JenLane Poodles

The topic of pet insurance crosses every pet owner's mind at some point.  We ask ourselves, would it benefit us to have this?  In my opinion, pet insurance is expensive and useless. 

 

Pet insurance, like any kind of insurance, has a deductible and maximum coverage limit which means you will have to spend money out of pocket even though you have insurance.  Most of the time, you have to pay the vet and then get reimbursed by the insurance company.  Pet insurance companies also have a long list of things not covered, like hip and elbow dysplasia, congenital/inherited conditions, chronic renal failure, etc.  Visit http://www.akcpethealthcare.com/ to view more of theirs.

 

There are several companies out there that provide pet insurance and the fine print varies.  Some companies have plans to cover routine stuff like vaccines and spay/neuter while some companies only cover the major stuff like bloat or the dog getting hit by a car.  

 

Let's think about all the costs that go into owning a dog.  First of all, there is the purchase price, which by the way doesn't even compare to the hundreds to thousands of dollars that will be spent on the dog over the course of its life.  Then there are yearly vet check-ups, vaccinations, heartworm prevention, food, spay/neuter, toys, bedding. etc.  All of these things are going to be covered (if you can't cover these, you may want to re-consider owning a dog) with no problem.  On average, routine care might cost $1,000 a year for one dog.  But what if there is an emergency that exceeds what money we have?

 

My suggestion is to open up a separate savings account for the pets.  Each month, put the pet insurance premium (what you would pay if you had pet insurance) into the account and leave it there.  You consistently put money in there each month and before long, you have a nice account built up for those medical emergencies.  You may go years without having a major medical emergency which is great.  But when something does happen, you will be prepared and you won't have to worry about whether or not the insurance company accepts the emergency.  Sure, there may be something happen that you don't have enough money for, but most vets will work with you to help save your pet.

 

In the meantime of building up your savings account, another suggestion is to have a separate credit card just for those major medical emergencies.  Keep the balance at $0 or very low.

 

Recommending Reading:

 

Pet Insurance: Lifesaver or Ripoff?
http://www.answersforme.org/article.php?id=362

 

Should you buy pet insurance?
http://articles.moneycentral.msn.com/Insurance/AssessYourNeeds/ShouldYouBuyPetInsurance.aspx

 

If you do decide to purchase pet insurance anyway, please read the fine print before you purchase, and make sure your premium payments are NOT going to support animal rights organizations like HSUS or PETA whose main purpose is to eliminate our rights to own pets.