Pet insurance: Is it a good investment?

PORTLAND, Ore. – It's no secret that most pet owners would probably do anything to save their furry friends when they are sick or injured. However, the secrets sometime lie in the often expensive hidden costs of veterinary medicine.

Quite often in those situations, pet owners face a difficult choice – pay the vet bills or have their cat or dog put to sleep.

That is where pet insurance can help. However, if you're not careful, it could cost you more than you save.

Finding a policy
There are literally dozens of pet insurance policies available and pet owners can easily obtain price quotes on line. Houwever, you'll want to pay close attention to the fine print.

Most pet insurance policies do not cover pre-existing conditions, hereditary or congenital problems such as hip dysplasia. These policies also often limit coverage for older pets.

What generally is covered by pet insurance are accidents, most illnesses and surgery – if your pet needs it.

But you'll have to pay a monthly premium, some as high as $30 dollars. Plus, there are co-pays, deductibles and a yearly cap to consider.

Ultimately, that can add up to thousands of dollars over the life of an average pet and the average owner may never need to shell out that much for treatment.

Consumer Reports recommends most pet owners skip pet insurance. Instead, they suggest putting money aside each month into an interest bearing account in order to help cover vet bills when necessary.

Another way to save some money with your vet is to inquire about package rates which include discounted prices if your pets receive multiple veterinary treatments in the same visit.