Pet Insurance Guide

Lesson 3:
Will Pet Insurance Help Me Save Money?

Many people think about getting pet insurance because they think it will save them money.

Pet Insurance should not be thought of as a way to save money. It should be thought of as a way to soften an unexpected economic hit...that's it...period...end of story.

When you purchase pet insurance, you are hedging yourself against an unexpected, costly event. You are putting yourself in a position so that if something unexpected and costly comes along, you will be able to deal with it without it putting you in a bad situation financially.

One of 3 things can happen once the pet insurance policy ends (after the pet passes away):

  1. You got back less than you paid in premiums
  2. You got back the exact amount you paid in premiums
  3. You got back more than you paid in premiums

You will not be able to predict ahead of time which situation will happen.

If situation #1 or #2 happens, you will not have saved any money. In addition you will have to pay part of any veterinary bills you receive in the form of a deductible and/or co-pay, therefore only think of pet insurance as a way to soften an economic blow.

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