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Is pet insurance worth it?

As a pet owner, you’ve got a couple financial options to plan for the worst. Setting aside an emergency fund is one, but it’s inconsistent and you won’t know if you have enough until you’re faced with the reality that you don’t.

Let’s say you start a savings account with $100 and put $50 aside every month — you’ll have just over $6,000 by the time your pet turns 10. That’s pretty good if your dog stays healthy until their older years. But what happens if your 6-month-old puppy gets parvo and you’ve only saved $400?

The thing is, you never know when an accident or illness will occur, or what it will cost, says Dr. Sarah Wallace, VP Telehealth at Galaxy Vets. Your emergency fund could be cleared out in the blink of an eye, and you’ll be back to square one.

Pet insurance provides a guarantee that you have what you need to cover your pet’s bills, and you can manage your own finances with the confidence that you won’t have to dip into your savings to save Fluffy.

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Home insurance is an essential expense – one that can often be pricey. You can lower your monthly recurring expenses by finding a more economical alternative for home insurance.

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Who needs pet insurance?

While pet insurance provides security for all pet owners, some need more backup than others.

If you live in a high-traffic area or your dog is known to get into the garbage, you could be hit with emergency vet bills at any time. Take into account your pet’s breed and habits as well: Purebred animals are more likely to have genetic diseases and outdoor cats can get into a lot of trouble.

Having pet insurance means you’ll never have to make a heartbreaking decision when the vet asks for your credit card.

What does pet insurance cover?

Fetch Pet Insurance offers coverage for treatment of injuries, illnesses, emergency vet visits and more, but the cost of these offerings is flexible and based on your needs.

With Fetch, you’ll get a monthly quote, deductible and reimbursement rate, then you customize the price and coverage as you see fit.

That means that if your tabby chases a mouse into the street and gets hit by a car, insurance will cover as much of your emergency trip to the vet as you’ve set out in your personalized plan, plus your add-ons like physical therapy for his broken leg.

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Bottom line

If you had to pay a $5,000 vet bill today, could you cover it?

If that question makes you frantic, please consider protecting yourself and your pet.


This 2 Minute Move Could Knock $500/Year off Your Car Insurance in 2024

Saving money on car insurance with BestMoney is a simple way to reduce your expenses. You’ll often get the same, or even better, insurance for less than what you’re paying right now.

There’s no reason not to at least try this free service. Check out BestMoney today, and take a turn in the right direction.

Em Norton Staff Writer

Em Norton is a Staff Writer for Moneywise. Em holds a B.A. in Professional Writing from York University and has been writing professionally since 2019. Em's work has previously been published by Room Magazine, IN Magazine, Our Canada and more.


The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.