Should I Get Pet Insurance for My Dog?
As a veterinarian I hear this question nearly every other day: “Should I get pet insurance for my dog?” Dog lovers often have many questions on the subject including “Does pet insurance pay for itself?” and “How late is too late to get pet insurance for my dog?”
These are excellent questions with no easy answers. I typically tell clients that if you can afford an unexpected $3,000 to $5,000 vet bill then you may not need pet insurance for your dog. However, if a bill this size would be really difficult for you to pay and you still want the best possible care for your dog, having pet insurance can really help.
Insurance is a form of risk management. It helps minimize your risk of financial loss if something happens. You buy home insurance in case disaster occurs such as a house fire. Having insurance minimizes the risk of totally losing the value of your home. Pet insurance limits how liable you are for the cost of veterinary care for your dog.
The goal or purpose of pet insurance is to protect you against big medical bills if your dog is ill or injured. This allows you to do the best for your pet if a problem occurs. Some pet owners are forced to euthanize their dogs when they can’t afford unexpected expenses, and pet insurance aims to prevent that from happening.
Despite the benefits, some people prefer not to deal with insurance companies or would rather handle veterinary costs on their own. One alternative to pet insurance is to start a savings account or open a credit card just for emergency vet care. This can work okay if you have a good amount in the account when and if something happens.
In short, if finances are at all a factor in deciding your dog’s care, insurance could be a very good idea. It can help you afford better care at a lower price for the animals you love.
I hope this answers your questions on whether you should get pet insurance for your dog.