Didn't Buy Your Pet a Holiday Gift Yet? Here's an Idea

More than 80% of Americans buy holiday gifts for their pets, according to a recent USA Today survey. And while pets aren't exactly difficult to shop for, it never hurts to throw a new idea out there. So here's one: pet insurance.

I know it might not seem very exciting and it's not something your pet can use right away. But it could be key to ensuring a long, happy future with your fur baby. I'll explain why below.

Vet visits are tough on more than just your pet

A vet emergency bill could cost you hundreds of dollars, and an overnight stay could easily run into the thousands of dollars. That doesn't easily fit into a lot of people's budgets.

Owners often find themselves faced with a difficult choice: Either go into debt to give their pet the care they need or put the pet down to end their suffering. It's a position no one wants to be in.

Pet insurance doesn't eliminate vet bills, but it can make them more manageable. You pay monthly premiums, as well as a deductible and copay when your pet needs care, and the pet insurer takes care of the rest.

To be clear, pet insurance doesn't typically cover routine checkups, though you may be able to find a policy that includes this. Its primary focus is unexpected expenses like illnesses or injuries. Hopefully you won't ever have to use it, but if your pet has a problem, a pet insurance policy could save them -- and your wallet.

How to find the right pet insurance for you

The first step in finding pet insurance is deciding what type of policy you want. There are two main options: accident-only and comprehensive. Accident-only policies cover injuries, like a broken bone, but don't cover illnesses, like cancer. These policies are cheaper because of their more limited coverage. Comprehensive coverage takes care of both accidents and illnesses.

Many pet insurers also have optional add-ons that enable you to add things like wellness care if you're interested in these. However, they come with additional charges. If your goal is to keep premiums to a minimum, you may want to skip this.

Once you know what kind of policy you want, start comparing pet insurance providers. Most have online quote tools that can give you an estimate within a couple of minutes. All you need to do is enter some key information about your pet and where you live. Then, you'll receive a quote you can customize.

You'll usually get to choose your deductible and your copay, and this in turn affects your premiums. A higher deductible and copay result in lower premiums, but you'll also have higher out-of-pocket costs in the event of a claim. If you go this route, make sure to save for the deductible and copay in an emergency fund.

Compare quotes from a few providers before making a purchase. Make sure you read the policy's fine print so you understand what is and isn't covered, and reach out to the pet insurer with any questions. If you take action right now, you could have your policy before the year is out.