Adopting a Pet in 2024? Here's Why Pet Insurance Could Be Worth It

Anyone who is adopting a pet in 2024 should seriously consider buying pet insurance as soon as they bring their animal companion home. A good pet insurance policy should provide coverage for accidents and illnesses and often the premiums are pretty affordable, with most people paying around $20 to $50 monthly.

This may seem like a big expense to come out of a checking account each month, but getting covered could be well worth it for a simple reason.

Here's why pet insurance is often worth the price

Buying pet insurance can make good financial sense because paying for an animal's veterinary care can be very expensive -- and no pet owner ever wants to be faced with a choice between going into debt or depriving their animal of potentially life-saving care.

Say, for example, a beloved pet is diagnosed with a cancer that can be treated or even cured by chemotherapy. The cost of the chemo could range between around $150 and $600 per dose, and if the course of treatment is a long one, total costs could come in at around $10,000 or more.

Very few people just have thousands of dollars sitting around to pay for unexpected medical care when a pet becomes seriously ill or is hurt. And cancer is just one of many costly conditions a pet could develop. I've spent thousands on my own dog due to a heart condition, and pets could also get hit by a car or break a bone while doing an aggressive zoomie that gets out of control.

With insurance, a choice can be made about an animal's care based on what is best, in consultation with a vet. There will be no question of whether a given treatment is out of an owner's price range, as long as it is one that is covered by the pet insurance policy. The fact that no owner will ever have to deny their animal care just because of cost is reason enough to buy a policy ASAP.

How to buy pet insurance

Buying pet insurance can be pretty easy. Most insurers offer quotes online, and many will provide coverage to dogs and cats of all ages -- although older pets will cost more to insure and any pre-existing conditions they have won't be covered.

Pet owners should compare coverage options, looking at factors like:

• The deductible (out of pocket costs that must be paid when a pet gets services)
• Waiting periods (the time before coverage kicks in and becomes effective)
• Policy limits (many insurers have lifetime, annual, or per-condition limits on how much they will pay out)
• Coverages and exclusions (does the policy pay for alternative treatments or wellness visits?)

By carefully considering the policy terms offered by different insurers and getting several quotes, pet owners can hopefully get the protection and peace of mind they need from a great insurance company at an affordable price. That way, they'll never be sitting in a vet's office having to make the decision whether they should save their animal companion at the expense of their financial security.