Explore the reasons to purchase pet insurance

When it comes to their pets, many owners will go to great lengths to ensure the comfort, happiness and health of their companions. And with the help from advances in veterinary care, pets can live longer and healthier lives than ever before.

Veterinary care can sometimes come at a steep price. Pet owners continually face the difficult challenge of whether medical intervention is necessary and financially feasible. A pet insurance policy can make such dilemmas easier to navigate.

An Associated Press survey found that 41 percent of pet owners are extremely or somewhat worried they could not afford the medical bills if their pets became ill. According to the American Pet Products Association, pet owners spend an average of $230 per year on routine vet visits for their cats and dogs. But unforeseen surgeries and emergencies can set pet owners back several thousand dollars.

Some emergencies are far costlier than others. Veterinary Pet Insurance says the average cost for extracting a dog’s tooth is $829, but repairing torn cartilage can cost nearly $2,700.

Individuals with elderly pets or breeds prone to genetic disorders may be wise to look into pet insurance to defray some of their vet costs. Keep in mind that pet insurers are allowed to refuse coverage for preexisting conditions and can set annual limits and lifetime payout limits.

Here are some reasons why pet insurance can be a worthwhile investment:

Pet insurance typically allows policy holders to choose their own veterinarians. Such policies do not typically mandate that pets be taken to particular doctors to have their costs covered.

Pet insurance allows pet owners to make decisions based on the best interest of the pet and not on their financial situation.

Insurance offers peace of mind because many plans reimburse up to 80 percent after deductibles are met. Some plans even offer multi-pet discounts.

Pet insurance is a relatively new, but growing industry. Veterinary Pet Insurance issued their first policy in 1982. Consumers can now shop around and find the best options for their needs.