I am often asked by clients if they should purchase pet insurance. This is a tricky question for several reasons however, I have a few suggestions that might help you decide if pet insurance is right for you.
- Can you afford the premiums. Most pet insurance policies are flexible as to the amount of coverage that you can carry, the deductibles and what they cover. To help make that decision you can consider the following questions.
- Is your type of pet prone to illnesses? Certain breeds of dog are more likely to have genetic illnesses than others. The same is true for cats and other pets. Will the pet insurance cover the illnesses most likely to affect your pet?
- What is your pet’s lifestyle? If you are active with your dog, horse or other type of pet, or if you cat is an indoor/outdoor cat, your pet may be more likely to have an injury.
- If your dog is a larger breed of dog, he may be more prone to inherited problems such as canine hip dysplasia which can be corrected with surgery.
- If your pet is prone to a certain disease or inherited issue, find out what treatment costs then compare it to the estimated years it will take for the illness to manifest itself and see if the insurance is worth the cost.
- Consider the life span of your pet. Most pet insurance rates go up as the pet ages. Some insurance will not cover your pet after a certain age. Of course the most likely time you will need the insurance is in your pets old age when coverage may not be an option.
- Consider a personal savings plan to cover catastrophic health issues. If you take the projected life span of your pet and the amount of the yearly insurance fee, then multiply it, you will get an idea of how much the insurance will cost over the life of your pet. What you can do is set up a separate savings account and either yearly or monthly, deposit the amount that insurance will cost per year, and do not touch it for any reason. In all probability you will save enough money to cover any medical bills that your pet will have, especially if your pet is healthy into old age. If you do not need the money set aside for your pet by the time your pet passes, you will have money to put toward the new pet.
I hope I have given you some helpful suggestions. There is a good web site that can help you review different pet insurance companies if you decide that is the way to go.