It seems like it was just a few years ago that pet insurance would have been ranked with taking policies out on children and having dreaded disease coverage. It just didn’t seem important enough to buy. However, now the trend seems to be reversing itself.

There are some thoughts out there that people would be better off foregoing pet insurance and putting the money they would spend on those dreaded premiums into a savings account. You are looking at spending from $2,000 to $6,000 on pet insurance when you consider the average age of a pet these days. Chances are very slim that you would ever have to spend that kind of money on veterinarian bills over the life of your pet.

Or would you, over a pet lifespan that is probably 10 years or more?

However, there are many people out there who treat their pets just like family. They would do anything to save their pet, and that would include spending big bucks on medical treatments. In this instance, then, pet insurance would likely be the better alternative rather than going into debt.

What have changed in the last several years are the new tests and treatment options that are available today in the field of veterinary science. Vets today can offer treatments that were never heard of a few years ago and at prices that go through the roof! Consider these following therapies that are now available for pets:

* Treatments that were once only reserved for humans, to everything from radiation therapy to kidney transplants, are now available for your pets. These conditions which were once regarded as fatal are now treatable at costs ranging from $1,000 to $5,000 and more.

* Veterinarians now have access to costly diagnostic and sophisticated tools such as MRIs. These screenings can not only boost the cost of the medical exam, but they can often find problems that would have once gone untreated.

* These expensive procedures and tools have created health-care inflation in regards to the pet doctor world.

This inflation has seen a very significant rise in those people that are now taking out pet insurance. It is now estimated that approximately 5% of pet owners in the United Sates have pet insurance. This has risen from less than 1% in 1995. Pet insurers have joined forces with the American Kennel Club and with Petco Animal Supplies to offer pet insurance. Some major employers now provide pet insurance as one of their optional employee benefits.

Veterinary Pet Insurance, which is the oldest pet insurance company, has seen a steady increase in its revenues by a 40% annual rate since 1997. This is the year it finally broke even after about 15 straight years in the red.

You will still have to consider the following if you want to take out pet insurance:

* Most of the pet insurance policies have co-pays, deductibles and caps that will put a limit on how much will be paid out in the course of a year.

* Some pre-existing problems and conditions that are hereditary such as hip dysplasia in retrievers and German shepherds are normally excluded.

* The older your animal gets, the more you will have to pay in premiums. Some pet insurance companies will not insure a pet older than 9 years old, while other companies levy a hefty surcharge.