I think it depends on a few things, including what type of pet you have and what you're looking to have it cover. If you're looking for coverage that helps with annual visits for your dog to get shots and teeth cleaned, plus emergency coverage for injury or illness, as long as the annual cost doesn't far exceed what you'd already spend out of pocket on regular care, it can really come in handy, especially if your dog is more likely than not to have additional expenses.
For pets that will live mostly indoors in a relatively safe, unexposed environment, it might make more sense to take what you'd spend on insurance premiums and just set it aside in a separate pet emergency fund. That way if your pet does end up having something happen, you have money set aside, but if you don't need it, you still have the money.
Most important thing to be aware of is what it actually covers. I've seen a lot of people think that their insurance covers things like annual shots, dental work (which can quickly add up) and "wellness visits," only to find it only kicks in with non-routine care.
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