Is pet insurance really the way to go?

Not necessarily. Having investigated the major pet insurance providers as a possibility for our clients, I can tell you that they may not be the best option for pet owners. However, for owners with accident prone pets, certain breeds, or certain financial situations, it may work out for the best. You’ll have to look at the various options offered and decide what’s best for you.

I had pet insurance long ago – it was a huge waste of money for superficial coverage. So I canceled it and that was really the way to go.

My roomies didn’t get insurance for their dog. She has developed serious bladder trouble over the last year. When one considers the costs of all the vet visits, dog hospital emergency visits, cost of prescriptions, etc. now coming out of their pocket, they wish they’d’ve gotten something.

Insurance is for peace of mind. If you feel better having it and you can afford it then… Good.

I always say if my pet gets hurt or sick and I need to take $2000 out of the bank.
What do I do if I get sick? Well, spent it on the pet.

I love my dog but when is caring for your pet go too far? When it takes away from your health or your families?
It is a tough call… I mean who am I kidding. I would break the bank in order to save my dog. But is that right?

In my opinion, it is much easier and wiser to set up a savings account specifically for your pet and contribute an amount to it monthly then to purchase pet insurance. However it depends a lot on your pet and what type of diseases or injuries it may have in its lifetime. For instance, I own healthy reptiles, bearded dragons. I’m not even sure if there is reptile insurance. I doubt they would be able to survive any serious surgery. However I still have some money set aside in case they showed signs of illness and I know of a reptile vet in the area to whom I would go in case of a medical issue with them, because I would want to learn what it was, what caused it, and how to prevent it in the future.

On the other hand, take a golden shepherd. One, dogs stand a higher chance of injuries than reptiles in a tank. Two, that breed is known for hip dysplasia. So if I were to have one, I would consider setting up a large enough savings fund to cover such emergency surgery.

In general though, I don’t think that insurance is a good deal for pets. It simply doesn’t make sense for them. If you can afford pet insurance, you can afford to save that money in any savings account in case of a pet emergency. Then if you have no troubles, you can roll that over to a next pet or keep it as a pillow.

@dynamicduo Good point. Thank-you!

Pet insurance is NOTHING like our own insurance. It is usually more of a “wellness plan”. Wether or not it would be cost effective would take quite a bit of research on your part and will depend upon what kind of dog you have since many of the companies suppling this “insurance” have quite a few restrictions as to what is covered depending upon the breed. For example; if you own a German Shepherd or other breed that is predisposed to or known to have hip dysplasia, the insurance will probably NOT cover that problem.

The most important thing to check out when looking for pet insurance is the exclusions and the deductable. We chose the savings option that @dynamicduo describes because everything that our dog had already had (and she was the most expensive dog I ever had) would have been excluded under the plan.

To be honest, I am glad that I have all my animals covered with insurance. I am very aware that I could be paying money each month that I may never benefit from but I know that if I were to get a huge vets bill right now, I would struggle to pay it. I do like @dynamicduo suggestion of setting up a savings account though!