I am a college student, and I got insurance for Beamer starting the day I picked him up. I know that if something happened, I would not be able to afford major surgery for him. The pet insurance is a good way for me to be able to have that security. Others are more able to handle these emergency situations by having a savings account. I didn't think it was going to be feasible for me, so I went with the insurance. Who knows, I may never have to use it, but it is there just in case.
Just 2 weeks ago, I felt a large "bubble" in my dog's ear while brushing him. The next day we were at the vet and she handed me an estimate for a surgery my dog needed on his ear that was almost $1100. I had nowhere near that amount in my bank account, so I put it on my credit card and let them do the surgery that my dog needed and have already gotten a check from the pet insurance company for the entire amount, less my $200 deductible.
So yes, pet insurance is worth it to me. My dog got the surgery he needed, and I still got to eat and pay my bills this month. If you can afford to shell out an unexpected $1000 (or more) for your dog, then maybe it's not worth it for you.