The Pros and Cons of Insuring Your Pet

Do you have a dog or cat? If so, you know how expensive a trip to the vet can be, and you may be considering whether acquiring pet insurance will be a feasible option. You can make a more informed decision when you give some thought to the pros and cons of having pet insurance.

Pros

1. Insurance can be an asset when pet is ill

If your pet should suddenly become ill, it can incur a great deal of expense to make your furry companion well again, especially if you are dealing with a life-threatening illness such as cancer. Pet insurance can offset some of your expenses, enabling you to get the best care for your dog or cat that is possible.

2. Emergency procedures may be covered

This option ties in with the one mentioned above. An emergency visit to the vet for an illness or injury can be costly. If your pet’s life depends on getting immediate care, you will want to have the ability to pay the bill as quickly as possible. Depending on the type of plan that you might have, emergency procedures may be covered, saving you money on veterinary treatment for your pet and enabling you to get care immediately.

3. Insurance provides you with peace of mind

If you have pet insurance, you also have the peace of mind that comes from knowing you will be better able to handle any unexpected medical expenses. Even if you own a young, healthy dog or cat, accidents can still happen and sickness can still strike. It is comforting to know that you are prepared.

4. Discounts may apply

There may be applicable discounts if you insure more than one pet or if you sign on for a plan that is a specified length of time. You will definitely want to inquire about this possible option if you apply for pet insurance.

Cons

1.Does it cover pre-existing conditions?

Many plans may not cover pre-existing conditions, which can be a problem if you have a dog or cat that has a chronic medical ailment that can quickly run up vet bills.

2. Deductibles and co-pays may apply

If you have a plan that requires you to pay a certain amount in deductibles and co-pays, you may not receive as much benefit from your insurance coverage as you might think. There may also be a cap pertaining to how much the plan will pay out for specific treatments.

3. Certain conditions may not be covered

Different breeds are prone to specific conditions that may not always be covered by pet insurance. If you are considering the possibility of acquiring pet insurance and have a dog or cat with a breed-related issue, you will definitely want to check this out.

4. You may be required to pay the bill first

Pet insurance plans may require you to pay the vet bill first and then submit a claim for reimbursement up to a certain amount. If you do not have the money to pay the bill upfront, this can be a problem. Of course, if you have enough money in savings to make a payment and then are able to wait for reimbursement from the pet insurance carrier, this may not be an issue for you.

You are the one who must make the decision regarding whether pet insurance will work for you in your particular situation. Much will depend on how many pets you intend to insure and what ages and health conditions apply to your furry friends. Weigh the pros and cons before deciding to either buy or rule out pet insurance.

About the Author: Lisa Smith writes for Kanetix, a pet insurance comparison site that has more tips on insuring pets.