Would you buy pet insurance?

[james.hendrickson]

Hi Guys,

I was chatting with my girlfriend this morning. We were discussing webpages for buying pet insurance and got into a long debate about whether pets should be insured at all. I said no, she said pretty much everyone is doing it. So, I wanted to out this out there for the forums.

Would you buy pet insurance? If so, how are you finding the best deals on pet insurance?

[Mjenn]

We have pet insurance, but live in a different country so it works differently here. We insured our indoor cat for about 40 dollars a year. She developed severe allergies and ended up needing custom made allergy shots that cost about 400 every few months. The insurance covered it as long as we picked up the medication from our vet.

When we adopted our dog part of our contract required we get pet insurance - her insurance is about 350 dollars per year.. She has been relatively healthy for most of the 10 years we have had her, but every year we don't use it, our deductible goes down, so when she once had an allergic reaction to a vaccine and we needed to go to emergency, we paid nothing out of pocket because our deductible went down to 0.

It doesn't cover our largest pet cost, dental costs, but overall we have found it was worth the investment.

I recommend it to everyone because we have had such a positive experience, but I know in the US it is more expensive and insurance companies are far less helpful than they are here (If I bill insurance for anything renters, health, car etc my rates don't go up at all -- I get my money and they keep me as a customer at the same rate).

[rutgers07]

My wife worked at a vet clinic for many years and has said pet insurance is generally a waste of money. She said that they only cover very basic needs and are won't pay anything that is deemed "your fault" which is just about every accident. No sure about the deal with things like cancer and other medical issues though.

We have 5 cats and 3 dogs and just put away a chunk of money each month to self-insure. That being said, if 3 of them somehow needed 5k worth of procedures each, we'd be pretty screwed.

Edit: It's probably been awhile since she's looked at pet insurance policies so a lot may have changed.

[StormRichards]

Our company makes it available at a group rate payable through payroll deduction. They offer it at a low monthly payment to try to suck people in, but the coverage is horrible. It is not going to prevent a HUGE out of pocket expense when your pet gets sick.

[rennigade]

My sisters dog just tore her acl or something like that and needed surgery to repair it. She had pet insurance. I think the bill was around $6k...she was on the hook for $1,500. I know she doesnt pay anymore than $300/year. Seems like an ok deal to me.

We have a pet plan for our dog through banfield. I think its around $250/year...covers all shots, checkups. We can bring him in whenever we want and the never have to pay. Money well spent.

[StormRichards]

My sisters dog just tore her acl or something like that and needed surgery to repair it. She had pet insurance. I think the bill was around $6k...she was on the hook for $1,500. I know she doesnt pay anymore than $300/year. Seems like an ok deal to me.

We have a pet plan for our dog through banfield. I think its around $250/year...covers all shots, checkups. We can bring him in whenever we want and the never have to pay. Money well spent.

The plan offered through my work was no where near 75% coverage. It has been a few years since I looked at it, but I remember it being around 25% coverage. So that $6k surgery would have cost $4,500.

[frugal saver]

I've looked into it numerous times over the years. Some plans only cover illness, not accidents, some only accidents. Many stop coverage at a certain age (when you're really going to need it) and many didn't cover the normal things that I would have needed covered.

I've had numerous animals that never had anything wrong with them and the coverage would have been wasted. I generally have 4 or 5 pets at a time and the cost to cover all of them wouldn't be an option.

I found the best plan was an emergency vet savings account that grows until I need it.

[feh]

If the insurance covers major illnesses (ie. diabetes, cancer) and if you are the kind of owner that tries to keep your pet alive for as long as possible, then I can see it being a reasonable expense.

I think it's rarely in the pet's best interest to keep an elderly, terribly ill pet alive, so it's not something I would buy.

[msomnipotent]

I have looked into it for all of my pets over the years. It wouldn't have covered anything my pets needed, and what it did cover was usually more than self-insuring.

[Spiffster]

We have had our mutt insured for 7 years now... We got it for him after a $600 vet visit. He has been a tank ever since with the exception of one ear infection last year, that cost us around $250 which was less than our deductible. Cost goes up every year and it was getting rather expensive so I lowered his coverage. He's 10 years old now. I will continue to have him insured just for the peace of mind that I will never be forced to make a difficult decision regarding his health.

[Outdoorsygal]

No but I think it could possibly be a wonderful opportunity to make money. Do presentations to large employers offering it as one of their perks, a part of their benefit package. Not sure about this... but if there are employers who allow pets to be taken to work (kinda like some large companies offer on-site childcare) they'd be my prime target

[StormRichards]

No but I think it could possibly be a wonderful opportunity to make money. Do presentations to large employers offering it as one of their perks, a part of their benefit package. Not sure about this... but if there are employers who allow pets to be taken to work (kinda like some large companies offer on-site childcare) they'd be my prime target

Many employers, like mine, already offer it among a menu of Voluntary Benefits. Included in the menu is Accident Insurance, Car Insurance, Renters Insurance, Legal Insurance, Critical Insurance, Long-term Care Insurance AND Pet Insurance. Nationwide is the provider for the Pet insurance.

[LivingAlmostLarge]

No because we adopt our pets so we had no idea on age and stuff so insuring was impossible. Beside they don't cover a ton of stuff with insurance. You might as well save the premium since you'll pay a ton OOP anyway.

I know this because both my dogs have needed a lot of end of life care.

[Outdoorsygal]

Many employers, like mine, already offer it among a menu of Voluntary Benefits. Included in the menu is Accident Insurance, Car Insurance, Renters Insurance, Legal Insurance, Critical Insurance, Long-term Care Insurance AND Pet Insurance. Nationwide is the provider for the Pet insurance.

Nice to know. Our Company doesn't offer it though the owner is known for being an animal lover.

[Butterscotch]

I have insurance for my horses. It covers accidents, not routine vaccines. Have used it several times for lacerations and chokes. Horses are always getting themselves in trouble. I pay $1100/yr for 3 horses. Just one emergency visit can be $1100 so for me it is worth it. The deductible is $250 per horse.