Is Pet Insurance worth it? Everything You Need Yo Know

Let’s understand what Pet insurance is It’s basically a health care policy for your cat or dog, and much like health insurance for humans, it can help you to save big on medical costs, or in this case, vet bills. For example, if your four-legged friend swallowed something they shouldn’t have, and needed an urgent operation to remove it, pet insurance would cover up to 80% of the treatment cost. This means that a $1,000 procedure may only leave you $200 out of pocket.

So, how much does it cost?  Like any insurance policy, this depends ona handful of factors. Your level of cover, along with the age, sex and breed of your pet can all impact the price of your premium. On average, pet insurance for dogs will set you back around $372 to $840 per year This might seem like a lot, but when you consider that an operation can set you back thousands, it’s a no brainer. Good news for cat lovers! Cats are usually cheaper to insure than dogs, and their breed won’t impact the price of their premium. 

The best way to understand when to get pet insurance is to understand when it’s worth it and when it’s not. It can be worth it when your pet is young Insuring your pet early on means they’ll still receive cover in their old age, and this is when health problems are more likely to occur. Older pets aged 7 - 9 years and over are usually excluded from new policies other than accident only. 

Secondly, when your dog breeds is more prone to hereditary diseases Some dog breeds are much more likely to get sick than others. And while you may have to pay a higher premium depending on your dog’s breed, you’ll be covered for the cost of their medical care should they need it down the track. So if you’ve got a cute little Frenchie, or a German Shepherd, it's probably a good idea to get cover. If you’ve got a terrier or mixed breed, you might be able to get away without it. 

Third, you want peace of mind Comprehensive policies include regular vet visits and checkups. So if something doesn’t seem right with your best buddy, you can get it checked out straight away. Plus you won’t be faced with the heartbreaking reality of having to put your pet down because you can’t afford the cost of treatment.

Pet insurance may not always be worth it: If your pet already suffers from a condition prior to taking out pet insurance, you won’t be covered for that particular issue or any other related illnesses. This means that if your dog has a skin condition and you decide to take out pet insurance, you won’t be covered for any skin related illnesses in the future - even if your pet has never had it before.

Secondly, if you got enough savings in the bank If you’re comfortable you have enough savings stashed away to cover an expensive medical emergency, you might be better off relying on this instead. Makes you wonder though, can’t you just stash away a little each month to cover these vet bills?

This is a good option if you’re disciplined. By opening a high-interest savings account and setting aside a portion of your pay each week, you could build up enough money to cover a small emergency. However, if you only start saving once you bring your pet home it’s going to take you a while to build up a decent emergency fund, which wouldn’t help you if an expensive vet bill came in straight away.

Chances are your pet will need to see a vet for an expensive medical issue at some pointin their life. Whether they get a tick, need dental work or break their leg, the necessary treatment could end up costing thousands of dollars. By taking out pet insurance, you’re safeguarding both your furry friend and your finances against the unexpected. But if your pet is too old or sick to qualify for a new policy, a savings account could be a good option.