Pause and Consider Pet Insurance

Worth suggested selecting a high deductible—anywhere from $500 to $1,000—in order to achieve lower monthly payments. She also advised "truly understanding your policy," especially the fact that many pet owners usually overlook: Pet insurance is different from human health insurance, especially when it comes to routine care.

"Maybe the frustration with some pet insurance customers is that they expect everything to be covered and it's not," she said.

By opting for pet insurance, "You're reducing the risk in your life," said Laura Bennett, chief executive officer and co-founder of Embrace Pet Insurance. "In today's uncertain economy, you want to decrease uncertainty in your life. It reduces the spike of expense you would have to face," if a pet faced an expensive health issue, she advised.

The idea of pet insurance usually comes around "after the fact," she continued. "The fact is that the unexpected can always happen. You think of all of the positive things about having a pet: the company, the fun, the naughtiness—not the financial responsibility, which obviously hits home when something expensive happens. Pet insurance is one of those things you can't buy when you need it."