Does Buying Pet Insurance Makes Sense?

Posted in Insurance Blogs By Prabhat Singh-May 17,2022
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Pets are an integral part of our family, and thus their health should always be a priority. However, today, a single veterinarian bill costs more than thousands of rupees, and if you do not have the funds, I am afraid! But your furry friend will get euthanized. Sounds cruel, right? Therefore, try buying a pet insurance plan.  

A pet insurance policy not only covers the medical treatment of your beloved pet but also saves his life at the time when urgent medical assistance is needed. Having said that, in case your pet rarely gets sick, you could end up wasting your money on premiums of the pet insurance without getting much in return.  

Hence, the question arises: is pet insurance really worth it? 

Here is our take on what we think. Personally, I would spend thousands of rupees on premiums than the vet’s bill.  

Before we step into why and what of pet insurance, here is a brief about pets in India: 

According to the reported survey conducted by Rakuten Insights in January 2021 published by Statista Research Department, 34% of the respondents own a dog as a pet, while 20% own a cat, and 41% believe in not owning any pet. 

In India, unlike in western countries, pet insurance still lacks popularity. Low awareness and fewer companies selling the product are some justifiable reasons for the lack of interest in pet insurance.  

Following reasons why you must own pet insurance:  

Ensures Best Health   

Pet insurance always contributes to securing the good health of your pet. With the policy in hand, you need to worry about the cost of the treatment. You can always choose the best veterinarian near you and give your pet the best medical assistance. 

Accident Covers   

While we would not take our eyes off our furry friends playing nonchalantly, they still get injured. If the injury is serious, it can burn a hole in your pocket. However, there is no need to worry when you have pet insurance as the cost of treatment of accidents is covered.  


Your pets are full of happy moments, but they are prone to injury and ailments as well. Some severe diseases like cancer or skin reactions are life-threatening, and if you are short of funds, there is nothing much you can do. Hence, pet insurance is your ideal way out. 

Liability Cover  

If your dog bites someone or damages a third party’s property, you are liable to pay the expense of the treatment, or the reimbursement of the damage caused. However, it is not always a minimal amount; the cost of treatment of a dog bite can cost thousands of rupees. Similarly, the damage could also cost several thousand. Hence, pet insurance will bail you out of the situation.  

The points mentioned above state why pet insurance is worth it. However, if you have other thoughts in mind, we have a reason for that as well.  

Here are some scenarios why a pet insurance policy would not be worth it for you: 

A Senior Pet  

The pet insurance policy covers your pet till a predefined age, and hence at that age, buying pet insurance would not be fruitful for you.  

No Cash Crunch  

If you are financially well to do and do not have any hardship in paying large vet bills, avoid taking pet insurance.  


If you are a risk-taker and ready to bear one or two expensive bills instead of paying hefty premiums and getting nothing in return. Then do not consider taking out pet insurance.  

So, if you do not need a pet insurance plan, here are some of the alternatives that you must consider:  

Emergency Fund 

Rather than paying premiums for pet insurance, you can contribute the same amount to making an emergency fund for your pet. This self-funding will help you battle any pet emergency. The benefit of this technique is that in case your pet never falls ill or gets injured; you will nevertheless have the corpus amount.  

Financial Assistance 

In case you do not have any pet insurance and a self-funded corpus amount, you can still get your pet treated. Ask your veterinarian if he agrees to take his fees in instalments, or you can switch to a different healthcare provider, which will extend the medical assistance for less money. 

The worthiness of pet insurance is subjective, but his health is not. Hence, unless you are willing to pay large bills, buy a pet insurance policy that will safeguard your finances from any unforeseen incidents and save the life of your pet and the smile on your face. 

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