why Pet Insurance Matters | BMO Pet Insurance
Date posted: Oct 20, 2025
Keeping your pet happy and healthy doesn't just require preventative care, like trimming their nails, brushing their teeth, and taking them for annual exams. Sometimes, your pet's well-being also depends on getting treatment for an emergency injury or unexpected illness. Affording these types of often-expensive treatments can be difficult, which is why pet insurance matters.
A pet insurance policy for your dog or cat kicks in for covered costs, helping pet parents pay for necessary veterinary care and improve the health outcomes of their furry companions. Whether you already have a policy or are considering one, learn more about why pet insurance is one of the best ways to protect your pet.
Rising Veterinary Costs and Financial Strain
Pet insurance helps pet parents keep up with evolving costs of veterinary care. While not opting into pet insurance and instead paying for unexpected care out of pocket is an option, it might not make the most financial sense.
For example, there is an alternative to pet health insurance: a pet savings account. This is an option for pet parents who would rather set aside money for emergencies instead of relying on an insurance provider. While a pet savings account can be a good option for some households, it might not be the most cost-effective, as owners still have to pay out of pocket for all of their pet’s medical expenses. Plus, savings plans might not be able to keep up with rising prices, considering that veterinary costs have risen more than 6% in the last year alone. Pet insurance helps to cover these costs, minimizing the impact of inflation on tight budgets.
Removing Cost as a Barrier to Care
Routine care for your pet is usually a manageable cost, as preventative care is considered an "expected" cost, but remember that your cute companion can get into mischief or even develop a disease at some point in their life. No pet parent wants to think about these types of unexpected situations, but sometimes life happens. The best thing to do is be prepared.
When considering pet insurance, ask yourself this question: If your pet were to require an emergency procedure or expensive medications, is that something you’d need help with affording?
Here are some examples of approximate out-of-pocket costs for certain issues:
Surgery for ingestion of a foreign body: $3,000
MRI and medication for seizures: $2,000
Surgery and pain medications for patellar luxation: $4,000
Paying for these treatments on your own dime can get quite expensive, but pet insurance helps to cover eligible costs. So, let's say that your dog ingests something that needs professional removal by the vet, which costs $3,000. If your pet insurance policy covers it at 90%, that means you're only paying $300 out of pocket. Paying for 10% of pet treatment isn't nothing, but it is likely much more manageable than paying full price.
Supporting Emergency and Unexpected Treatments
Paying out of pocket for a pet’s long-term illness or an unexpected accident can quickly become a financial burden. Relying on pet insurance can keep stressful money matters at bay, helping you focus on budgeting for routine care instead of emergencies.
Dog and cat insurance helps to cover the costs of eligible procedures, medications, and more, not only assisting your finances but also ensuring that your pet receives the care necessary to restore their health, reduce their pain, or get them mobile again.
The Lifetime Value of Pet Insurance
Just as with other types of insurance, the total savings of a pet insurance policy often outweigh the upfront costs. Just consider that, over the lifetime of your pet, total treatment costs for various conditions and issues can range from a couple hundred dollars to over $10,000. And if you have more than one pet, your total costs can soar even higher.
While paying pet insurance premiums and deductibles might seem daunting, especially if your dog or cat is currently healthy, remember that you’re investing in your pet’s future health and well-being and ensuring that you can maximize your time with your favorite four-legged companion. And not only that, but you’ll be also saving money in the long run.
How Pet Insurance Helps Veterinarians
Veterinarians are in the business of helping pets be their healthiest selves. They help pet parents stay on vaccination schedules, perform annual physical exams of pets, and take care of animals when they get sick or hurt.
When vets assess an emergency situation or diagnose your pet with a medical condition, they typically provide a recommendation for treatment, including next steps, long-term care, and cost. According to one study, ethical conflicts can arise when a professional recommendation doesn't align with a customer's financial capabilities. Vets are responsible for pets' welfare, but they also must abide by pet parents' decisions of whether to proceed with certain treatments. Meeting both needs can be difficult. And that's where pet insurance can help immensely.
Pet parents with dog or cat insurance may be more likely to move forward with recommended treatments, even if they're more expensive, because they can rely on their policy for financial help. This alleviates stress or conflict for veterinarians who just want the gold-standard treatment for the pets in their care.
Making Decisions with Confidence
Even though 92% of pet owners believe that pet insurance is worth the money, getting a policy is still a significant decision. After all, both your pet’s health and your finances are top priorities—you shouldn’t have to choose between one or the other. That's where pet insurance can help.
Sources:
Actual Claims & Vet Cost Examples. Trupanion Pet Insurance
Survey: Most Pet Owners Who Have Pet Insurance Say It’s Worth the Cost. Experian
Pet Insurance: A Review of Coverage, Costs, and Consumer Behavior National Center for Biotechnology Information (NCBI). PubMed Central
Consumer Price Index (CPI) Overview. U.S. Bureau of Labor Statistics