10.14.2018 | Updated on 10.12.2018 | 2 Minute Read | By Linzi Martin

Let’s face it, pets are expensive.

And the sad truth is, at any moment your pet could suffer an unexpected illness or injury when you least expect it. Vet bills can be expensive, and in many cases, investing in pet insurance is a solid solution to offset costs.

At first glance, purchasing pet insurance sounds like a no-brainer. However, while it may appear to be a beneficial option, it could actually end up costing you more money in the long run.

At the end of the day, choosing to purchase pet insurance is entirely up to your pet’s lifestyle. If you’re considering insurance for your pet, use the following pros and cons to help you decide if it’s worth it for you.

Pros of pet insurance

Here are a few reasons why pet insurance might be beneficial for you and your best friend.

You can customize your coverage

One of the many benefits of purchasing insurance for your pet is the luxury of customizing the coverage. You have the option to choose your coinsurance and deductible amounts for each plan that works best for your wallet.

You can also pick and choose what’s covered. If you have a young pup who’s prone to accidents, then accidental-only coverage would be the way to go. However, if you’re furry friend is a senior who needs a little bit more care, you can add more coverage.

It covers serious illnesses

Whether your pet needs surgery or drug therapy, pet insurance will cover most of it. Having pet insurance will make those expensive medical procedures significantly less.

Insurance allows you the opportunity to provide your pet the best medical care possible for things like dental disease, hereditary conditions, behavioral issues and more.

Your job may offer coverage

Much like employers provide their team dental and health care, big companies are beginning to offer pet insurance as an extra perk. Depending on the plan, employers might cover a portion of the pet insurance, and some cover all the costs. The most common benefit plan will have you pay a monthly premium to continue coverage.

Cons of pet insurance

Despite the benefits, pet insurance isn’t for everyone. Here are some of the reasons you might want to pass on coverage.

Insurance doesn’t cover all veterinary care

Despite covering serious illnesses, pet insurance doesn’t always cover your pet’s routine care. It might only cover the unexpected conditions, such as surgery for hereditary or congenital conditions.

Pet insurance also doesn’t cover pre-existing conditions or cosmetic procedures. And you’re on your own when it comes to breeding costs.

It’s a safety net, not an investment

Believe it or not, you’re most likely to pay more for insurance than you get back. While it seems like insurance is the best option upfront, in the long run, the high costs will put a large dent in your bank account. It would be better to put the money you will spend on premiums for insurance into a savings account to use on a rainy day.

There are expensive upfront costs

Unlike insurance for humans, pet insurance makes you pay the bill and then send it to your policyholder for reimbursement. Veterinary services can be quite expensive and paying up front could break your bank account.

Insurance for your pet can be tricky to navigate, but with vet bills on the rise, it can be beneficial to cover your pet if you can swing the costs and fine print of the plan.

It’s important to remember that not all pet insurance plans are created equal. While pet insurance may be right for some, it doesn’t necessarily mean that it’s a viable option for you and your furry friend.

Photo by Ivan Rojas Urrea on Unsplash
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