Coverage

• Insurance companies offer pet insurance at different levels. Primarily, pet insurance protects you and your pet against accidents, sudden illnesses or chronic conditions. You can also purchase insurance to help cover the cost of routine check-ups, vaccinations and spaying or neutering. With insurance, you will pay a monthly deductible. After your pet receives medical treatment, you file a claim with the insurance company, which reimburses you a portion of the cost of the treatment.
  
  

Advantages

• Veterinary services can get costly, especially if your pet has a serious accident or develops a life-threatening chronic illness or cancer. Many pet owners cannot afford to pay for the full cost of treatment out of pocket. Pet insurance makes it possible for these owners to afford expensive but necessary medical treatments. With many insurance companies, you can see any licensed veterinarian, meaning you will not have to find a new doctor for your pet.
  
  

Disadvantages

• Over time, the cost of pet insurance can outweigh the financial benefits. If you purchase insurance for a young and healthy animal, you may go several years without filing an insurance claim. During that time, you will pay monthly deductibles toward the insurance policy. Those deductibles could end up costing more than the price of a one-time treatment.
  
  

Warnings

• Some insurance companies may deny you if your pet has a pre-existing condition or has reached a certain age. The insurance company may only allow you to purchase an emergency treatment plan if your pet has exceeded a certain age limit. Some companies charge higher deductibles for certain breeds of dogs. Typically, larger breeds and breeds commonly thought of as aggressive fall into the higher-deductible category.