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Is Pet Insurance Necessary?

Is Pet Insurance Necessary?

The short answer to that question is ‘no.’  Because there are no state, federal, or lender requirements that pets must be insured.  Perhaps this is a better question to ask―is pet insurance a good idea?

The answer to that is a resounding but qualified, ‘YES.’  Why “qualified”?  Because there are both pros and cons to this issue.  Please read on to learn more about this critical question.  You can then decide if pet insurance is necessarily a good idea for your pet and your budget.

It’s important to know that there are currently three kinds of consumer pet insurance offered.  They are:

  • Accidental Injury
  • Illness and Pain Management
  • Prevention and Wellness

The Pros―Reasons Why Pet Insurance is a Good Idea

  1. Injuries: You never know when a serious injury from an accident or another animal may happen.  Emergency vet bills are expensive, and insurance can hugely offset those big bills.
  2. Genetic Diseases: Your young pet may have an unspecified genetic predisposition to certain diseases or conditions such as cancer, heart disease, allergies, or dysplasia.  This is particularly true of rescue puppies and kittens with unknown heredities.
  3. Acquired Illnesses: Your pet could contract a vectored disease or parasitic infestation such as Lyme Disease or heartworm.
  4. Treatment vs. Euthanasia: Having pet insurance can mean getting affordable treatment for your best friend’s illness or emergency, instead of the heartbreak of “economic euthanasia.”
  5. Pain Treatment: Chronic pain management (holistic and medicinal) for your pet’s illness or injury is much more affordable with good insurance.
  6. Wellness: Optional wellness coverage can save you a lot of money each year on routine exams, vaccines, lab work, teeth cleanings, and more.

The Cons―Why Some Pet Owners Don’t Buy Pet Insurance

  1. Some owners prefer playing the odds.  That is, they like to think their pets will live a full life free of illness or injury.  Rather than pay another monthly insurance premium, these folks take their chances that nothing bad will happen. 
  2. Some think they can’t afford it.  Let’s face it; pet ownership is expensive―especially when the pet is a dog.  There’s food, toys, treats, clothing, training, pet sitting, walking, grooming, and―of course―those routine vet bills.  It’s kind of like having a kid.  Good thing pets don’t need a college fund!  The sad truth is that all the treats and toys become useless when a pet is put down because treatment is an unaffordable option.
  3. Some pet parents don’t see the value of it.  After all, they’ve owned pets before, and nothing serious ever happened.  But, accidents and sickness happen to millions of pets each year. And, it only takes one expensive pet emergency to cause a lot of grief.  It’s kind of like the farmer who never buys crop insurance, then one year, the entire farm is lost because of an insurable disaster.

What Does Pet Insurance Cost?

That depends on multiple factors such as the quality and completeness of the coverage, the species, breed, age of the pet, and the company’s policies.  These factors vary between insurers with a cost ranging anywhere from about $35/month to over $125/month. Here is an unranked list of some top companies offering pet insurance:

Click each link to go to anyone or all of these sites.  You can then decide whether pet insurance is right for you, your budget, and your best friend.  Please note that any of these plans may increase in cost as your dog or cat ages, so it’s best to ensure your pet when it’s young and healthy. 

In Conclusion

Remember, there are three basic kinds of pet coverage―Accident, Illness, and Wellness.  Wellness is always optional and, while it does raise the premium cost, it can be a valuable add-on to save you a lot on routine services.  Most of these carriers also offer sizable discounts for quarterly or annual purchases over monthly payments.  

Remember, too, that it’s always best to ensure your pet when it’s young and before any disqualifying diseases or injuries occur.  So, is pet insurance a good idea for you? Only you can decide that important decision. Here at Miami Pet Concierge, we hope this brief article helps you make the right decision for you and your pet. 

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