Is Pet Insurance Worth It?
At some point, most people who seriously consider pet insurance ask themselves: Is pet insurance worth it? And yet, there is no one-size-fits-all forumla for making this decision.
Of course, you can do the math--multiply your monthly premium by 12 and multiply that by your pet's life expectancy. But, that misses the point. As with most insurance, you are purchasing protection you are hoping you won't need.
Another way to approach the question is to imagine being presented with a veterinary bill for your pet that you could not pay without causing yourself financial hardship. What are your thoughts? What are your options?
Would you tap into your savings? Would you consider going into to debt? If so, how easily could you borrow as much as several thousand dollars on short notice?
Is there a point at which you would stop treatment altogether? Is it tied to a dollar amount?
While some people find questions like these uncomfortable to even think about, others can answer them with little conflict. Either way, it's important to be honest with yourself.
On the whole, the harder it is for you to answer the above questions, the more you need to have a plan in place. And, if you are the kind of pet owner who would go into debt to save an ailing pet, insurance may be your best option.
But, there are alternatives to pet health insurance and you should know what they are. Here are some related articles to help you explore other options.
- Pet Assure
- Care Credit
- Is Self Insurance Right for You?
Is pet insurance worth it? Ultimately, it's a question only you can answer. You can't know in advance if your dog will someday tear a knee ligament or your cat will swallow a safety pin.
While it may sound cliche, when it's all said and done, what you are really paying for is peace of mind.
