To Insure Your Pet, or Not Insure Your Pet: That Is the Question

November 24, 2010

As a pet owner you know that somewhere along the lines your pet became more than a pet.  Pets are more like our children.  Dresses, rain boots, Halloween costumes and the latest fashion collar may help your pet to look great but rather than spending excessive amounts of money on things our pets don’t need, we should save that money for things that they will need, such as healthcare.

Most pet owners do not have pet insurance for their pet nor do they have the funds to pay for emergencies out of pocket.  The American Animal Hospital Association urges pet owners to set money aside for their pet’s healthcare.  According to Consumer Reports, pet owners would be better off putting several hundred dollars each year into an emergency fund rather than paying for health insurance due to the ambiguities of what is actually covered under pet insurance.

On the other hand, if a pet develops a chronic condition or needs major care, a pet owner may reap the benefits of pet insurance.  When looking into a policy for your pet it is important to look at sample policies and their limitations, exceptions and co-payments.  Some breeds have pre existing conditions that will not be covered with pet insurance.

There is no way to determine if one should purchase health insurance for their pet but we think it is safe to say that every pet owner should research their options and decide on what works best for them.  In the event of an emergency our pets will be better off if we either invest in health insurance or a savings account rather than spending our every last penny on fashionable and cute but highly unnecessary accessories for our pets.

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