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Pet Insurance
noir_blood
Registered User regular
Registered User regular
Some might remember the thread I made last week about my dog having some issues with his poop. Malone's fine now, back to his usual self, but it got me thinking.
Taking the dog to the vet to have him run some tests and diagnosed two different pills ran me about 400 bucks. Thankfully, I been a lot more careful with my money and working overtime, so for once I was able to afford it. But at the same time, I also started to wonder what I would have done if he ended up having something obstructing his stomach and surgery had to be done, etc.
So does anyone have any experience with pet insurance? Everyone's always told me that it's a waste, as its expensive and rarely covers a lot, but I'm wondering if there's any program that is worth it?
Otherwise, I'm creating a pet fund from my savings and stock away like fifty bucks a month.
Taking the dog to the vet to have him run some tests and diagnosed two different pills ran me about 400 bucks. Thankfully, I been a lot more careful with my money and working overtime, so for once I was able to afford it. But at the same time, I also started to wonder what I would have done if he ended up having something obstructing his stomach and surgery had to be done, etc.
So does anyone have any experience with pet insurance? Everyone's always told me that it's a waste, as its expensive and rarely covers a lot, but I'm wondering if there's any program that is worth it?
Otherwise, I'm creating a pet fund from my savings and stock away like fifty bucks a month.
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For reference, I have a pure bred German Shepherd that weighs close to 100 lbs. and when he was only a few months old pet insurance was already going to cost close to $200 a month, had a longer list of stuff that it didn't cover than stuff that it did, and I still would've been on the hook for 30% of the bill if something it did cover were to come up - so if the freak $20k surgery were to come up, I still probably wouldn't be able to afford it.
They do not cover routine health checks and medications OR pre-existing conditions, however - so get it early and keep it paid up!
However, the reason people would buy insurance is because they are risk-averse, and in the low-probability scenario where something really expensive needs to happen, it will be covered. It's a transfer from people whose pets don't end up getting sick to those whose pets do get sick.
The reason that most people say pet insurance is a total waste is because if a $10,000 bill came along, they would rather have the pet put down than pay the expense, so because there's this outside option, the payout in the bad state is even lower than for most kinds of insurance.
So, when you ask whether pet insurance is worth it, what you should really be asking yourself is: Am I willing to pay (edit: $2/month) (roughly the expected loss on the insurance) so that, in the low-probability event that my dog gets a very large health cost, I will not have to put him down. That sounds like a heartless question, but it's essentially what you're asking.
If you do go ahead with the insurance, look very carefully at what is and is not covered in the plans, particularly in catastrophics. Also take a look at common conditions for your breed of dog and make sure that the two overlap. Typically the insurance company will have taken this into account and have it (actuarially) fairly priced, but if you're dealing with a less... reputable company (and believe me there are plenty), they will try to take advantage of you by making you pay more for conditions that are uncommon in your particular dog (but may be more common in dogs or pets generally) than you should.
One of them has developed a hip problem and it will cost upwards of 10k to put right. The insurance company has been great and we have had no problems with the vet just claiming payment and getting payment straight from them. Without this insurance we would have had to try to manage his pain if posible, or put him down. We couldnt imagine having to put down a dog purely because we couldnt afford to help them so we got insurance.
I would never have a dog without insurance, I would put it up there with "can I afford their food" when considering getting a dog.
So pet insurance is most certainly NOT a waste of time. Mine covers me for third party liability for up to £2 million, it's an extremly unlikley situation I'll admit, but it's nice to know if my dog causes an accident and I'm found liable I'm not totally fucked. There's also other useful stuff covered like aid toward the cost of placing ads if he gets lost and compensation for lost holidays if he gets ill and I have to cancel something I paid for.
So yeah, if you shop around and find a good deal it's 100% worth it, your dog needing surgery may be the most likley cost you'll face but it's not the only consideration.
i would say it depends on your type of dog. do you have a big or really active dog or a dog that eats/chews everything. might be worth it in case they develop hip or knee issues or get an obstruction
do you have a mostly sedentary house dog who sits in your lap all the time. probably worth just socking your money away
i am glad we have had pet insurance. yes we pay upfront, but you will be paying upfront regardless of whether you have it or not, I just get a check in the mail later. yes it is only 70-80% but that 70-80% i normally wouldn't get back.
shop around for sure as there are different plan levels at different costs.
