Is Pet Insurance Worth It?

Many of us have experienced the financial burden and sometimes even hardships associated with the medical care of our pets – especially after they get sick or injured. Medical procedures and surgeries for your pet can easily cost thousands of dollars. So, it’s no surprise that the popularity of pet insurance has skyrocketed in recent years. With the promise of more affordable lifetime care for your pet, it’s pretty much irresistible. I mean, if humans need health insurance, then why not your pet? It’s just the responsible thing to do, right?

But is pet insurance actually worth it? Just like people health insurance, pet insurance premiums will likely fluctuate throughout your pet’s life. Starting off less expensive when they’re young and healthy, and then increase as your pet ages. Depending on the breed of your dog and the plan you’re signed up with, monthly premiums could start at under $50 a month, and by the time your dog is 12, the cost might jump to upwards of $150 a month. That’s a pretty significant increase. For a lot of people, the cost just doesn’t seem justified. Especially for those who are lucky enough to have pets who are overall in good health, the cost of the pet insurance will likely outweigh the actual medical costs. But then again, when something catastrophic does happen to your pet, it is typically unforeseen, and you may be very glad that you had signed up for health insurance. If you’re facing a ten thousand dollar back surgery for your dog, a thousand dollar yearly premium may not seem so bad after all.

For many of us, if you add up your typical yearly vet bills, it’s well under $100 dollars. And if your monthly pet insurance premium is $50 per month, that adds up to $600 per year. For many, insurance just doesn’t seem worth having just for the possibility of an unfortunate incident occurring. However, for someone who owns a breed of dog that tends to have a lot of health complications as they go throughout life, having an insurance policy may be a smart investment.

If you do choose to look into pet insurance, make sure you shop around and do your research. Get quotes from multiple companies and ask how the premiums will change as your pet ages. Also, get a detailed report on what exactly is covered under the plan and what is not. It would be a terrible waste to purchase a plan only to find out what you really needed covered is not. Also, if your pet is currently sick or being treated for an illness, the policy is likely not to cover any of that care, so double check. Likewise, if your pet does suffer from a preexisting condition, check to see whether or not it will be covered as many companies will reject these claims.

There’s no one-size-fits-all answer to the question of pet insurance, so make sure to weigh all your options and do all your homework to find out what’s best for your family.