Pet Insurance Guide

Lesson 4:
Do I Need Pet Insurance?
Pt. 3


..So do I need pet insurance?

I won't even presume that I know what is best for you. Everyone's situation is different.

The following test can help you with your decision. There are no right or wrong answers here. The more honest you are with yourself, the better decision you will make.


Pet Insurance Test

  1. Would a paying a monthly premium which averages around $20 - $30 for a young dog or cat or $30 - $50 for an older dog or cat be a hardship for you?
    [ A: Yes | B: No ]
  2. Would one of the alternatives to pet insurance serve you better?
    [ A: Yes | B: No ]
  3. If you suddenly got hit with a $1,000 vet bill would you be able to handle it financially? (put in on credit card, borrow from friend)
    [ A: Yes | B: No ]
  4. If you suddenly got hit with a $3,000 vet bill would you be able to handle it financially? (put in on credit card, borrow from friend)
    [ A: Yes | B: No ]
  5. If you suddenly got hit with a $10,000 vet bill would you be able to handle it financially? (put in on credit card, borrow from friend)
    [ A: Yes | B: No ]
  6. If you live in an area where the fees are much lower than stated above, would you be able to pay for them easily? (put in on credit card, borrow from friend)
    [ A: Yes | B: No ]
  7. Would you take advantage of advanced levels of medicine to try and save your pet? (MRI, radiation therapy, dialysis, etc)
    [ A: No | B: Yes ]
  8. Is your pet prone to accidents and injuries?
    [ A: No | B: Yes ]
  9. Do you own a cat that goes outdoors unattended?
    [ A: No | B: Yes ]
  10. Do you have the ability to put $5,000 to $10,000 away in a savings account right now?
    [ A: Yes | B: No ]
  11. Consider the following scenario:

    If an owner's monthly premiums are $30 per month and their cat lives to the age of 15 years, they will have paid $5,400 total in premiums (This example is kept simple and does not account for increases in premiums as the pet ages).

    If it were you in this scenario, would it bother you that you spent $5400 for pet insurance but only got back a small fraction of it because your pet stayed relatively healthy?
    [ A: Yes | B: No ]

  12. Consider the following scenario:

    A 2 year old dog has a fracture of the femur. Because of the severity of the fracture, a bandage, splint, or cast is not an option. There are two courses of treatment you can follow:

    a) Save the leg using fracture fixation techniques (metal plates, screws, and pins) - cost $3,500

    b) Amputation of the leg - cost $1,000

    If you were the owner in this scenario, would having a pet insurance plan that covered this injury make your decision easier?
    [ A: No | B: Yes ]



Count the number of B's you have circled:

If the number of B's is:

1 to 3: Then pet insurance is not for you, stop.

4 to 6: Then pet insurance may be for you, continue the tutorial.

7 to 10: Then pet insurance is something you should strongly consider, continue the tutorial.





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