How to determine if pet insurance is worth it

Pet insurance provides owners with a unique opportunity to protect both their animal and their bank account. 

In return for a minimal fee to a pet insurance provider each month, owners can rest comfortably knowing that their animal has guaranteed medical care and that they have the financial support to get through potential illnesses or emergencies.

Pet insurance is relatively inexpensive, costing approximately $30-$70 each month for dogs and $15-$40 monthly for cats. Policies can be comprehensive or minimal, depending on the owner’s preferences. The benefits of having a policy in place are clear, but is it worth it for you?

It helps to speak with a pet insurance expert who can help you get started with a free price quote so you know exactly what to expect from a potential plan.

How to determine if pet insurance is worth it 

As is the norm with personal finance considerations, there is no one-size-fits-all answer. Here are some guidelines to help determine if pet insurance is worth it for you. 

You’re on a budget

If you’re on a budget and couldn’t potentially afford burdensome veterinarian bills then it may be worth securing a pet insurance policy. Veterinarian bills can be pricey but pet insurance can help alleviate some of that pain by covering a variety of ailments and medications. Can’t afford a comprehensive plan? It may make sense to buy a cheaper, accident-only policy so that you know you’re covered should your pet break a bone or swallow something they shouldn’t have.

If you’re on a budget and may have to make a choice between medical care and costs, then it’s probably worth getting the protection that pet insurance provides. Get started now. 

You have a young animal

It may seem counterintuitive to insure a pet that’s young and healthy. But that’s actually the best time to build an inexpensive and comprehensive plan.

Pet insurance is often the cheapest for younger pets with little to no health issues. So you’ll never pay less than when your pet is young. While this may not prove particularly valuable to start, your coverage will become increasingly more worthwhile as your pet ages and health issues arise.

Remember: Most pet insurance providers won’t cover pets with pre-existing conditions. But if owners with young pets act soon, they could secure an inexpensive policy and be grandfathered in before any nagging health issues arise. 

You want predictable expenses

No one wants to see their pet sick. And confusing and unpredictable healthcare bills can make the situation worse. 

Fortunately, pet insurance injects some predictability into the picture by providing owners with a clear idea of their expenses. Owners will know what to pay each month (and year). They will also know exactly what their coverage will protect against and what it won’t.

Veterinarian visits can be stressful enough but pet insurance can alleviate some of those concerns by providing owners with peace of mind and predictability.

The bottom line

The decision to purchase pet insurance is a personal one dependent upon a variety of factors and considerations. The above categories are a good place to start. Consider speaking with a pet insurance expert now who can help you build a customized and cost-effective policy for your furry friend.