Pet Insurance: Is it Really Worth It?
Heather M. Marlman
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Along with the new advances in veterinary medicine, a growing trend among pet owners is to purchase pet insurance fo 
r their furry family members. Pet insurance is available for practically any type of pet, whether it's a dog, cat, bird or exotic animal, and pet owners everywhere are seeing more and more reasons why they should make sure their pet is covered.
But, before you sign your four-legged friend up for pet insurance, you need to consider if it's really worth what you might be spending.
According to the American Pet Products Manufacturers Association, in 2004 American's spent over $8.2 billion for veterinarian care for their pets. From those figures, one might immediately think that pet insurance would be a wise decision for pet owners, especially those with more than one family pet.
But, while pet insurance sounds like a great idea, the fact is that it's like any other kind of insurance. Not only are you responsible for paying the premiums for the pet insurance policy, but there are generally co-payments and deductibles that need to be met before any real benefits kick in. Many companies place a limit on what will be paid out in benefits both annually and over the lifetime of the pet, and you often have to be careful that your pet insurance coverage is accepted by your veterinarian.
While the premiums for pet insurance often aren't that expensive, ranging from $11 to $50 a month for some companies, over the course of an animals lifetime this can add up to some serious cash.
As opposed to purchasing pet insurance, a solid alternative it to set aside a separate savings account specifically for pet emergencies. Most banks will give you the option to have automatic drafts deposited into a savings account on a weekly or monthly basis. By setting up an automatic draft that closely relates to the same premium you would have to pay for pet insurance, you can be sure to have enough money set aside in case it's needed.
But, before you sign your four-legged friend up for pet insurance, you need to consider if it's really worth what you might be spending.
According to the American Pet Products Manufacturers Association, in 2004 American's spent over $8.2 billion for veterinarian care for their pets. From those figures, one might immediately think that pet insurance would be a wise decision for pet owners, especially those with more than one family pet.
But, while pet insurance sounds like a great idea, the fact is that it's like any other kind of insurance. Not only are you responsible for paying the premiums for the pet insurance policy, but there are generally co-payments and deductibles that need to be met before any real benefits kick in. Many companies place a limit on what will be paid out in benefits both annually and over the lifetime of the pet, and you often have to be careful that your pet insurance coverage is accepted by your veterinarian.
While the premiums for pet insurance often aren't that expensive, ranging from $11 to $50 a month for some companies, over the course of an animals lifetime this can add up to some serious cash.
As opposed to purchasing pet insurance, a solid alternative it to set aside a separate savings account specifically for pet emergencies. Most banks will give you the option to have automatic drafts deposited into a savings account on a weekly or monthly basis. By setting up an automatic draft that closely relates to the same premium you would have to pay for pet insurance, you can be sure to have enough money set aside in case it's needed.