Pet insurance is on the rise as pet owners start to see the increasing cost of veterinary treatments and do not want to be placed in the position where they must decide between their beloved fuzzy family member and the price tag connected with its treatment.
However, just because more people are buying pet insurance, it doesn’t mean that they all understand what is involved in this type of policy. Though many might think that this is just some sort of new way for insurance companies to make a quick buck, it is important to have a look at the state of veterinary medicine today.
Pets aren’t just animals anymore. They’re companions and family members. As people have increased the importance of these individuals, a wide array of new medical treatments have become available to help to extend their lives and improve their comfort. Many conditions are considered to be fully treatable today, where euthanasia would have been the only option only a few years ago. That said, these treatments all come with a price, and in most circumstances, they’re not cheap.
That said, pet insurance is not needed by every pet owner. If you are very good at budgeting, saving, and keeping money aside in case of possible veterinary medical emergencies, then you may not find pet insurance necessary. If you aren’t sure whether or not pet insurance is right for you, consider the following points:
- According to a survey published by the Associated Press, most pet owners stated that they would not be able to pursue veterinary care if it cost any more than $500. As the average veterinary healthcare expense is now much nearer to $1000, the number of pet owners who can actually afford the treatment their animal needs is decreasing.
- Industry estimates state that only 3 percent of dogs and 1 percent of cats are currently covered by pet insurance.
- Pet insurance can be just as complex as healthcare insurance for people, so make sure that you understand exactly what is and is not covered by the policy and whether or not there are any additional costs or hidden fees.
- Though pet insurance used to be rare, there are far more insurers from which you can now choose. Use this competition to your advantage by comparing policies and rates so that you can make the best choice.