Pet ownership in today’s challenging economy is no longer a simple matter of picking up an adorable puppy, kitten or other future “family member” from a shelter, pet shop or breeder. The expectation of coasting through several years of companionship with just the costs of food and maybe an annual visit to the vet for the vaccinations necessary for the local tags, (if it ever really was that in the past,) is certainly not the case anymore. In fact, despite the alarm of human health costs in the past decade, by many measures veterinary costs have grown at an even faster rate. Depending upon many variables unique to your pet type, the region where you live and any number of other factors, the costs of pet ownership are high, still increasing and unpredictable in terms of both timing and amount.

Costs are only increasing as advances in pet foods and care extend the lifespan of many pets and address conditions that in the past were untreatable. What is a pet owner to do? Well, unless or until health care reform hits the veterinary realm, increasingly pet owners are turning to pet insurance to manage these costs over the life of their pet for many of the same reasons they want health insurance for themselves and their families. They want the peace of mind of knowing that their pet’s needs will be cared for without the concern that a major expense, or even routine expenses, may create in an already tight budget. Nobody wants to be faced with the decision between necessary care and busting their budget for a beloved companion.

Pet insurance, however, is not just like human health insurance in every regard. Policies can vary greatly depending upon the type of animal, breed, age, current health and then too, plans can be just for emergencies or more comprehensive and extend to regular care.

To compare Pet Insurance Providers the savvy consumer will count the costs in contrast to the benefits of any particular policy. Start by doing a little research on your particular pet. A simple search of the internet should provide some good information such as the estimated life time costs for veterinary care and whether there are particular risks specific to that animal or even a particular breed. For example, Labrador Retrievers are especially prone to a condition known as canine hip dysplasia (CHD). Many pet policies limit or exclude benefits for this malady. Consider too that pet policies are not direct pay to the veterinarian. You will need to pay the bill and then submit a claim to your provider for reimbursement. Part of your decision as to which plan to buy may depend upon how able you are to float the costs for care while you wait for processing and reimbursement.

In addition to the differences that exist between individual insurers, you’ll find many offer varying levels of coverage within the same company. Are your personal circumstances such, and will they remain such, that you can afford the typical and predictable costs associated with pet ownership? If not, you’ll want to consider more comprehensive coverage that includes some coverage for annual visits, vaccinations and other routine care. If these are not of great concern for you but you are worried about a major illness or an accident with your pet that could quickly generate thousands of dollars in vet and surgeon bills then you’ll likely want to consider a lower tier of coverage that doesn’t include routine care or that has a higher deductible. The more coverage you procure the higher the premium. For some however, the higher premium guards against large costs that they otherwise would not be able to cover if they arose and is the better choice.

Pet Insurance is rapidly moving from a novelty to an accepted necessity for most pet owners. Shopping and comparing pet insurance providers will vary according to your specific circumstances and priorities. By looking at your specific needs and taking into account your budget, exclusions to the policy, out of pocket maximums, routine care needs verses emergency care risks, vaccination schedules, deductibles, the policy coverage maximum, breed specific exclusions and whatever pre-existing conditions your pet may have, you’ll provide the context you need to make an informed decision.