How do you decide if you need pet insurance or not? Well, it usually comes down to two basic factors: Personal finances and the bond between you and your pet.Irrespective of the love you have for your pet, the expenses related to sudden accidents or pet illnesses can greatly stretch your monthly budget causing stress and dilemma.According to a study by the American Pet Products Association, pet owners ended up spending nearly $15 billion on pet medical care in the year 2014. This amounted to over one-fourth of the total expenditure of the pet industry ($58 billion) in that particular year.Understanding pet insurance
Majority of the financial advisers suggest that pet insurance is a very good idea when the pet is still young and you can enjoy lower premiums. It can greatly help in paying off medical bills that might be incurred during the pet’s lifespan.So how does pet insurance work? A pet owner might be paying anywhere from $20 to $80 every month as premium (with deductibles). These can vary from $50/accident to $500/year. In addition to this, plans might cover the total payment amount one is willing to offer for the treatment.Even while having pet insurance, a pet owner will have no choice but to pay the veterinarian from his/her own pocket (or using a credit card). They can later claim the bill amount. It is important to know that vet clinics will not file claims for the owner, like how it is done in human medical facilities.Taking a decision regarding pet insurance
The decision about whether to take pet insurance or not is quite a difficult and emotional decision and can have crucial financial ramifications. For instance, if your pup swallows its small toy, it might cost close to $1,300 for removing it in a vet’s office or emergency clinic. Similarly, if your cat gets a sudden attack of pneumonia, you might have to shell out nearly $960 to pay the vet bill.There are several people who feel that it is a better idea to collect money by putting it in an account so that pet emergencies can be taken care of. This might be a great idea for dealing with current vet costs, like payment for check-up etc. However, what would a pet owner do if something very unexpected happened to the animal and he/she needs to provide several thousand dollars for the its operation? Pet insurance might be a savior in such a scenario.