Is Pet Insurance Worth It?

We will do anything for Fido. After all, our pets are our family, and we want to treat them as such. Even though pet insurance was introduced in 1890, coverage for animals has typically been reserved for livestock and other farm animals. However, in recent years, more companies have begun offering coverage for our furry friends.

The Daily Cost of Pet Care

The average American will an average of $500 a year to feed their pets and entertain them with toys and treats. This doesn’t include larger ticket items like crates and bags which can tack on a couple hundred dollars per item bought.

When it comes to your pet’s medical care, routine care is relatively affordable for most owners. Routine checkups can run as low as $50 and commonly top out around $150, depending on where you happen to live. Even vaccines are inexpensive with an annual cost hovering around $100.

While these costs do seem manageable, they do add up. Over the course of a lifetime, including the upfront costs when a pet is first adopted, lifetime routine costs for dogs and cats can approach $12,000. Of course, every dollar is worth it for our four-legged partners.

The Cost of Emergency Care

Most of us know how much a new family pet will cost us before the first day home arrives. But seeing the veterinarian bill after a medical emergency can be jaw-dropping. And emergencies do indeed happen to about 1 out of 3 pets, according to the American Veterinarian Medical Association.

Just consider the cost for the following procedures:

  • Broken bone – Up to $2,500
  • Hernia repair – Up to $1,200
  • Parvo disease – Up to $5,000
  • Ligament repair – Up to $3,500
  • Dental extraction – Up to $1,150
  • Urinary obstruction – Up to $3,000

Prices can vary drastically depending on where you live, the type of care received, when care is given (emergency vs. scheduled), and other factors.

The Verdict It is known that almost 70% of Americans would not have enough savings to cover a $1,000 emergency. This means many families may rely on credit cards or payment programs to survive the unexpected. When it comes to your pet, having to decide whether fluffy receives her much-needed procedure shouldn’t rest on your bank account. Fortunately, as the cost of pet insurance becomes more affordable, you won’t have to.