Do you have insurance on your cat or pet tell me - Cat Forum : Cat Discussion Forums
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post #1 of 13 (permalink) Old 07-03-2008, 08:07 PM Thread Starter
 
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Do you have insurance on your cat or pet tell me

Hi Everyone...as some of you know about Grissom after his surgery we have insured him and our dog pepi....pepi is 6 yrs and grissom will turn 3 in september. Everyone I have asked is a 50/50 on the whole thing. So I would like to ask...

1. what insurance do you have if any and your experience with it
2. if you dont have insurance why? What
3. other methods do you use.


We got into a conversation about it with local pet store owner and well now I am wondering if its better to stick the money in a seperate account all together.

We have VPI insurance....cost is nearly 100.00 a month for both pets.
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post #2 of 13 (permalink) Old 07-03-2008, 08:31 PM
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My mom's three cats all have a kind of insurance offered by the vet. It's definitely not as expensive as yours, my goodness, $100 a month could insure a human! Her insurance is called a wellness plan and it's payed annually. It covers one check up per year, some other stuff and discounts on vaccinations, emergency services etc. She also keeps a "pet emergency" virtual account in her savings account and adds money to it each month. I also have an emergency "envelope" for Sebastian...I put money earned from my side job as a tutor in there.

Robin and...
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post #3 of 13 (permalink) Old 07-04-2008, 12:05 AM
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i know nothing about insurance... do people have to pay into their people insurance? How does it work if my dads is through his work - do they pay into it?
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post #4 of 13 (permalink) Old 07-04-2008, 02:18 AM
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That varies from country to country. In the US many employers offer health insurance as a benefit to their employees. The employer pays most of the cost of insurance and the employee pays for the rest. For example, I pay $50 a month for my plan and the university I work for pays for the rest of it.

You can't get human insurance for $100 a month in the US unless your employer is footing most of the bill.

As for cat health insurance -- any insurance that isn't subsidized by someone else has a negative expected value -- ie, the odds are you'll get less out than you put in. If insurance companies paid out more money than they took in they wouldn't make money. The official economist position is that you're better off only insuring for catastrophic losses -- things you absolutely couldn't afford to pay for is something happened (like totaling your car or your house burning down). However, there arguably is something to be said for peace of mind!

I put $50 a month into a high-yield savings account reserved for emergency vet expenses -- leaving me in the interesting position of having to borrow money from my cats to pay for my move. (My new job pays quite a lot more so there shouldn't be a problem paying it back. Hopefully they'll accept kibble as interest.)
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post #5 of 13 (permalink) Old 07-04-2008, 04:59 AM
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I am really glad we had poor Jimmy insured. We had only had him for 3 years when he developed a brain tumour. The costs of the tests and treatment was about £2k. During the time we had him we must have paid about £350 insurance premuims. So it would not have helped us if we had been putting that amount in a separate account.
Sadly there was nothing that could be done to save poor Jimmy, but at least we knew that he had been given every possible chance. We would never have been able to afford it without insurance.

seashell
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post #6 of 13 (permalink) Old 07-04-2008, 07:55 AM
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Quote:
Originally Posted by Bethany
That varies from country to country. In the US many employers offer health insurance as a benefit to their employees. The employer pays most of the cost of insurance and the employee pays for the rest. For example, I pay $50 a month for my plan and the university I work for pays for the rest of it.

You can't get human insurance for $100 a month in the US unless your employer is footing most of the bill.

As for cat health insurance -- any insurance that isn't subsidized by someone else has a negative expected value -- ie, the odds are you'll get less out than you put in. If insurance companies paid out more money than they took in they wouldn't make money. The official economist position is that you're better off only insuring for catastrophic losses -- things you absolutely couldn't afford to pay for is something happened (like totaling your car or your house burning down). However, there arguably is something to be said for peace of mind!

I put $50 a month into a high-yield savings account reserved for emergency vet expenses -- leaving me in the interesting position of having to borrow money from my cats to pay for my move. (My new job pays quite a lot more so there shouldn't be a problem paying it back. Hopefully they'll accept kibble as interest.)
LOL... If you miss a payment, it'll mean a week of missing the litter tray.
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post #7 of 13 (permalink) Old 07-04-2008, 02:04 PM
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Oh, there's no question that sometimes you'll be better off with the insurance. It's just that most of the time you won't be.

When I say negative expected value, I mean something like a gamble with an 80% chance of losing $50 and a 20% chance of winning $100. It's certainly possible you'll come out ahead, but the odds are you won't. (The expected value of this gamble is -$20).

Homeowner's insurance insurance is something like (I'm totally making this up) each year taking a gamble with a 99.99% chance of losing $700 and a 0.01% chance of AVOIDING LOSING $300,000 dollars. You do it anyway because even though the gamble has a negative expected value (-$670) you don't have $300,000 to replace your home and possessions: you do it to avoid the risk of catastrophic loss.

Buying insurance can also bring peace of mind, which may be worth the extra money as well.

So there are several things to think about, including what would happen if you got unexpectedly hit with a vet bill of several thousand dollars and how much the peace of mind is worth to you. However, don't go into it expecting to save money with the insurance. There's a chance you will but it's more likely you won't (if that weren't true, the insurance company would lose all its money and go out of business!)
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post #8 of 13 (permalink) Old 07-04-2008, 02:59 PM Thread Starter
 
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Well VPI covers A LOT of things that can go wrong...I mean NEVER ever did I think grissom would get so sick that he would need sugery...1 week in the hospital plus sugery totaled just under 10K....i had to put it all on my CC. Had we had VPI it could have been alot less stressful....

Insurance is all about the risk we all know that...thats why we have, health, car, home, etc etc,...we never know whats going to happen but we pay out the money INCASE something does happen.

I guess everyone is going to have a different opinion right? To each their own....I still dont know where I stand but atleast for know I have piece of mind until I decide other wise....
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post #9 of 13 (permalink) Old 07-04-2008, 10:35 PM
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Arianwen has the free six months of insurance that came with her Home Again microchip.
I haven't had to make use of it, though.
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post #10 of 13 (permalink) Old 07-05-2008, 01:01 AM
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LOL! I love your borrowing money from your cats. thats too cute!! lol.

I think what ill do later is just have a savings account for the babies (furbabies that is). i have a bit already but not nearly enough. theres only like $200 or so in it... but simbas big emerg vet bill was like $750.

it would be super neat if employers paid into vet bills, but probably vets dont even get their vet bills paid for by their employers (for the things they cant just do themselves).

imagine being a vet. you could test your cats own pee, look for worms, so many things like that for free.
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