As a pet parent, one will do everything for one’s pet’s well-being. However, keeping them healthy and happy could cost a lot of money. Beyond the everyday costs encompassing grooming, cleaning expenses, toys, and food, one must take them to the vet. One can curb this cost by getting pet insurance, much like the health insurance one gets for one’s family. Nevertheless, pet insurance has its pros and cons. Let’s discuss them in detail.

Advantages

1. Visit a preferred vet
Contrary to health insurance, which mandates that one visits a physician in the network, pet insurance has no such restrictions. So, one can take their furry friend to any specialist or a licensed vet.

2. Gives financial relief
Pet insurance can significantly alleviate one’s financial burden from unforeseen veterinary costs depending on one’s chosen insurance coverage. Some insurances can cover up to 70-90 percent of the claim. A few may cover 100% of the costs but are a rarity.

3. More employers offer pet insurance
A survey revealed that millennials comprise the largest pet owner generation. With that thought in mind, some employers include pet insurance perks to their list of employee benefits.

4. Coverages are customizable
Pet insurance offers a flexible coverage plan to cater to one’s pet’s needs. There is an option to combine different tiers of insurance plans (for instance, illness and accident). Insurance companies also let one pick the deductible amount that matches the budget.

5. Makes one feel secure and confident
When a pet is in pain or gets injured, it can be difficult for the pet owner to see them in such a state. However, the added stress of paying a sudden $2,000 expense for their pet’s surgery can be equally heartbreaking, especially if the owner is already facing financial constraints. This is where pet insurance can make a significant difference. It provides the necessary financial support for pet parents to avoid having to put a price tag on their furry friend’s life.

Disadvantages

1. It can be expensive
Pet insurance can be expensive, especially in large cities with high veterinary care costs. Pet owners should determine if the extra expense is worth the peace of mind.

2. Some breeds are difficult to insure
Many dog breeds are impossible or difficult to insure. Insurance companies may not be willing to insure the breeds known to develop chronic or genetic conditions. While insurance may be available, genetic conditions are sometimes excluded from coverage.

3. Harder to insure older or ill pets
When a pet gets older, it may be almost impossible for one to insure them. Pets are more susceptible to illness when they grow older. Hence, getting insurance for them is tricky. Pet owners experience a similar concern when they try insuring their pet who is already ill.

4. Coverage excludes routine care
Most pet insurance plans do not cover standard care. So, vaccinations and routine examinations are not covered by the insurance. Hence, the pet owners must set aside a budget for this.