Advantages and Disadvantages of Pet Insurance

You have your home and contents insured, and you also insure your car.

Should you also insure your dog just in case he becomes unwell or gets hurt?

There are advantages and disadvantages to pet insurance, and it's essential that you
are aware of them before you spend your hard earned dollars on a policy. Advantages of Pet Insurance

1. It's not always easy to come up with the money for an unexpected veterinary bill. Even if your income allows you to cope with such expenses , you may still not have as much as you need . You might find that you can't afford those additional diagnostic tests or even a consultation with a specialist. Insurance will allow you to give your dog the very best of veterinary care without stressing over the size of the bill. It will also be very useful if your dog is unlucky enough to be ill or injured more than once in a short period of time, when your wallet hasn't yet recovered from the expense of his first visit to the vet.

2. You can choose from a range of policies from several companies, each one offering differences in their level of cover. While all will pay out for illnesses or accidents, some will also cover such things as routine vaccinations or fecal parasite tests. Obviously these premiums are a little more expensive, but you may prefer the peace of mind that the extra cover provides.

3. When you buy an insurance policy, you can choose to pay a larger excess, or co-payment, if you have to make a claim. Also, you can choose a policy that pays a smaller proportion of any veterinary bills. Taking these options can allow you to make a lower monthly or yearly premium, which might make it easier to fit it into your budget.

Disadvantages of Pet Insurance

1. The only time you benefit from having pet insurance is if you have to make a claim. You may pay your premiums year after year and get nothing back. It's wasted money. An alternative is to put a fixed amount away each pay period into a high interest bearing account and leave it there. That way, you're not paying money out and not benefitting from it, and you have access to the funds should you need them.

2. You'll find that insurance policies have waiting periods and exclusions, and you will need to read the fine print carefully. Some policies don't cover dogs older than a certain age, and they don't cover specific medical conditions that may be hereditary in some breeds. If your dog is hurt or becomes ill during the waiting period, then your policy won't pay and you'll be out of pocket for his treatment as well as the insurance premium.

3. Many insurance policies require you to pay the veterinary bill up front, then claim a refund from them. This means that you still need to be able to access money to pay for your dog's veterinary care, before you see any money back from your insurer.

There is no right or wrong answer to the question of whether pet insurance is a good idea. It depends largely on whether you could afford a large unexpected veterinary bill, or whether you'd prefer to pay smaller monthly premiums and have the insurance policy pay out if and when your dog needs treatment. Insurance can mean that you won't need to be worried about money when you're already worrying about your dog's health.