At the current monthly amount I pay for pet insurance my dog would be dead of old age by the time I'd saved enough money to pay for an average (~£2000) operation. :P
Your homeowners and renter's insurance likely has that coverage already. You should see about removing it and cutting costs on either your pet insurance or homeowners. Most states require the renter/homeowners to provide it.
In your case, insurance is the better option. But most people pay much more than you do and get far less.
I'm living at home right now so homeowners/renters insurance isn't a thing I have to deal with. Does it really include all the pet related policies you get with pet insurance?
True, but even if he does what he said up there and puts away $50 a month it'll be over three years before he has the sort of cash a big vets bill can cost. And he won't have any cover if his dog does something that gets him sued.
It's like people have already said, it's a gamble. If nothing ever goes wrong then he's better putting the money away in a bank account, but if something does ever go wrong, and over a typical 10-15 year dog life span odds are good something will, he'll be glad he had the foresight to cover his arse. Peace of mind is worth spending a bit of cash on.
If not required by the state/insurance (mine requires it I believe), then, you should still get it since it probably get it because I'd be more inclined to believe Allstate or whatever would pay out before some pet insurance would.
I'm not sure how it would work tbh. The dog is mine, I bought him and am the registered keeper. The only connection he has to my folks is living in their house.
@Thanatos might know more about this, or maybe he doesn't.
38.15/month
oh and dog thread:
And no, homeowners insurance will not cover vet bills. You should really think of it at "accidental fire, vandalism, and theft" insurance.
though i think insurance on a pug is a good idea, they tend to get respiratory things and eye things
Just wanted to point out that unless you've got a different plan through Banfield than I do, that plan only covers routine maintenance for "good health" dogs.
Meaning the $60 a month basically covers all of the annual maintenance, shots, etc and trips to the vet are free, but the work they do is not. (I.E. your dog is vomiting uncontrollably, it's free to take them to the vet, but if the vet has to give them shots or do surgery you pay for that)
It's really just a better way of spacing out that $300-$500 annual shots and checkup costs over a year rather than all at once.
The thing Figgy has is the way to go. I'm pretty sure Pedigree still offers something similar, and both of them carry a deductible, but it's not much.
For sure. Every quote I look up has the radio button for mixed or pure-bred.
But as far as covering known breed problems, they should. They work that into the premium. A quote for a pug is higher than a quote for a pointer.
Read your policy. Read your explanation of benefits. Can't say that enough.
Stuff like this is very common. Often you can't be sure what they will actually reimburse you. There is no standards or regulations, so policy fine prints are all over the map. For me, the problem is always do I have the money in the first place? Gambling on some partial reimbursement later wouldn't do anything if I don't have the +$2000 to begin with.
I don't have a pet right now but when I do get one I was going to look into this company closer ---> http://www.petassure.com
1 Cat $7.95/month
1 Dog $9.95/month
2-4 Pets $13.95/month
"Supposedly" being a member gives you 25% off your vet bill right as you pay it (if your vet is a part of their network) and they have discounts at "some" stores as well. Before signing up to anything I will read the fine print and really look into if they like to pull a bunch of BS. Also make sure that at least one good vet in my area is a member.
Best way to save on vet bills is to shop around before you need one.. Prices can vary greatly. Like one vet might charge $600 for a broken leg and the other charges $1500. So check around and see what the prices are at different vet clinics in your area.
But no one says that when it comes to car insurance or home insurance?! Right. But over there, the stakes are in the tens of thousands of dollars, if not hundreds of thousands of dollars. What's the MOST your dog will cost you? Four grand? Five grand? Ok, it's a lot of money - but not worth the gamble.
If you do want to actually save money at the vet, I would suggest looking at veterinary discount programs. They usually have networked vets who agree to discount members, to promote business among the network. The largest network would have to be Pet Assure, with United Pet Care not far behind - though I'm not sure how many states have their coverage.
Yeah, that won't help you (at least not completely) with an expensive surgery. But you won't ever have to pay full-price at the vet either.
I have 3 within 15 miles. If they are good and affordable is a different question.
If your pet develops an expensive chronic condition, that they can't exclude because it's hereditary or pre-existing, there is a chance they will just outright drop you as a customer once your annual plan is up. No regulation means they can pretty much do anything they want. There are a lot of shady practices with pet insurance companies.
To each their own, but I believe that for most people its better to set aside the money they would spend on pet insurance and also make sure they feed nice food. Spending a little more on a quality pet food is probably about the best way to help avoid vet bills.