Pet insurance can help cover costly vet bills, but there are caveats

As with any type of insurance, it is important to research your options.

Gail Bebee 3 August, 2017 | 5:00PM
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If your pet suffered an accident or fell ill, the vet bills for the required treatment could be very high. The price tag to treat our neighbour's dog Milo after he was hit by a car was $8,000. My friend Jack's Labrador retriever developed Addison's disease in middle age and required a costly injection every three weeks for the rest of her life. Over the dog's lifetime, the vet bill topped $30,000.

Such pet care bills are unpredictable, and potentially a great stressor for the family budget. One way to manage these costs is to buy pet health insurance, also known as pet medical insurance. This insurance helps pay veterinary bills due to unexpected illnesses or injuries. Coverage is available for dogs and cats.

Similar to buying any type of insurance, it is important to research your options and comparison shop before you sign up.

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About Author

Gail Bebee

Gail Bebee  Gail Bebee is an independent personal finance speaker, teacher and the author of No Hype--The Straight Goods on Investing Your Money. She can be reached at gbebee@gailbebee.com; her website is www.gailbebee.com.

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