Perhaps you have seen the ads on late night television, or seen a brochure at your veterinarian's office-these ads are selling insurance for your pet. You probably wonder whether this is something you should purchase to help protect your pet or your pocketbook. There are pros and cons both to purchasing pet insurance. Consider both sides and decide if it is something that is ideal for your particular situation.
What Exactly IS Pet Insurance?
Essentially, pet insurance is set up very similar to medical insurance for you or your family. You pay a premium each month and then if disaster strikes, your insurance pays a portion of the vet bill-in accordance to the insurance agreement.
You want to read over any policy before signing up and make sure it covers everything you expect, and also make certain you are following any guidelines put in place (such as yearly well-pet checkups and keeping up to date with shots.)
If you understand how medical insurance works, it should be easy enough to see how insurance can save you money in case of a large disaster—however, you have to decide if it will be worth it for your particular case.
Reasons to Consider Purchasing Insurance
Pet insurance is especially beneficial if you are in a place where you may not be able to obtain the funds to pay for veterinarian treatment if your beloved pet needed it. For some families, the small monthly premium may be easier to swallow than paying thousands of dollars in the case of an emergency. Additionally, you may be able to afford advanced treatment for your pet that you otherwise would have to skip.
Reasons you May Avoid Pet Insurance
On the other hand, pet insurance is not for everyone. Like all insurance programs, pet insurance is devised to earn money for the insurer in the long run. Chances are, you will never get back the amount you pay in insurance premiums every month. Additionally, according to a Money Magazine article, hereditary and pre-existing conditions may not be covered, so if your pet winds up with an ailment that is common in his breed, insurance may not pay those costs.
As you can see, there are a lot of things you need to think about before purchasing pet insurance. The common adage is that if you are able to put aside a small sum each month and save it in case of a pet emergency, you will likely wind up saving money in the long run. Consider all your options and decide if this is something you could do, or if purchasing pet insurance may be the right choice for your family.