Is Pet Insurance Right for You?

When I adopted my first greyhound, I knew immediately that I would be purchasing pet insurance for him. The reason for me was simple. I didn’t ever want to have to make a decision about this health and well-being based on the cost to treat a medical condition. When your pet becomes sick, some decisions are easy but most are not. Yes, treating an ear infection with an antibiotic makes sense and won’t break the bank but what if your’ pet has a seizure? It could be a one-time event or it could be something as major as a brain tumor but how will you know.   First off your vet may refer you to a specialist. Then a specialist will likely order tests. Tests could be as simple as blood work or as extensive as an MRI costing your thousands of dollars. With situations like this, you will be constantly forced to make decisions about what is right for your pet based on the possible outcomes, as well as, the financial impact to your bank account. To me, having pet insurance will assist with the financial decisions allowing me to focus on what is right for my pets’ future.

So is pet insurance right for you? In an article recently published by Investopedia, they note “vet care is the third largest expenditure in the category, costing pet owners about $15.25 billion per year.” In a recently published article How Does Pet Insurance Work? , they explain the pros and cons of providing pet insurance for your pet. For anyone considering this purchase, this article is worth the read.

At the end of the day, pet insurance has been a financial lifesaver for me, although this doesn’t mean that the vet care I provide my pets has been free. My first two dogs had medical bills throughout their lives totaling more than $10,000 each above and beyond routine vet care. When I add to this the amount I paid in health insurance premiums and then deduct what was reimbursed, I come out ahead by about $3,000 for each dog. For my current three dogs, the insurance companies are making money off of me but I know it only takes one major event to reverse the trend. In the end, if I never file another claim, it will mean my pups have enjoyed a happy and healthy life and for my piece of mind, the cost is worth it. To put it in perspective, I spend less in a year on pet insurance for three dogs than I do on car insurance. In my many years of driving, I have only had one minor fendor bender so I have “lost” thousands to the car insurance companies. So do I drop my car insurance coverage? We all know, it just takes one accident to be glad you are covered.