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Pet Insurance May Be Worth It If …

Updated on January 28, 2011

Pet insurance is a really controversial topic in the personal finance world. Some people say that it’s always a waste of money. Others say that pet insurance is a good investment for many pet owners. The truth of the matter is that pet insurance, like many other types of insurance, is financially smart for some people and not for other people.

What is pet insurance?

First things first, what is pet insurance? This is essentially health insurance for your pets. You pay a monthly fee and in exchange you get discounted rates on various medical procedures for your pet. Like with human health insurance, you will need to make decisions about things like your deductible when you choose pet insurance.

Pet insurance may be worth it for you if …

Pet insurance isn’t right for all pet owners. However, it may be right for you if …

o   Your pets are like your children. Some people consider their pets to be part of the family. They treat them like they treat their own children. They care for them above and beyond what the average pet owner would consider to be normal or acceptable. There is nothing wrong with this. However it can lead to high medical bills for some pet owners. For example, in the same way that smart new parents will take their children in for every single recommended checkup with the doctor, some pet owners really get active about ongoing pet wellness checkups. This can be pricey (although it may prevent higher costs of care later just like preventative medicine does for people). If you think of your pets like children then you may want to learn more about pet insurance.

o   You would never consider putting your pet to sleep regardless of how old or ill it got. Many pet owners hate the idea of putting their pets to sleep but do so anyway when the pets’ medical costs get too high to make it possible to keep taking care of them. If you would never put your pet to sleep regardless of their medical situation then it is only humane for you to give them the best medical care possible especially as they age. That care is expensive so you may want to get pet insurance.

o   You have a pet that constantly ingests things it isn’t supposed to. This is a common problem with young puppies, for example. You may not know it but this is one of the leading reasons that pets require surgery. Pet surgery is expensive. Your money may be better invested in pet training to prevent the animal from doing this behavior in the first place. However, if that’s not working or not what you want to do then you may consider pet insurance to help cover those ongoing surgery costs.

o   You have a diabetic cat or an otherwise very ill pet. Pet medical costs can be very high if you have an animal with a serious illness like diabetes or cancer. If you have a pet with this type of illness then you may need to look into pet insurance to help cover the costs that will be coming up in the future care of the animal. Note that pet insurance is often like health insurance in that costs may be higher for pets that have pre-existing health problems. Compare plans carefully to find one that will work for your ill animal.

o   Your pet is a danger to others. Some types of pet insurance will cover the medical costs that are incurred when your pet attacks other pets or even people. This is another case where it may be financially smarter to invest in proper obedience training for your pet but pet insurance can be an added way to achieve peace of mind if you have an aggressive pet.

o   Radical medical procedures for pets interest you. If you are the kind of pet owner who would get a pacemaker for your pet or even consider pet plastic surgery then you may be the kind of person who benefits financially from pet insurance. However, you should know that not all procedures are covered under pet insurance so you want to read the fine print carefully to determine whether or not pet insurance will help pay for these extreme pet procedures.

o   You have an exotic pet. These types of pets may need additional pet care that is different from the standard care for a cat or dog. This care may be expensive. Some pet insurance companies offer plans specifically for exotic pets.

o   You have some method of obtaining inexpensive pet insurance. For example, if you are an employee at pet business that offers inexpensive pet insurance for employees. If you have access to cheap pet insurance in some way then it is worth it to at least look at the costs and see if they make sense in your pet’s life.

There are many different types of insurance that people can choose to get in their lives. Some are financially sound and others aren’t. You don’t want to pay for insurance that you don’t need. However you also don’t want to be caught without the insurance that you do need. That’s why you should seriously look at the option of getting pet insurance if you are a pet owner. You may decide in the end that pet insurance isn’t right for you but at least you will have reached that conclusion after careful consideration rather than through ignorance of the option.


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  • Paulart profile image

    Paulart 5 years ago from 2510 Warren Avenue Cheyenne,Wyoming 82001

    Pets are the loyal partners of our family. So providing them proper care its the main responsibility of pet owners. I like your hub info.

  • poojabrahmi profile image

    poojabrahmi 6 years ago

    Yes I agree with you on most of the points.

    Today I came to know that my friend's dog is missing. All the efforts has been made and its been more than 6 hours, but no news. She delivered two puppies less than 2 weeks ago. Somebody has taken her away.. don't know where. It's really heart rending..

    I so pray and hope the person who has taken her away should have a heart to return her back to us (where she belongs)

  • Dr. Poeta Diablo profile image

    Dr. Poeta Diablo 6 years ago from Washington

    I consider my pet cat to be apart of the family, so if your children have health insurance why not the pets too? Great read