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Is Pet Insurance worth the money?

In Insuranceby Phil McGilvrayLeave a Comment

If you have owned a pet for any length of time, you will know that getting treatment for a sick or injured animal can get very expensive very quickly. According to Animal Medicines Australia, Australians spend $12.2 Billion / year on their pets. When you take purchase costs, food, grooming, toys, vaccination and vet’s bills into account, your average dog would cost roughly $13,000 over the course of its lifetime. From a budget coach perspective, my average client and budget app user allocates approximately $78/ month to their pet jar. This typically covers the annual check-up, food, medication and grooming – in other words the known costs. Not surprisingly, more and more people are starting to question if Pet Insurance is worth considering. In fact, I was shocked to discover that over 350,000 Australians already have Pet Insurance. Given the obvious interest, I thought I should take a look at Pet Insurance and if it makes sense from a financial perspective. So, in this article I will cover the following topics: 1) What is Pet Insurance? 2) What to consider when looking for a Pet Insurance policy 3) When is Pet Insurance financially worthwhile? 4) When isn’t Pet Insurance worthwhile? …