Pet health insurance is a booming business. Petplan Insurance, Canada's oldest and largest pet health insurance company, estimates that policies for our furry, feathered and scaled friends are growing by as much as 35% a year. Since the company's inception in 1989, over $60 million in claims have been paid out.

Many in the insurance industry and out believe that pet health insurance is important. But is it worth it? Considering how high the cost for veterinarian services can be, it just might be. A study by the American Animal Hospital Association found that 73% of pet owners would go into debt to provide for their pet's well-being.