Is pet insurance worth the price?

The pet insurance market is a booming industry that's growing by 25 percent per year. There is a quarter billion being paid in premiums! What accounts for the amazing growth? The marketplace has decided that pet insurance is great to have thanks to events like the tainted pet food coming to our country from mainland China. Consumer Reports ran an article that found pet insurance is not necessarily a wise investment unless your pet is older and goes to the vet a few times a year. But if you have younger animals, Consumer Reports recommends putting what you would pay for pet insurance into a savings account for future use. Clark believes people treat buying pet insurance policies like they would when they purchase an extended warranty on electronics equipment. They say, "Wow, I bought the insurance and then my dog needed medical care six months later. The insurance company paid tons of money that didn't have to come out of my pocket." In fact, the argument is better made for pet insurance than extended warranties on your new TV or stereo. Less than five percent of electronics will break in the first few years. On the other hand, you know your animals will need medical care. Just think carefully about their age and current health before you buy. Also watch out because the industry excludes many breeds from coverage. Finally, ask your vet about which policies are best before buying. He or she will know firsthand from customer feedback.