Is Pet Insurance Really Worth The Money?

There’s no denying we love our pets. They’re even considered family members by many owners. With 68% of all households in the United States owning at least one pet, it won’t surprise you plenty of money is spent on our furry, feathery, and scaly friends.

According to the American Pet Products Association, close to $70 billion was spent on family pets in 2017 and the number increases by over $2.5 billion most years. But one expense many pet owners question is whether the pet insurance they keep hearing about is really worth the money.

Does buying pet insurance to protect your pet’s health make sense?

The answer is the same one you here when you ask many money (and personal finance) questions. It depends.

Before you include insurance in your new pet budget, you should know what it is, why people buy it, and why other’s don’t — even when their pet is a vital part of their family and life. And be sure to understand any exclusions a pet insurance policy may have as they could affect whether you buy or not.

What is Pet Insurance?

PetMD explains, pet insurance (or pet health insurance) “helps cover the cost of veterinary care if your pet becomes ill or injured.” Pet insurance is similar to your health insurance in that you’ll still pay…