Pros and Cons of pet insurance? Does anybody have real life experience dealing with pet insruance?

Just wanting real answers on this questions Is it cost effective for routine medical treatments, experiences from real people? Thank you We generally average 250.00 a month for vet care. We have three large dogs and 7 cats All are in great physical health, on heartguard, flea/ticks meds, high quality food and regular groom. And excercised.

I have pet insurance, but I got it as a precautionary tool only. Mine doesn't cover routine medical treatments.

Confirm what you're buying, and be sure if you want the insurance to cover certain ailments and/or routine visits, that is what you're paying for. Also, consider the cost difference: it may be cheaper for you to just create a medical savings account for your pet - just a separate stash of money "just in case."

I think its well worth it if you got a cat or dog

Maybe your pets will be lucky and suffer no major problems, but chances are they will have to go vets and vets are very expensive.

Imagine if your cat/dog got ran over the operation would cost loads but with insurance its a lot easier.

You wouldnt want to see your pet die cuz you couldnt afford to pay the vet

Hi Like

First, a disclaimer: I work for Embrace Pet Insurance in Cleveland, Ohio, and have several years experience with pet insurance.

Pet insurance can be a little bewildering when you look at the various plans and options that are out there. But there are some common themes about pet insurance that you can apply to find the right plan for you and your family of 10 pets.

Let's start with the basics: insurance is designed to protect you against an unexpected, undesirable, and expensive event. Illnesses and accidents clearly fall into this category, routine care does not.

From a financial standpoint I would recommend that you avoid pet insurance that is bundled with routine care that you can't opt out of. Don't get me wrong, routine care is very important. It's just that when you get it bundled with the insurance you end up paying $1 to the company to get less than $1 back in benefits. Try to find a plan that offers it separately instead, if you can justify the expense.

So, in summary, no, I don't think pet insurance is cost effective for routine medical treatments.

Perhaps the best type of pet insurance you can get from a financial standpoint is major medical or catastrophic care that comes with a high deductible. Certainly with a family of 10 pets this would also be the most affordable. However it does mean that you would need to have the deductible saved up. Catastrophic pet insurance costs, depending on the age of the pet & the breed, around $20/month for dogs and about $16/mo for cats.

Here are some other questions you should ask of any pet insurance company that you talk to:

1. Does the pet insurance company give you a choice of deductibles, maximums, and copays to design a plan to suit your budget?

2. Does the plan cover genetic conditions?

3. Does the plan cover chronic or recurring conditions? So if your pet gets sick in year 1, does it cover the same illness again in year 2?

4. Does the plan come loaded with coverages that you'll pay for but probably never use, like "Lost & Found" or "Accidental Death"?

5. What is and is not covered? Is it clearly stated on their website or over the phone?

6. Does the plan pay claims based on a restrictive benefit schedule or the actual vet bill? You want to avoid benefit schedule plans because they will leave your pocket with a big hole.

7. Are there per-incident limits that effectively cap the amount you could receive back? For example, some plans have a $3,000 per-incident limit. If you had a claim for $5,000 with one of these plans then the most you would get back would be $3,000.

8. How long does the company take to pay claims?

9. What are the rules around pre-existing conditions? Are they excluded permanently or temporarily?

Our company just had a claim for $5,900 a week or two back for a Labrador that swalled string in NY state. Ouch. So pet insurance can and does pay.

Get the right plan & do your homework for your pets. Again, look at pet insurance as protection against having to choose between your pet's life and dipping into savings/credit card. Insurance is not an investment or a form of savings plan - you should not *expect* to get money back.

Hope this helps,

Alex
Embrace Pet Insurance
http://www.embracepetinsurance.com