I try to budget aside money for vet expenses. If something catastrophic happens insurance is great to have but if your pet is overall healthy the insurance will never pay for itself. Additionally the longer you wait to insure the pet the higher the premiums are. I looked into it when I first got my Shiloh and opted against it.
Here are some good links regarding the cost/benefit of pet insurance.
http://www.consumerreports.org/cro/2...cost/index.htm
http://www.preventivevet.com/dogs/is...rance-worth-it
http://www.nbcnews.com/id/43916934/n.../#.VhUWAPlVhBc