If you have a pet you know what kind of joy they can bring to your lives. In the unfortunate event that something happens to your pet or they become ill, vet visits can really be expensive. That’s where pet insurance comes into play for many people. It seems silly, but if it can help cut the cost of a vet visit, is pet insurance really worth it?
What is Pet Insurance?
Before deciding whether pet insurance is worth it or not you should know a bit about what pet insurance entails. Pet insurance is similar to health insurance in that you pay a monthly fee to get treatment partially (or completely) paid for through the insurance company. Some pet insurance policies will even pay out if your pet dies or is lost/stolen. While this may seem like a great idea (especially if you’re really attached to your pet), pet insurance can be an extra monthly cost that you really don’t need.
Should You Buy Pet Insurance?
For the most part, pet insurance is a wash. You pay a monthly fee (adding up to hundreds of dollars a year) for services you may not even use. In my mind, there are only a few reasons you’d want to purchase pet insurance.
1. Pet Insurance During the First Year
Pet insurance policies can be extremely useful during your pet’s first year of life. Oftentimes the first year you have your pet is the most expensive. During a dog’s first year of life, for instance, it has to get numerous vaccinations, tests and spayed/neutered if the owner chooses to do so. Also, having a young puppy can pose some issues in itself. Your pup may get into something they’re not supposed to and you may have to bring them for an emergency checkup. For these reasons, pet insurance during the first year is a good idea. Having the insurance will help you keep up with the cost of having your animal during the first year.
2. Pet Insurance for Pure Breed Animals
If your animal is pure bred or you are a breeder you may consider getting pet insurance for your animal. Pure bred cats and dogs are costly so you’ll want to insure their health. It is also known that many pure bred animals have more health issues than mixed breed cats and dogs. For this reason, you may consider purchasing pet insurance for your pet.
3. Pet Insurance for Older Animals
Lastly, if your pet is older you may consider getting pet insurance. If your cat or dog is coming closer to the end of its life it’s likely to have more health problems. You may also have to pay to have the cat or dog put down if their health gets bad enough. Having pet insurance for frequent vet visits and (potentially) having them put down may be a good idea.
How Much Does Pet Insurance Cost?
Depending on where you a purchasing your pet insurance it can cost anywhere from $25 per month to $100 a month. The type of pet you have, coverage you buy and how often you use it can all impact the price of your specific pet insurance. Oftentimes you can also bundle your pet insurance with your other insurance policies and save a bit of money as well.
Whether you decide to purchase pet insurance or not, you’ll want to perform research on the insurance and what kind of coverage it offers. Be sure you do all the necessary digging before buying a policy.
Do you have pet insurance? Would you recommend others use it?
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Photo: JP Griffin Group
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