Owning a pet can be an incredibly rewarding experience, but it also comes with a lot of responsibility. As a pet owner that animal is entirely dependent on you, which means it’s your responsibility to make sure you are financially capable of taking care of it. For many people, that means investing in a pet insurance policy. However, the pet-owner community seems to be fairly divided on whether pet insurance is worth it or not. So, when is pet insurance worth it? Let’s take a closer look.
First, it’s important to remember that, like all insurance policies, what your pet insurance covers will be different from policy to policy. Most pet insurance policies don’t cover preventative medicine. That means you’ll still be paying full price for your heartworm, vaccinations and things like that. However, most pet owners should have already budgeted for expenses like that. It’s the unexpected expenses that can break the bank. That’s where pet insurance comes in.
Like any insurance policy, pet insurance policies always have a deductible. That’s the amount you have to pay before your insurance kicks in. When it comes to pet insurance, that’s ok because any kind of medical procedure almost certainly will exceed your deductible. Emergency surgery can cost thousands of dollars, and when it comes to their pet, most people will pay whatever they need to to keep it alive. You should never have to choose between your bank account and the life of your pet .
It is also worth noting that the cost of your pet insurance will vary depending on the type, and size of your pet. For example a large dog is going to cost significantly more to insure than a cat. In general most pet insurance policies will run you between $30 and $50 a month for good coverage. Of course, like any insurance policy, you can lower those monthly premiums by taking on a higher deductible. Just be sure to do the math before agreeing to a specific policy.
Remember, you can’t buy pet insurance right when you need it. Most policies require a waiting period of at last two weeks before your insurance will kick in. By purchasing a policy before your pet is in trouble, you are investing in their future, and yours.
All of that being said, pet insurance is not for every pet owner. If you have enough cash on hand at all times to cover emergency surgery, than paying into an insurance policy every month might be a waste of money. It’s also true that many people will have pet insurance for the entire lifespan of there animal and never need it. However, that’s not the point. The point of a pet insurance policy is to make sure that no matter your financial situation, you can always take care of your pet without having to worry about paying your bills.
Take the time to do the math on your own personal finances and decide if pet insurance is right for you. As with any type of insurance policy, we always suggest speaking with an insurance professional before making a final purchase.
If you are interested in a policy of your own, we encourage you to reach out to the staff at TGS Insurance. Visit www.tgsinsurance.com to learn more.