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Dollars and Sense: The Logic of Purchasing Pet Insurance

logic of buying pet insurance


The COVID-19 pandemic has devastated the world. The toll on human lives and the economy has been, simply put, awful. However, one, small silver lining is that pet adoption has spiked as people who are stuck at home are turning to our furry friends for companionship.

And if you’re the type of new pet parent who plans ahead and likes to cover all bases, you may already maintain several kinds of insurance coverage for your home, your vehicles, and your family health concerns. But what about the non-human members of you family? Pet insurance might seem a needless extra expense if your pet appears healthy and happy, but in the long run it could save you and the special animal in your life a lot of grief. Let’s take a look at how this form of insurance protection works and what you need to consider when choosing coverage.

What Is Pet Insurance?

In most respects, pet insurance works just like the health insurance policies that apply to humans. It’s intended to help you pay for your pet’s necessary medical care, from routine wellness checks to major surgical procedures and chronic condition management. Different policies offer different coverage limits, and the premiums you pay will reflect those limits. You’ll have to pay certain expenses out of pocket, such as exam or medication co-pays, until you meet your annual deductible. In addition to a maximum annual payout, your coverage may also specific a maximum per-incident payout — and you’ll be paying out of pocket for whatever services your policy doesn’t cover. But on the whole, your pet insurance should foot most of the bill for expensive veterinary care.

A Smart Financial Move

Even if your pet rarely needs more than routine care, you can benefit handsomely from having pet insurance. Say, for instance, that one of those routine wellness checks uncovers the presence of a major health problem such as cancer or organ failure. Without pet insurance, you might have to shell out thousands of dollars for treatment. At that point it’s too late to purchase pet insurance, since most providers won’t cover pre-existing conditions. The time to get that insurance is before your pet receives an ominous diagnosis or sustains an injury that no one could ever have predicted.

The Right Thing for Your Beloved Pet

Many pet owners who are hit with a massive, unanticipated veterinary diagnosis must make an agonizing decision: Do they break themselves financially to save their pet’s life, or do they delay necessary treatment until they can come up with the money – or even indefinitely? If wondering how you’d pay such a bill keeps you awake at night, you’ll see the tremendous value of pet insurance for saving, not just your bank account, but also your pet’s quality of life and your own emotional well-being.

How to Select Pet Insurance Wisely

Just as any insurance coverage you select for yourself or your family requires serious thought, choosing the right pet insurance can bring up a great many questions, all of which you need to have answered to your satisfaction before you sign on the dotted line. Ask your prospective provider:

  • What you can expect for your annual out-pocket, deductible, total payout, and per-incident payout
  • Which injuries, illnesses, and preventative care procures the policy covers – and which are specifically excluded
  • Whether you have the option of adding specific riders for other forms of care
  • What kind of waiting period your policy requires before you can start using your pet insurance
  • How your pet’s age affects your premiums

Even though advances in veterinary technology offer higher standards of care for animals than ever before, the cost of those techniques and procedures continues to rise. Don’t be caught in the middle of a pricey pet care crisis – learn more about your pet insurance options by contacting us today!

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