Pet insurance

[hal1]

From a pure cost standpoint the numbers are clear. In general, over the life of a pet, insurance is not financially beneficial. (but neither is car insurance, I've paid $500 every 6 months for 30 years but have not had $30,000 worth of claims)

The researched AVERAGE numbers are pretty conclusive. You'll pay more in insurance than an average lifetime of vet bills would come to(not including routine care). But that is not what insurance is for. It's just that, insurance. It's to cover against that possible $1000 to $10,000 bill that comes from a broken leg or other costly injury or illness that you would otherwise be a hardship to pay.

I also have Petplan (Gold Plan) but seem to be a little pricier than others here. $223 per year. $200 deductible, then covers at 100%.

Covers...

Vet fees$20,000
boarding $500
advertising and reward for lost cat $500
loss due to theft or stray $500
Death from illness or injury $1000
Vacation Cancellation. $1000

[Kitty-The-Cat]

I have Banfield's plan. For $300-something per year you get 2 full checkups, unlimited as-needed visits (though you have to pay if there is anything needed besides a plain visit with no action taken) and I think a dental examination. Pretty good deal.

[rightsaidfed]

Originally Posted by hal1

From a pure cost standpoint the numbers are clear. In general, over the life of a pet, insurance is not financially beneficial. (but neither is car insurance, I've paid $500 every 6 months for 30 years but have not had $30,000 worth of claims)

The researched AVERAGE numbers are pretty conclusive. You'll pay more in insurance than an average lifetime of vet bills would come to(not including routine care). But that is not what insurance is for. It's just that, insurance. It's to cover against that possible $1000 to $10,000 bill that comes from a broken leg or other costly injury or illness that you would otherwise be a hardship to pay.

I also have Petplan (Gold Plan) but seem to be a little pricier than others here. $223 per year. $200 deductible, then covers at 100%.

Covers...

Vet fees$20,000
boarding $500
advertising and reward for lost cat $500
loss due to theft or stray $500
Death from illness or injury $1000
Vacation Cancellation. $1000

You have the same exact plan and options I took (Gold/$200/100%). I paid $160 for the year. I had a coupon code and i believe i got an additional discount because i paid the year in full.


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[RockyandLily]

We looked into it but Rocky and Lily had already had diarrhea, UTI, and allergies so a good amount would have not been covered.

[Merlin_Guinevere]

The shelter I go to recommends pet insurance, and I am seriously considering getting it for my kitties. I really don't want to ever have to use it because I don't want any emergencies...but if it doesn't happen, I don't want to end up with a vet bill I can't afford to pay. Definitely considering it, for sure. Maybe next year or something...

[Tiliqua]

Originally Posted by doodlebug

Insurance is a for-profit business for the insurance company. That means in most cases insurance premiums will cost more than the vet bills they pay. So it's a gamble.

If you have the resources to deal with an emergency in the short term (e.g. a credit card with a few thousand open balance) then I'd suggest taking the amount of the premium every month and banking it. Unless you're someone who will not leave it there.

Exactly my thoughts - great post!

[Venusworld21]

Originally Posted by rightsaidfed

I considered this. I "self-insure" via savings for many things, but my concern was for a $4000 foreign object removal
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We had to do this with one of ours...she decided (after 5 years with us) to swallow holiday garland. It was $500 for xrays to see what she'd eaten and to have an endoscopy performed to take it out. I got the tinsel back, along with a dvd of the procedure. o.0


I keep a credit card (care credit) specifically for the pets. It's got a high limit so it can handle pretty much anything. And pretty much all the local vets know me because of my shelter fostering...for the really expensive stuff I've had to have done, they've always given me price breaks. To me, that's a better bet than insurance and then I'm confident I'm not just giving money away.