Ask the Expert: Should I Buy Pet Insurance?

So the question arises again, “Is Pet Insurance Worth It?”

None of us like paying insurance premiums. Pet insurance is no different in that regard. In general, insurance is not something to enjoy like a new product or an activity. Insurance protects us from unforeseeable events. It mitigates people’s risk and exposure. So maybe we can’t enjoy it like an activity, but it certainly gives us peace of mind. And peace of mind is most definitely worth something.

American’s spend over 60 billion dollars a year on their pets. Pet insurance premiums make up about 750 million of that. Only 1 percent of pet purchasing dollars is going towards pet insurance.

If you think of that in terms of people’s health insurance and car insurance, it crazily and scarily low. The pet insurance market is vastly undeserved.

Naphia reported over 1.6 million pets were insured at the end of 2015 in North America. Yes, up 12.0% from 2014, but overall a very small number when you consider the U.S. alone has approximately 80 million pet owners according to the American Pet Product Association.

Pet Insurance company, Embrace, says these numbers are overstated as it would imply a more robust pet insurance industry.

It’s interesting with so many people considering pets as members of our family, the numbers of pets with pet insurance is almost nothing. Unfortunately, as the numbers suggest, too many of us are ill prepared when disaster strikes. And as a result, too many of us are forced to put our pets down.

As people we recognize that health insurance saves lives. The same is for our pets.

The best time to get pet insurance is when our pets are young. Pet insurance companies don’t cover pre-existing conditions. Furthermore, the first two years of your pet’s life can be as expensive as when they’re over 8 years old. Puppy’s can be very curious. As a result, they are more susceptible to danger.

Here are some questions to ask yourself when buying pet insurance:

1. How much can I afford to pay ?
2. Can I afford a disaster on my own ?
3. Are there dollar caps based on incidents ?
4. Will routine care be covered ?
5. What are the waiting periods before coverage starts ? -Keep an eye on this one. The last thing anyone needs is to find out you’re not covered when you thought you were.

Your pet insurance plan should cover these categories — Accidents & Illnesses, Hereditary, Congential, & Chronic Conditions, Diagnostic Tests, Emergency Care, Hospitalization, Specialist Care, Prescriptions and Surgery.

Here’s a breakdown of the 10 best Pet Insurance Companies from top to bottom: www.consumersadvocate.org/pet-insurance/best-pet-insurance

Overview of factors to consider when buying Pet Insurance: www.consumersadvocate.org/pet-insurance/compare

About the Author:

My name is Scott Smith. I am pet editor for ConsumersAdvocate.org. I’m also a content creator and social media expert. I know how build communities and keep people engaged. It’s really not rocket science. It’s about being authentic. I never lose sight of the fact that behind all these profile pictures, avatars, images and platforms are real people just like you and I. Over the past 5 years I have struck a chord with people from all over the world.

I write across a vast array of topics and not even limited to that. Just as life is fluid, so is my writing. I also run a very large social media community called, “Everybody Loves Sammy” or ELS for short. I created this community about 5 years ago and we’re known all over the world now. Sammy is one of my 6 dogs. “Everybody Loves Sammy” is just the name now. The community itself is about animals and people from all walks of life My community is known for our animal loving, inspirational, motivational, psychological, funny and introspective posts.