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Is pet insurance a waste of your money? Read on to see why you’re likely to appreciate having it.
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When you bring a pet into your world, you take on a host of expenses, from food to routine medical care to supplies. But there’s another cost it pays to factor into your budget when you’re adopting a pet — pet insurance.
Some people might insist that pet insurance is nothing more than a waste of money, and that you’re better off taking the funds you’d spend on premiums and sticking them into your savings account instead. But you may find it interesting to learn that 99.5% of pet owners who purchased pet insurance do not regret doing so, reports Marketwatch, based on the results of a recent survey. And that’s a pretty telling statistic.
The upside of having pet insurance
The money you spend on pet insurance is money you won’t have available for other purposes or expenses. So you may be hesitant to buy pet insurance, especially if your pet is currently healthy.
Now, it’s true that if you pay your pet insurance premiums for years and never have to use your policy, you’ll have technically thrown your money away. But you could easily say the same thing about life insurance. And isn’t it a great thing to buy a term life insurance policy lasting 30 years only to never have your loved ones cash in on it? That means you didn’t pass away during those three decades — woo hoo!
Similarly, it’s a very good thing to buy pet insurance and never have to file a claim against it. That would mean that your pet remained healthy year after year.
But what if you’re not that lucky? Your pet might have great health when they’re young. But as they age, they could get sick or wind up needing surgery. Or, they could get injured at any time and require a costly life-saving procedure. Would you ever want money to stand in the way of helping your pet survive?
And there lies the value of having pet insurance. Putting a policy in place isn’t about getting your money’s worth year after year. It’s about making sure that if something catastrophic were to happen, you’d be able to give your pet the best care possible.
Shop around for the best policy
People don’t tend to spend money on expenses that offer them no value at all. The fact that the overwhelming majority of pet owners don’t regret buying pet insurance sends the message that these policies are worth holding onto, even if just for the peace of mind.
Of course, this doesn’t mean you shouldn’t take steps to snag the most affordable coverage. Take the time to shop around with different pet insurers and compare your options. And don’t just look at premium costs. Rather, look at what you’re getting for those premiums.
Perhaps one pet insurance policy you’re looking at pays 80% of allowed claims, whereas another pays 90%. The policy paying 90% might cost a few dollars more per year, but that higher price could be worth paying given that your pet could end up needing a $5,000 surgery.
But don’t write off the idea of pet insurance as a waste of money. If you love your pet, which you surely do, it could end up being the best money you’ll ever have spent.
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