Canadian Finance Blog

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Insurance You Can Do Without – Pet Insurance Posted: 06 Dec 2010 02:00 AM PST Everyone loves their pet and wants to do whats best for them. You might have paid for training and special food and certainly realize that pets can be expensive. But what if you pet gets injured or has a disease? You may have considered pet insurance to cover these emergency visits or operations, but that might cost you more in the long run. Why Pet Insurance Is Insurance You Can Do Without Pet insurance has limited coverage. Insurers have maximum payouts on various veterinary procedures, so you may not receive as much back as you expected when you filed the claim. Like many forms of insurance, you will not be eligible to claim on expenses related to a previously existing condition your pet may have had prior to getting the coverage. How To Create Your Own Form Of Pet Insurance Instead of paying for pet insurance, you should look to increase your emergency fund to at least partially cover any possible expenses. Simply add the same amount to your emergency fund that you would have paid in monthly premiums. Then you will be able to withdraw this money when needed, without any deductible or concerns about whether the procedure is covered by your insurer. Even better if your pet lives a long and happy life without any major issues, you’ll then have additional savings without having lost your money to premiums. Now you can always find people that will say that pet insurance was worthwhile because they received a big payout just months after paying $15-20 a month. And while that can happen, you need to weight the odds  of having to claim early in your pet’s life to the size of the possible expense when deciding if any insurance product us right for you. In this case, most vet bills are not a large financial hardship and savings can be put in place to cover all or at least some of the expense. Related Posts: Insurance You Can Do Without – Credit Card Protection Insurance Insurance You Can Do Without – Cancer Insurance Insurance You Can Do Without – Involuntary Unemployment Credit Insurance Insurance You Can Do Without – Pet Insurance originally appeared on Canadian Finance Blog on December 6, 2010.

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