Pet insurance is a rapidly growing trend and is also becoming widely debated among Americans. There are those that believe in pet insurance and who have benefited greatly from it. There are also the non-believers who think that pet insurance is a scam or a heartless money-making scheme and prefer to self-insure. While pet insurance has its pros and cons, the consensus seems to lean toward pet insurance as a must have.
Self-insuring is one alternative to pet insurance that people prefer. For those who have lots of discipline, self-insuring can be a good idea. With pet insurance, some people will get back more money than they put in while others will file fewer pet insurance claims. Self-insured people benefit by getting one-hundred percent of the funds without typical pet insurance exclusions. However, pet insurance has the potential to pay out much more money over the life of the pet than a savings account. Self-insured pet owners who receive a large vet bill early on will quickly learn that a savings account may not suffice. Pet insurance will always pay for the entire bill, while a savings account may only have enough to pay a small fraction of the bill, depending on how long they have been saving. Plus, pet insurance will not accidentally use that money for other expenses. Pet insurance funds are reliable and dependable to cover the vet bills no matter when they happen.
Another alternative to pet insurance is to use a credit card. Unfortunately, credit cards can have very high interest rates and may leave you paying for years unlike a pet insurance company who will pay the bill immediately. Pet insurance does not have any interest rates so you’d never have to worry about keeping up with bills. Pet insurance also has much higher limits than most credit cards so you wouldn’t worry about reaching your maximum. If your pet is unlucky and continues to accrue medical expenses, you can be sure that pet insurance will cover it.
Some people choose to forgo pet insurance and borrow money from family or friends instead. This may lead to a burden of repaying the money and can harm relationships. On the other hand, pet insurance would simply cover all the costs . If the pet has a pet insurance policy, then you don’t have to worry about awkward family situations.
There are also those who choose not to purchase pet insurance because they believe their pet will never get sick or hurt. It is very unfortunate when people without pet insurance have to make difficult financial decisions for their pet’s medical care. If someone has a sick pet and no pet insurance, they may not be able to pay for the ideal medical treatment. However, pet insurance companies know that conditions occur unexpectedly, and often, which is why they offer their service. Pet insurance helps you avoid tough decisions and provide the best medical treatment possible.
The only case that pet insurance may not be a good option is for those who are rich. Wealthy people can pay for any veterinary bill without worrying about consequences. Though pet insurance may save them money, it would take them time to file the pet insurance claim when they could just as easily write a check to the vet.
Overall, the benefits of pet insurance outweigh the alternative options to pet insurance. In most cases, pets get sick or hurt unexpectedly and bring home a big bill from the vet when we cannot afford it. Pet insurance is very beneficial because you don’t have to worry about trying to pay for the costs yourself. Pet insurance will always cover the costs right away regardless of amount or time. If you care about providing adequate care to keep your pet healthy, then pet insurance is the best way to be prepared.