Whether you are new to the entire pet scene or finding out the hard way that the medical bills of your pets can pile up easily, pet insurance is something to be considered. While there are several pet owners across the country who are on average paying about $30 on the basic pet insurance plans, some are paying much more for premium plans and millions of other pet owners have no insurance coverage at all. If you are a new pet owner or wish to be precautionary with the health of your beloved friend, is pet insurance worth it or not can keep you puzzled.

While the most common pets, that is cats and dogs are not expensive to maintain at all, their health issues, just like us seem to rise as they get older or unfortunately are met with an accident or illness. However, the simple joy of having them around the house makes up for all the little costs that it takes to keep them in good health. While it may seem like an unnecessary expense at first, the insurance coverage pays off sooner or later in full.

The Types Of Pet Insurance Policies Available
The primary use of pet insurance is to help cover the costs of the vet fees charged to you for the treatment of your pet, including the medications and other charges. However, other policy benefits that are provided by some pet insurance policies may include paying for the care of your pet if you are admitted into the hospital, as well as paying advertising costs and rewards on lost or stolen pets. So is pet insurance worth it or not, depends on whether you are alright taking chances on the well-being of your pet.

Lifetime Insurance: This type of pet insurance covers vet fees up to a particular amount each year, and gives you back the same amount of coverage each year, providing that you renew the insurance coverage. Since this is among the premium pet insurance policies, the monthly cost is much higher, which is suitable for pets who may develop long-term illnesses later on. For instance, a dog who develops diabetes over time may need regular check – ups and insulin injections every month, which may cost up to $150-$200 each month without an insurance policy to cover it.

Maximum Benefit Insurance: A maximum amount of insurance cover is provided for each of the medical conditions that may arise. Once the maximum amount of coverage is reached, the condition is considered as a pre-existing condition and is no longer covered by the insurance.

Accident Insurance: This type of insurance policy only covers the medical fees charged to you by the vet when the pet has an accident, such as being hit by a vehicle. Some pet accident insurance policies also cover the illnesses that arise from the accident.

Time Limit Insurance: (Also known as the 12 month insurance plan) Vet fees are covered up to a period of one year. However, the vet fees paid for each condition are excluded after it has been covered by the insurance policy once.

Risk Factors To Consider

Most pet owners ignore pet insurance policies to save money, however, it turns out to be an expensive mistake very soon. As your pet grows older, you will realize the special care it needs, based on the breed, age and genetic traits that it may possess. If you can assess the telltale signs that point towards the probability of a future medical expense, you are better off finding the right pet insurance policy before it is too late.

For instance, if your pet is a purebred, there is a good chance that they may suffer from genetic disorders such as bladder issues, fragile bones and digestive ailments. By identifying the potential health problems of your pet, you can find the right insurance coverage that ends up saving you more than you spend on it. By finding the trail of the future illnesses that your pet could suffer from, you are not only safeguarding it from a lot of discomfort, but can also reduce the treatment costs drastically.

Insurance Policies And Varied Coverage
Just like insurance policies that are available for people, pet insurance policies tend to come with different coverage and prices. In order to find the perfect plan for your pet, dive into the details of what the policy covers and what it does not. For instance, although your pet insurance may cover medical bills, it may not cover accidents, so if your pet falls ill with a bee sting or a snake bite, the insurance may not cover the treatment cost.

Moreover, find out whether the insurance policy covers the treatment costs of preventable diseases, the method of payment and how often they pay up. A rule of thumb is to find an insurance policy that pays back up to 20-25 times the monthly charges in emergency situations. By finding the details that work best for you and your pet, you get the best out of each dollar you put into the insurance cover.

The Bottom Line: Is Pet Insurance Worth It?
When it comes down to the fact of spending exorbitant amount of money to save the life of a pet you have loved for years, it can be a horrible feeling to make the right choice. In most cases, you will either end up losing a faithful friend, or end up losing a large sum of money which may leave a hole burning your pocket. At such times, pet insurance can be a calming relief, and even if it does not cover the entire costs of the treatment, the insurance could help you save a lot of money.

Without the stress of taking care of the finances and breaking the bank, you can make sure that your pet is taken care of when you are insured. What makes pet insurance worth the small amount of monthly fees is the fact that it can be quite a relief, financially and mentally. With the right pet insurance policy, you won’t have to worry about your pet or your bank account balance.