4 Pet Insurance Myths You Can't Afford to Believe

Don't buy into these misconceptions.

Most people agree that health insurance is an important thing to have for humans. But opinions seem to be mixed when it comes to pet insurance, and part of that has to do with the fact that there's a ton of misinformation on pet insurance out there. Here are a few popular myths you'll often hear -- and why they're all completely bogus.

1. It's too expensive

Some pet insurance policies can be expensive. But that doesn't mean you're guaranteed to get stuck paying a ton of money for coverage. If you shop around for pet insurance, you may find you're eligible for a great rate. Also, some employers offer pet insurance as a subsidized benefit, so if you go through your company, you may be eligible for coverage at a lower price point than a random applicant might snag.

2. It won't cover preventive care and wellness

A growing number of pet insurance policies are starting to offer a wellness component that covers routine care. If you sign up for one of these plans, your policy might cover things like preventive medications and annual vet exams. However, you'll typically spend more on pet insurance premiums with a wellness feature, so you'll need to weigh the cost of higher premiums against what those services might cost you on their own.

3. I don't need pet insurance because my animal is young

It's true that health issues are more prevalent in older animals than young ones, just like humans tend to have more health issues later in life. But that doesn't mean you should pass on getting pet insurance just because your animal is young.

Let's say you adopt a puppy who breaks off of its leash and gets hit by a car, requiring expensive surgery and extensive care. A pet insurance policy could help pay for that care. Plus, chronic health issues in pets don't always first arise when they're seven or eight. You might adopt a puppy who develops arthritis once it becomes fully grown at 12 months, leaving you on the hook for costly therapies in the absence of pet insurance.

4. There's no pet insurance available for less common pets

Not everyone who adopts an animal brings home a cat or a dog. Maybe you've always wanted a lizard, or you've finally convinced your spouse to let you get a snake. It's a good idea to shop around for pet insurance even if your animal is a less common one to find in homes. Any animal can encounter health issues and require costly care, so it pays to see what options for coverage you have.

If you're taking on the responsibility of bringing an animal under your care, then it's important to make sure you're well-equipped to cover any health issues that arise with it. Buying pet insurance could be your ticket to doing just that, so take some time to shop around for a policy. It could end up saving you a lot of money and stress in the course of owning a pet.