While pet insurance is extremely popular in the UK and Europe, it is still quite a new idea in the United States. Because it is still quite uncommon in the US, with less than 1 percent of dogs and cats being insured, many people think of pet insurance as a novelty and something reserved for overly obsessive pet lovers. They wonder "Is pet insurance worth it?"

Much like health insurance for humans, pets health insurance costs you a monthly premium, and in the event that your pet requires medical attention your insurance will cover the costs - minus a deductible and possibly other exclusions. Typical monthly pet insurance premiums range from $5 or $6 to over $75, depending on the range of coverage and the size of the deductible. But are the potential medical costs high enough to justify paying for the monthly premiums?

Well, it used to be that the number of pet treatments available was quite limited, and in serious cases people would simply try to contain the problem or have their pet put to sleep. But today numerous complex treatments and procedures that were previously reserved for humans and unthinkable for pets are not becoming available for your four-legged friend. Treatments such as kidney transplants and radiation therapy, etc. are now available and for a few thousand dollars can treat conditions that used to be fatal. So in the past there was no option of expensive treatment and thus no need for insurance. But today that expensive treatment is an option, so insurance is a reasonable possibility.

So it basically comes down to probabilities, how likely it is that your potential medical expenses will exceed the premiums you are paying out. You can spend between $2000 and $6000 on pet insurance over the life of the pet. You are probably not going to spend that much on treatment, so simply setting some money aside every month for your pet's health care may be a better option. That way you will still have the money if your pet lives his life happy and healthy with no need for serious treatment.

Another consideration is just how much your pet means to you and how much money you would be willing to spend to keep your pet alive in an emergency. A family without pet insurance may resign themselves to having their pet put down in the event of a serious medical situation that will cost large amounts of money to treat. If letting your pet pass on because of medical bills is something you can't imagine doing, then pet insurance may be a good choice for you.

You can, of course, balance your considerations and shop around for medical insurance for pets that meets your needs. For example, it may have lower monthly premiums but covers only certain emergency procedures with a sizable deductible. That way you can minimize costs while insuring treatment for your pet when it is really necessary. At the other end of the scale you can buy full-fledged health care plans for your pet that cover everything from spaying/neutering to teeth-cleaning. These plans of course have the highest monthly premiums. These days the market for pet insurance is growing, and so is the range of choices available.