Could You Afford to Spend $6,000 to Save Your Pet's Life?

Adopting a pet can be one of the most rewarding things you'll ever do. And many pet owners grow attached to their pets, to the point where it's extremely difficult to let them go as their health deteriorates.

But what if your pet runs into a health issue sooner than expected? You might have a perfectly healthy dog that sustains an injury, resulting in a $4,000 surgery. Or, your cat might get diagnosed with cancer -- a potentially treatable illness if you're willing and able to shell out the thousands of dollars needed for their care.

Many pet owners would no doubt go to great lengths to save their pets. On average, dog and cat owners would be willing to spend $6,060 to save their pet in the event of an extreme medical event, according to a Lemonade survey.

But just because you're willing to spend that kind of money doesn't mean it's a good idea. If you don't have that sort of cash in your savings account, a vet bill in the ballpark of $6,000 could spell financial ruin for you. You might easily have to charge that expense on a credit card and pay it off over time, thereby racking up scores of interest that trap you in a very unfortunate cycle.

That's why it's so important to put pet insurance in place. You might think you won't ever have to spend such a large amount of money on your pet in one fell swoop. But you never know when disaster might strike.

Get the protection you need

A lot of people think pet insurance is a waste. The logic is that they hope their pets will stay healthy, and they'll therefore never need to use their insurance.

But actually, that's a good thing. You want a situation where you're paying for pet insurance and never have to file a claim because your pet manages to live a long, happy, healthy life.

The reality, though, is that as pets age, health issues tend to arise. Your pet might develop a condition that's costly to treat, or it might require some type of surgery that your typical paycheck can't come close to covering. The whole point of pet insurance is to pick up the tab (or most of it, anyway) in situations like these so you're never forced to choose between saving your pet or preserving your finances.

It pays to shop around for pet insurance

The cost of pet insurance varies based on a host of factors, including:

• The type of pet you have
• Your pet's age
• The state of your pet's health when you apply
• Where you live

But a good bet is to shop around with different insurers, compare policies and quotes, and see what makes the most sense for you. Some pet insurance plans, for example, include a wellness benefit that reimburses you for routine care for your pet. But those tend to come with higher premiums, so you'll need to run the numbers carefully.

All told, you might be willing to write out a giant check in the event your pet gets hurt or sick. But that doesn't mean you should have to. And if you put a pet insurance policy in place, you might avoid a scenario where you have to risk your own financial stability to care for an animal you love.