Can pet insurance really be worth the cost?

Vetrinary care has been advancing rapidly. In addition, vets are borrowing advanced technology and procedures from human medicine to better care for all types of pets. This has led to more pets being saved from accidents and illness but also to ever increasing vet bills. Pet insurance providers make sure that pet owners that would do anything for their pets have access to the best care without enduring financial hardship. If you would want to take advantage of the best care in order to save your pet, and you wouldn not be able to pay for the care out of pocket, then pet insurance likely makes sense for you.

Financial Analysis

If you assume an average policy cost of $35 per month to insure your pet that can add up to $2,000 in 5 years and $6,000 over 15 years. Also, with an insurance policy in this price range you would likely still pay all routine vetrinary costs out of pocket. Statistically it is unlikely that you will see a "return" from your pet insurance policy. Therefore, from a pure financial stand point pet insurance is not the best investment. However, if you are the type of pet owner who would spend whatever was necessary to save your pet insurance becomes more appealing. Insurance will protect you from wiping out your savings or going into debt when faced with an expensive vetrinary procedure.

Non-financial Analysis

The true benefit of a pet insurance policy is knowing that you could provide the best care available for your pet in case of an emergency. In the event that you need to use your insurance, the payoff can be worth much more to you then just the cost of the care. It can be worth all the joy that your pet brings you in the future and that cannot be assigned a price.