Should you buy pet insurance?

Should you buy pet insurance?

Americans are expected to spend nearly $11 billion on veterinary care his year, and that would be an 8.5% increase from 2007.

2 reasons for high veterinary bils

1. Vets today can offer latest treatments like radiation therapy to kidney transplants for your dog. That means once-fatal conditions are now treatable at costs ranging from $1,000 to more than $5,000.

2. Vets have access to increasingly sophisticated and costly diagnostic tools, such as MRIs. Such screenings not only boost the cost of tests but often detect problems that once would have gone unnoticed and untreated. These expensive tools and procedures have helped create health care inflation in the pet doctor world.

Is buying pet dog insurance must?

Pet dog insurance coverage can cost $2,000 to $6,000 over the life of an average dog, and the chances are remote that you'll ever require to use that much for treatment of your dog. If you're the type of person who would spend thousands of dollars on medical care of your dog , a proper pet dog insurance must for you.

Top 5 facts on pet insurance

1. In 1995 only 1 % peple in USA used to have pet insurance and now the number increased to 3%.

2. Insurers have teamed with the American Kennel Club and Petco Animal Supplies to offer the insurance, and more than 1,600 companies -- including Office Depot and Google -- provide the coverage as an optional employee benefit.

3. Deductibles, exclusions and surcharges
The oldest pet insurer, Veterinary Pet Insurance, has seen its revenue climb at a 26.8% annual rate since 1998. The company, which has about 71% of the U.S. pet insurance market, had gross sales of $149 million in 2007.

4. The policies typically have deductibles, co-pays and caps that limit how much will be paid out annually.

5. Only Embrace Pet Insurance, covers hereditary and chronic conditions. Other insurers excludes pre-existing problems and hereditary conditions, such as hip dysplasia in retrievers and German shepherds