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How to think about pet insurance
The right way to think about pet insurance
If you’ve done online research elsewhere, you may have seen articles about whether pet insurance is “worth it”—specifically, whether the costs you pay equal or exceed the benefit payouts you get from the pet insurance policy.
This is entirely the wrong way to think about pet insurance (or any insurance).
You don’t buy insurance with an expectation that your benefits will equal or exceed the amount you pay for it. You buy insurance just in case, and hope that you don’t ever have to use it!
If you have car insurance, consider how you think about that coverage. Just because you have car insurance, you don’t expect or hope that you’ll have to use it. In fact, you hope that you’ll never have to use it.
Also, if every customer could expect to at least break even on an insurance policy, then no insurance company would sell that policy! Insurance is about pooling together risks over a large group of people (or dogs or cats) and spreading the cost of protecting against those risks.
The best to way to think about pet insurance is that it’s intended to help cover high and unexpected vet bills. Pet insurance helps owners avoid the situation where lifesaving care (which usually costs a minimum of $3,000) for a beloved pet comes down to a heartbreaking financial decision. Decisions to buy pet insurance often comes down to being able to make the right medical decision for your pet without financial considerations being a factor.
If that reasoning makes sense, and a monthly cost of $10–$60 per month is manageable, then pet insurance is a good idea for you.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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