Why it Pays to Buy Pet Insurance


Our furry companions are more than friends. They’re family. You wouldn’t allow a member of your family to endure all sorts of medical trauma without insurance, would you? Of course not, but that’s why it’s important to invest in pet insurance. Insurance for your animals will save you untold amounts of money on veterinary bills and other costly expenses.

The Basics of Animal-related Insurance

Like other forms of insurance, pet insurance is there only when you need it. For a small monthly fee, you will receive coverage for the costs of any unforeseen issues. Insurance will cover everything from surgeries to medications and just about any other health-related issue. More comprehensive versions of the basic insurance are available, but keep in mind these can be costly.

While we love all kinds of different pets, it’s important to be realistic when investing in a pet. Insurance is meant for costlier animals like dogs or horses, not fish or hamsters.

Picking the Right Provider

When selecting an insurance provider, always keep reputations in mind. You don’t want to pick a provider with a reputation for charging high costs and lacking versatile service. Insurance is an investment that will last a long time. Also, keep in mind that insurance contracts are binding. A binding contract cannot be easily severed.

Less reputable providers may tack on hidden fees or purposely pick deceptive descriptions to explain their costs. While you think you’re only paying a few times per month, the deceptive contract may be set up so you’re actually paying a lot more than you think more often.

Understanding Risk Analysis

Like any other insurance provider, pet insurance providers are smart about managing their risk. The more likely a particular pet will result in costly payouts, the higher the respective premium will be for that pet. Dogs will carry the lowest premiums. While most owners do not purchase insurance for their dogs, it is not an entirely uncommon to do so. Premiums for cats will also be lower on the spectrum as far as the cost is concerned.

For larger animals or rare exotics, insurance really proves its worth. Monkeys, rare reptiles, and horses are often the best choices for insurance. These animals are niche insurance choices, and they all require extreme levels of specialized maintenance. Insurance will help keep costs as low as possible.

Among the aforementioned examples, horses are arguably the most important choice for someone interested in saving money by buying pet insurance. Horses are typically five figure investments. It only makes sense to insure them. Given the cost, buying insurance for a horse is no different from purchasing insurance for a motorcycle. However, keep in mind that horses are also going to feature the costliest premiums. These are animals that are commonly worked extremely hard. Equestrian use is extremely risky and, considering the fragility of horses, it’s no surprise that they are incredibly costly to cover with insurance.

Without question, insurance is a practical investment for any number of pets, but ultimately, you want to weigh your options. Sometimes, the risk of owning a particular animal doesn’t justify purchasing insurance. Regardless, it’s important to understand the ins and outs of pet insurance.