Pet Insurance: Is It Worth It?

Owning a pet has many advantages including unlimited slurpy kisses, a constant exercise partner, and always having a best friend around when you need one. You care for your pet as much as you would a human member of your family, so it makes sense that you may be considering a pet insurance policy. One of the biggest questions you may have is is it really worth the premium? Here are some of the things a pet insurance policy could cover:

• Accidents–if your pet is injured due to an unforeseen event such as a motor vehicle accident.
• Illnesses–some common illnesses such as arthritis, colitis, cancer may be covered up to the limit set on your policy.
• Routine exams–while most policies are put in place for accidents or illnesses, some can be set up to also cover routine check-ups and treatments your pet may need on a routine visit. (Think flea and tick treatments and how much they could add up.)

However, you should always keep in mind that most policies do not cover pre-existing conditions. So if you are worried about the long term of your healthy pet, an insurance policy may be the way to go. But if your pet is already diagnosed with some sort of ailment, you may not have any coverage for the ailment if you were to purchase a policy today.

The average insurance policy for your pet varies on the pet itself and how much insurance you wish to purchase. On average, premiums cost anywhere from $20 to $40 per month for pet insurance. A good way to determine its worth would be to figure out how much you pay now per year for your pet’s medical bills. Factor in emergencies and the possibility of an accident which could cost you more than you might expect, then decide if you would be saving money by having a policy in place.