Like anyone else in your family, your dog is prone to unexpected accidents and illnesses. In order to prepare for the unexpected in life, people have health insurance which helps cover the expenses that come along with these unforeseen events. But what about our four legged family members when they encounter the same unfortunate situation? Regular medical insurance won't cover them, but good thing there is now pet insurance.

With today's advances in veterinary medicine, diagnosing and treating diseases in pets has come almost as close as human care. What were once considered incurable diseases in cats and dogs, where the only option was euthanasia, there are now expensive but life saving treatments, like radiation therapy and kidney transplants. Advanced treatments as well as high-tech diagnosing options, like MRIs are available to pets as well. All of which have contributed to the inflation of pet health care costs and range from $1,000 to more than $5,000.

Is Pet Insurance Worth It?

Deciding on getting pet insurance really comes down to a personal choice. The Associated Press conducted a survey and found that 41% of pet owners are extremely or somewhat worried that they wouldn't be able to afford the medical bills for their sick pet.

Choosing to buy pet insurance is a personal, financial and emotional choice that should be made based on what you are willing to pay for peace of mind. Most healthy pets don't need pet insurance and it really doesn't make sense to purchase it. You could be paying at least $300 a year for their policy, which could add up to over $5,000 over the lifetime of your pet, and they fact is you may never even use it. Consumer Reports suggests that instead of pet insurance, you should put a couple hundred dollars into an emergency fund each year for pet emergencies. However, for regular veterinary office visits and shots, you end up paying more money to the middle man when you could save money and pay the doctor directly.

Pet insurance companies beg to differ. They say it is impossible to tell if your fury family member will be healthy or come across a serious illness or accident in his lifetime. Darryl Rawlings, Trupanions CEO, says that one in ten people who are insured by his company make a claim for their pet every month. He says that his customers get back 500 to 700 percent more than they will pay for premiums during the life of their pet.

Tiffany Schumacher of Redmond, Washington, a Trupanion customer, says that she pays $55 a month to cover her 1-year old Bernease Mountain Dog named Klover. She likes the idea of having no deductible by opting to pay more each month. She says the $55 a month is worth the sense of assurance about being able to afford the best medical care for Klover.

A year earlier, when Klover ate a bunch of tennis balls, she ended up having to use that policy. Trupanion covered $2,332, 90% of the $2,700 surgery to remove the tennis balls, which Klover ate. Klover returned to the emergency room recently, requiring emergency surgery for intestinal and stomach problems, resulting in a $6,980 medical bill. Trupanion came through again, with Tiffany only having to pay $1,050 out of her own pocket.

Ultimately, all insurance does is help you manage risk. When you consider all of the other policies you have like homeowners or auto insurance, you will see that most people will never get back what they pay in premiums. However, people who do spend the money are happy with the decision they made in the investment.

If You're Thinking of Buying, Shop Around First

Pet insurance coverage prices, like other coverage prices, will vary from company to company. You need to read the small print so that if something were to happen no surprises will jump out. Most policies won't cover congenital or hereditary conditions, however Trupanions cover both, with some limitations.

Things to consider:

• Is there a physical exam required to get coverage?
• Is there a waiting period?
• What percentage of the bill do they pay after the deductible?
• Are payments capped at all?
• Are there co-pays?
• Does the plan cover pre-existing conditions?
• What about chronic or recurring medical problems?
• Can you choose any vet or animal hospital?
• Are prescription drugs covered?
• Are you covered if you travel with your pet?
• Does the policy pay if your pet is being treated and dies?

In Conclusion

If you love your pet, and you know that you will not be able to afford a medical emergency should one arise, then you should think about getting pet insurance. Purchasing a policy when your pet is young will save you money because you will be paying the lowest premiums. One way to lower your premium is to choose the highest deductible that you would able to pay. If you happen to get pet insurance and end up not using it, you should consider yourself lucky. Due to modern medicine and pets living longer than ever, your chances of need to use the policy is greater than ever.

For more helpful information and articles on dogs and their care, visit Big Dog Breeds