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Should you buy pet insurance?

Updated on April 21, 2013

Dogs have always been highly valued pets. Since domestication, most dogs have lived pampered lives. Aside from the basic needs, pet parents would provide dogs with everything that would make their life comfortable. However, a decade or so ago, dog owners would never dream of buying insurance for the pet. A dog owner heard planning to get health insurance for the pet will be ridiculed and thought to have something loose in the head. Who would ever think that pet insurance would be the hundred million dollar thriving industry it is today. The idea that was once scoffed at is now being promoted by vets, by dog organizations and even by the ASPCA.

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What is pet insurance?

To a dog owner the keeping the pet healthy would be of utmost importance. The quality of life the pet would have would depend on the care provided by the owner. Pet insurance is precisely what would save a dog owner from choosing between providing the necessary health care for the pet and the much needed finances for the family. Pet insurance is not much different from the insurance for humans. Most pet insurance would cover accidents, illnesses and preventive medicine options. The pet parent can opt for lifelong plan for aging and chronically ill dogs. However, unlike most human insurance, the pet owner would need to pay for all the medical bills of the dog and afterwards get a reimbursement for the insurance company.

Are pet insurances really necessary?

Dogs are considered as special members of the family. If human insurance protects your family from any unexpected but possible occurrences why won’t you protect the pet as well? An aging dog will remain the faithful and affectionate friend of the family but it is expected that many health concerns would crop up. Arthritis and incontinence are only two of the common ailments of aging dogs. The expenses for regular blood work and medication would be a big burden especially for a family on a tight budget. Various types of cancers that affect humans can affect the dogs as well. Years ago, pet owners would just have to watch the pet slowly fade away. However veterinary medicine has tremendously progressed in the last 20 years. Medications and lifesaving procedures are now available for pets. Advanced surgical procedures like kidney transplant, chemotherapy, MRIs and other sophisticated diagnostic tools have extended the life of these four legged friends. Needless to say, this veterinary care would be very expensive. This is where pet insurance should come in. If you have pet insurance you don’t have to worry about the monstrous veterinary bill.

Is buying pet insurance worth it?

Would it be a wise decision to buy pet insurance and pay thousand dollar premiums that you may never use? Most pet insurance has a $50 deductible so that vet bills for minor injuries will still come for the owner’s pocket. Because dogs are highly valued pets, owners would usually ensure that the pet is well groomed and well cared for. This means that exorbitant vet bills from emergencies are highly unlikely. Wouldn’t it be a good idea to forgo the pet insurance and keep the monthly premium on a savings account? This will be the dog’s rainy day fund that you can dip into if and when the pet would need medical care.

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