Is pet insurance worth purchasing?

[midnight]

This is actually a question for my parents. They bought a dog and want to know whether buying pet insurance is worth the cost. Has anyone ever used it and is it worth the cost?

[FrugalTexan75]

Hi! I have a strictly indoor cat. I also have paid for Indoor Cat insurance for the past four years. So far, thankfully I have NOT had to use it. My kitty has been very healthy. But, he is getting older - he'll be 8 in June. His policy will cover him if he gets cancer or if he somehow has an injury inside the house and other things. I pay $10/mo or $120/yr for this. Since I haven't had to use it yet(knock on wood), I could say, no it's not worth it. BUT if for some reason I decide I can't afford the $10/mo and then I cancel it, then two months later he's diagnoised with cancer or something else the policy covers, then I'm faced with the decision of putting out thousands of dollars for his care (which I do have, but is earmarked for starting new career), or NOT being able to care for him because its just TOO much -- I would say then it would DEFINITELY be worth it. He's my kid. If I had a human kid I wouldn't go without insurance for them.

There are different levels of insurance for pets. You can get it for routine vet visits/vaccninations/dental work, etc. Or you can get it for the more major stuff (like what I have).

As far as your parents dog, I would ask the following questions:
1. Is it a mutt or a pedigreed dog? Obviously the more initial money invested in an animal, the more you would want to make sure you had some financial help in case of disaster. (Of course I would probably go ahead and get it even for a mutt that I got for free. But thats just me.)

2. What kind of breed is it? Different breeds of dogs can possibly have varying degrees of problems - especially as they age. Vet care can get VERY expensive.

3. If something major were to happen to their dog (get hit by a car, get into a fight with another dog, get a disease, etc) would your parents have the money to outlay several thousand dollars or more for its care without financial difficulty?

Just my two cents worth. Hope it helps.

Keeping It Frugal in Texas,
Laura

[gypzye]

I'd say it depends heavily on the kind of insurance you get and the expected health of your dog. I got it when I had a young puppy through VPI, or petinsurance.com. I'd say no, it wasn't worth it. I will probably get my next policy through petcareinsurance.com--it just seems like a better deal, and like it will be more useful overall.

[DivaJen]

We've never had it, but it would have been nice with our dog. We've spent a pretty penny on sugeries (three) for him in the past year and a half or so, dealing with blown ACLs in both rear legs. However, he is a mutt, so there wasn't really any way to predict how 'at risk' he might have been for these injuries (although it seems that he was indeed predisposed for these problems).

In general, I think right now I'd rather pay the out of pocket expenses (check ups, shots, etc) and hope that nothing else comes up that is extraordinarily expensive.

I think it also depends on one's attitude towards their pet and how big a part finances are going to play when it comes to deciding how to care for one's pet when something does happen.

[amomof4]

I would say it is not worth it. They have a maximum payout, meaning there are dollar limits. And will you really put your dog through chemo? And what's the chance of the dog getting cancer. If you're concerned about medical treatment, you are better off taking the money & putting it into savings in the unlikely event that something happens. THis is right up there with life insurance on children considering the average American's life expectency is 77 years old.

For vet care, the cheapest is the Humane Society. Ours even handles emergencies so long is it isn't after hours. My old Vet charged me $35 office visit plus $15 for the dog shot. The humane Society only charged me $15. I save even more by giving them their shots myself.

[gypzye]

**I** would really put my dog through chemo, if I felt that it would significantly improve his life expectancy or quality of life. And his odds of getting cancer are of course a crapshoot... my dog is probably more likely to develop a tumor than your dog, because Goldens are prone to them, even at a very young age. They are also more likely to develop congenital heart problems, cataracts, and knee and hip issues. Now, I did the best I could finding a puppy from a healthy, long-lived line of dogs; does this guarantee him against any of that? Of course not. Would $10/month make me feel more comfortable "just in case" he DID develop one of those problems, or in case he is hit by a car, or comes down with Valley Fever, or gets attacked by a stray? You bet. And at the potential cost of a chemo treatment, paying for a $10/month policy over the estimated 12-year life expectancy of a Golden seems like a bargain, because odds are, SOMEthing will happen over his dozen years that will make it worth it.

