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Should You Purchase Pet Insurance?

May 21st, 2011 · blog, Guest Post

How much would you be willing to spend on your pet? If you want to manage your expenses wisely, it may seem ridiculous to spend a small fortune for a pet insurance policy. However, if you’re the type of person who is concerned that your pets get the care they need when they become sick, then getting pet insurance may be a sensible option.

Is pet insurance a good idea?

There are many conditions and a lot of exclusions to a pet insurance policy that you will need to look into. You have to determine if the benefits that you’ll get from it will outweigh the amount you will need to shell out.

  • Statistics have shown that one out of three pets need emergency treatment once a year, and two out of three develop at least one major health problem in their lifetimes.
  • Consider pet insurance if you have an older animal that’s more likely to need treatment soon and you can find a policy in which you’d pay less than the amount of the treatment costs per year.
  • Given that pet medical care already rivals human health care expenses and with very low monthly premiums for some pets and plans, it may be worthwhile to look into this option.

How does pet insurance work?

  • Pet healthcare expenses have increased because there are plenty of advanced treatments for health problems and diseases that are now available- options that weren’t in the past.
  • Pet insurance plans are now, in many ways, comparable to those being offered to humans. For instance, premiums cover only what they deem eligible and may cost more if the insured is older or more likely to get sick.
  • Most pet insurance cover accidents and illnesses; some even have preventive medicine options available. Know that they all have deductibles that must be met, and all have exclusions for certain health problems or other preexisting conditions.

What can help you decide?

There are some differences among pet insurance policies, just as in human insurance, so make sure you do your research and compare before you get any.

  • Scour the Internet for all the available options. You will find several independent sites that will help you find and compare different insurance plans and carriers. You can even get feedback from other pet owners too.
  • Call your veterinarian’s office to ask for recommendations and find out what they have to say about various insurance companies.
  • Consider your dog’s specific needs, like its current and past health conditions and age. For instance, you may need a different preventive care coverage for younger pups than you would for older ones.

Is there an alternative to pet insurance?

Yes. Save your money for your pet, the old-fashioned way, in order to skip the insurance.

  • If you can’t find insurance cheaper than the annual costs of your pet’s medical care, put your money in an interest bearing savings account. You’ll have built up savings if you need it for pet health care. And should your pet not require any, at least you’ll have pocketed the extra savings.

Ally is part of the team that manages Australian Credit Cards, a blog that wrote about coping with rising food prices in Australia. Before joining ACC, she was a Media Planner with McCann Worldgroup Philippines, Inc., with award-winning executions, including the Levi’s 501 “Live Unbuttoned” global campaign.

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