A recent Consumer Reports article concludes that it is better to put money aside every month in a separate savings account, but thousands of pet owners disagree and are enrolling their pets in pet insurance plans.
If you are lucky enough that the company you work for offers pet insurance, you can probably save money on the premiums. If not, a small monthly fee can help your finances in case of an accident or a catastrophic illness.
Repairing a broken leg on a dog through surgery could cost $1000 or $2000, cancer treatment ($5000), MRI’s and CAT Scans (aproximately $1000)
These prices are enough to scare anyone and the cost of veterinary care is not getting any cheaper. According to a recent article on the Wall Street Journal, “there are currently two million pet-insurance subscribers in the U.S. — about 3% of pet owners — but APPMA expects that figure to rise to between 5% and 7% of pet owners by 2010.”
If you were disciplined enough to set aside some money every month, let’s say $50, you will end up with $600 a year. Add up your vet costs and see if this is worth it for you.
Depending on the age and breed of your dog, insurance premiums can be a lot cheaper, perhaps $18 per month. Keep in mind that pet insurance does NOT cover all the costs of vet care; it usually has a deductible or co-payment, and it reimburses a percentage of the expense and it will not cover routine care unless you choose a plan that includes it.
An excellent article describes results after took out policies on 2 cats and 2 dogs.