Should You Carry Pet Insurance ?

The options

It seems these days it’s a relatively hot topic, with proponents on both sides. Those who say no, it’s a waste of money and those that claim they’d never live without the peace of mind that pet insurance can provide. So who is right?

 

 

It really depends on your personal situation.

– if your bank account or line of credit can sustain an emergency vet bill on average exceeding $2500 then you really don’t need to have pet insurance. By the way, these days it’s easy for the diagnostics alone to run over a $1000 , and then if there is a need for surgery, you have a skyrocketing vet bill.

– if you are good at budgeting, you can set each month in a special account the same amount as you would pay for an insurance.  Then when the time comes you have what is needed.  This works well if you have several animals or if your pet is fine the first 2 years.

– if you however are like the majority of us that feel your stomach muscles clench at the thought of something happening that leads to a huge vet bill, then you likely should be carrying some type of pet insurance.

Things to check for with an insurance

Great, but it doesn’t end there, because not all pet insurance is created equal. Like all insurance , there are some that are better than others. Also, some are much better at paying out when the need arises without trying to circumvent payment. These are things you want to find out before you signup.

Start by comparing policies. Be careful of the fine print. Some will cover an illness one time in a 12 month period, others have no limitations. There is often a reason that insurance is significantly cheaper than others.

There are different deductibles available as well. The higher the deductible the lower your premium will be. Determine what is the highest amount of cash you could come up with immediately if the need arose. That’s what your deductible should be. There’s no point in choosing a $1000 deductible if you won’t have it, because then your pet insurance is not going to kick in and you will have wasted your money, so be realistic.

Finally, ask other pet owners if they carry pet insurance, with whom, and what they like and dislike about the carrier.

With vet bills rising, pet insurance is becoming a very real cost to owning a pet. Knowing that you can care for them no matter what emergency or illness arises is so important.