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Is Pet Insurance Worth the Cost?

Most people pay health insurance, homeowners or renters insurance, and car insurance. With all of those expenses, do you really need pet insurance? For some people, pet insurance might not be necessary. It might be a lifesaver for someone else. Here’s how to determine if pet insurance is a good choice for you.

Is Your Pet at Risk?

One way to determine if pet insurance will be worth it is to take a look at the health conditions your pet is more prone to developing. For example, certain dog breeds are more likely to develop breathing problems that need surgery to correct. Some kinds of pets might also be more prone to allergies or joint issues. If your pet is at risk of developing costly conditions, pet insurance can help you deal with them if the need ever arises.

If you’re not sure what conditions your pet might inherit, ask your vet for some help.

Do You Have Emergency Savings?

The sad truth is that most people don’t have the savings to cover an unexpected bill, even if it’s only a few hundred dollars. That means that many pet owners couldn’t afford care if their pet got hit by a car or became suddenly ill.

However, if you can afford an emergency vet treatment, pet insurance may not be worth it over the years that you’re paying for it. Ultimately, if you are financially able, you could just set aside a savings account for pet emergencies. However, if you’d have trouble paying for a lifesaving procedure, pet insurance can help take care of your pet in an emergency.

How Old Is Your Pet?

Pet insurance is generally affordable when your pet is young, but prices may rise as your pet gets older. Check the prices for your pet’s age and breed to see if premiums are a reasonable cost for you. If you’re worried about price increases, see if you can find a company that doesn’t raise premiums as your pet ages.

How Comfortable Are You With Risk?

Wellness visits generally aren’t part of a pet insurance plan, and many pre-existing conditions or common ailments may not be covered. Because of that, you might end up paying for pet insurance without ever getting to actually use it.

There is no way to predict for sure whether your pet will be healthy or will develop an expensive illness or injury. Some people are more comfortable with risk and don’t feel the need for pet insurance. Other people want the peace of mind knowing that they’ll have help taking care of their pet if necessary.

Pet insurance can be beneficial, but it might not be the best fit for everyone. Consider your situation to determine if pet insurance is something you’d like to invest in, and research individual companies to see what is covered and find out if you think it’s worth the cost for you and your pet.