Your pets likely provide you immense joy and companionship but caring for their needs is a major responsibility and can oftentimes stretch the pocketbook, especially when a pet becomes suddenly ill or injured.
According to a study released by the American Pet Products Association, it’s estimated that every year one in three pets need emergency veterinary care. Another study by PetPlan estimates the average cost of an emergency vet visit between $800 – 1,500, with serious procedures costing significantly more. Those expenses can catch pet owners off guard and prompt you to drain savings, take on debt or make difficult decisions about your pet’s future.
Pet insurance can help you care for your four-legged family members without the stress of incurring sudden expensive veterinary bills. Here are five benefits to pet insurance.
1. Provides the ability to choose the best medical option for your pet
The cost of veterinary care is rising and making it increasingly difficult for pet owners to afford care for their pets. With pet insurance, you can choose the best option available to treat your pet, not restricted by your personal finances.
2. Secures your emergency fund for other emergencies
There can be an emergency around any corner and having a rainy-day fund is always a good idea. With pet insurance, you can have peace of mind knowing that your pet’s emergencies will not have you dipping into or draining the fund.
3. Allows you to easily budget for your pet care costs
With pet insurance you can decide what coverage option is best for you and have the choice of paying your premium monthly, quarterly or annually. Discounts are often offered for additional pets as well.
4. Includes care for hereditary (or other) conditions
Some breeds are at increased risk of health problems. Getting pet insurance early in their lifetime allows you to affordably care for any medical needs that may be likely to come up.
5. Covers increased liabilities
No matter how well-trained, you cannot always control your pet’s behavior. Many pet insurance policies offer third-party liability coverage in case your dog injures someone or causes property damage.