Do I have it now? No, because I'm broke. But *I* don't have health insurance, either, so it's not like he's being neglected, lol.

But getting a plan that focuses on emergency care, or worst-case scenarios like cancer, instead of one that tries to cover annual visits and shots, would be your better bet. Because like you said, it's cheaper to just give them the shots yourself... and they don't pay out nearly enough on routine care, anyway. It would be rather like me having disaster coverage.

[amomof4]

I think the actual cost is between $300 & $400 per year. With us, we have 5 dogs. At $350, it would cost us $1750 per year or $145 per month. Not to mention we have 3 cats. But even with one dog, it is about $30 a month. So I guess if you can only get peace of mind with buying it, then go for it.

[gypzye]

petcareinsurance.com has plans that start at $11 (I think?), for those interested but concerned with the cost.

[barbd00]

There is another option, I don't know much about it but... there is a credit card (sort of) for vets. Basically it is for emergancies and operations and that sort. Basically you apply for it (like a credit card) and you keep it (no charge if you don't use it I think) until you need it. I don't know what the fees or interest or anything, but some research online will probably find something out. A friend of mine has it. She helps out strays and what not. She has it for emergencies.

Don't know but that is an option I suppose

[Chelsea1]

It is worth having insurance for your pet, especially as they get older. Poor things usually have a couple of pricey problems here and there. Check out Mantra Health, they have flexible, affordable plans

[LivingAlmostLarge]

Depends, and I did chemo for my dog. It cost more to get him out the hospital when he collapsed the first week. Besides the fact that with VPI and petinsurance you have to typically buy a cancer rider on top of health insurance. And there is a maximum limit, so i'm not sure it's worth it.

[DebbieL]

I have insurance for my dog that pays out 90% of the costs and has no upper limits - so for us it is worth it.

[LivingAlmostLarge]

Debbie what is the price of the pet insurance?

[elessar78]

As a person who doesn't own a pet, nor plans on owning one what is the mindset when one buys a pet? Should you be willing to spend, say, $5,000 to keep the animal alive? Is there a point where you say that's just too much?

[DebbieL]

Originally Posted by LivingAlmostLarge

Debbie what is the price of the pet insurance?

We pay just under $37/month for the unlimited coverage at 90% payout. You can get it cheaper of course, but I just never wanted money to come into my decision making for a beloved family member like my dog. For us he is an important loved one

I'm Canadian, so you might have cheaper coverage in the US? The company is Trupanion.

[LivingAlmostLarge]

Don't have trupanion here. And it's VPI and I can't recall the other. And the VPI specifically has a cancer rider you have to buy if you want it to cover chemo. And it caps out at $5k. And without specific riders you can't get stuff covered like surgery, etc.

I looked into it once, but realized that a $5k cap out would mean that in a few years the premiums would cost the same. So why bother? My friend is an ER vet and the insurance never pays out for ER visits, which is when it really adds up the bills.

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[DebbieL]

Originally Posted by LivingAlmostLarge

Don't have trupanion here. And it's VPI and I can't recall the other. And the VPI specifically has a cancer rider you have to buy if you want it to cover chemo. And it caps out at $5k. And without specific riders you can't get stuff covered like surgery, etc.

I looked into it once, but realized that a $5k cap out would mean that in a few years the premiums would cost the same. So why bother? My friend is an ER vet and the insurance never pays out for ER visits, which is when it really adds up the bills.

That's too bad. Ours pays for cancer treatments and emergencies. I do think they have Trupanion in the US if that is where you live.

[LivingAlmostLarge]

$41/month for 90% coverage if I had started at age 6 when we got our first dog with a $250 deductible. So $41*12 = $492/year * 9 years = $4428 premiums + $250 deductible + 90%($1k) = $5678, I wonder if it's worth it now?

Debbie have they raise the rates on you ever? Have you ever made a claim? I was reading a trupanion review and it seems a lot of people claim they raised rates. Trupanion Pet Insurance Review

I am a little nervous that a lot of people are claiming they were baited and switched at 1 year mark and the company rep says they haven't raised premiums for 4 years so they are starting too.