Pet Insurance—Should you get it?

Do you have pet insurance?

I haven’t had pet insurance for two decades—it seemed to bring me bad luck. My first dog was insured and she was killed by a snowmobile, and then my next dog jumped off a cliff the day her policy went into effect. That insurance paid for several surgeries, but then went out of business—but this was in the mid-1990s. Things have changed a lot since then, and so have the costs of veterinary care.

When I get my next young dog, I’m definitely going to buy an insurance policy. Buffy, my cocker spaniel is ten-years-old and on the high end of buying a policy due to her age. So I’m keeping my fingers crossed that she doesn’t cost me an arm and a leg in the future. Other than her glaucoma issues, she has been healthy.

Dog getting a vet exam
Buffy at the vet.

My sister got a new puppy in December and I asked her if she was going to buy pet insurance, which is usually when the costs are the lowest since there are no pre-existing conditions. She said her old dog (who is 17) hardly ever needed treatment, so she didn’t think she needed it. Then her puppy required an emergency vet visit and surgery when her bowels became blocked. The final cost was over three grand. She said she has no choice since her vet doesn’t take insurance.

I had no idea if mine did either until I researched information for this article.

Most Pet Insurance Policies Reimburse You

Veterinarians typically do not directly process the pet insurance. You pay out of pocket, send in the paperwork, and get reimbursed. Of course, this requires you to have the money, or credit, to pay for the initial bill, but it frees you to choose your veterinarian.

But paying upfront could still potentially cause economic euthanasia, which is when veterinary treatment costs more than the owner can afford, so they chose to put the pet down.

Some pet insurance companies may allow payment to the veterinarian directly, although they will have to give their consent—similar to finding out if your medical insurance will cover a certain procedure or doctor.

What kind of Pet Insurance Policy Should You Buy?

Insurance falls under three main categories:

  1. Accident Coverage
  2. Illness Coverage
  3. Wellness Coverage

Accidents and illnesses tend to be the largest unplanned expenses where you can end up spending thousands of dollars for a single incident. You just never know when your pet could get hit by a car or jump off a cliff. You also never know when your pet could get a serious illness, like my sister’s puppy or the time my springer spaniel came down with a temporary paralysis that affected all of her legs.

Wellness plans typically include annual exams, blood testing, vaccinations, and potentially much more. These would be the typical veterinary expenses, which may run many hundreds of dollars each year. But since these are planned expenses, they can usually be budgeted, unlike an accident or illness.

Is It Worth Buying Pet Insurance?

 You probably won’t know that until the pet lives his full life and you add up the expenses. My sister’s 17-year-old dog didn’t need it, but her puppy does, or at least did for her one expensive illness. I definitely should have bought it for my dogs, although often it is cheaper to buy it when they are young and don’t have any pre-existing conditions.

There are many different companies and within them different policies, deductibles, annual maximum allowances, and reimbursement levels. You may want to use an online comparison chart such as offered by this website where the data below were published

https://www.valuepenguin.com/pet-insurance/average-cost-of-pet-insurance

 

Benefits of Pet Insurance

  • Can afford more costly treatments –it reduces your concerns on whether you could afford to help your dog.
  • Can choose your own veterinarian
  • Monthly payments let you budget

What to Look For in a Pet Insurance Policy

  • What are your out-of-pocket expenses, monthly or annual, deductibles, and copays?
  • Do you need to pay the veterinarian costs yourself and then get reimbursed or does payment go directly to the vet?
  • Review the exclusions. This can often be quite lengthy.
  • What does the policy mean by “medically necessary treatment?” Is it determined by your veterinarian or by the insurance policy?
  • Are their caps for each incident, annual, or lifetime?
  • Check if routine office visits are covered.
  • Check if dental care is covered.
  • Check for “continual coverage for chronic conditions” to make sure your pet will be covered for a chronic illness.
  • Does the policy cover prescription drugs?
  • Is there a cut-off age for senior pets?

Also, be aware that costs, like your own health insurance, will likely increase over time and as your pet ages.

For my next puppy or young dog, I plan to buy accident and illness insurance.

Do you have an insurance plan? If so, what is the general type?

To read more, check out these websites:

9 thoughts on “Pet Insurance—Should you get it?”

  1. I do have pet insurance on my cats. I’ve been with Trupanion for over 10 years. They do function on a reimbursement payment, but will pay the veterinarian directly if everything is approved. I would have a pet without pet insurance.

  2. Such a great and informative post! I chose not to get pet insurance on my five Siberian Huskies because back then there was not a lot to choose from, and there we so many stipulations that it was not clear on what actually would be covered. Plus, if a dog became ill, say seizures, they could turn it down due to possible genetics. The insurance waters were just too muddy for me to shell out all that money for five. Over the years we’ve had emergency surgeries, CCL surgeries (on two dogs), and epilepsy. I have always wondered if any of that or the tests would be covered now. I would definitely look into today as the options seem to be much better than almost 15 and 12 years ago. I’m Pinning to share, and to keep for future reference!

    • Thanks for sharing! With 5 dogs insurance can get very expensive – but so can the vet bills! Your story sounds similar to mine, that you made a decision a long time ago against it, but may now be reconsidering it. Insurance is a gamble. Sometimes you’re glad you have it (when you need it) and other times you wonder why you are paying for something you’re not using.

  3. Great post and I am blessed as Layla is a client of the PAWS organization so we do not have to worry about that as we get a credit with the vet every year to cover all. But I do tell people they should have for an emergency

  4. I’ve had insurance on both my cats (in the past). I’d recommend insurance for pets, however like you mentioned it is a cost. And many people are just trying to make ends meet. However, if you don’t have insurance or saving up for a plan you can afford, pet parents shouldn’t neglect getting exams or basic wellness services like rabies/ spay & nueter. Search out low cost clinics in your town to help with basic wellness expenses. Also, many many not realize but when the time comes for your pet to cross Rainbow Bridge, pet insurance will reimburse you for final expenses.

  5. Thanks for such an informative post. I’ve never had insurance, even when I had kittens. Thankfully I never needed it…until I did. It’s so confusing between the number of companies selling it to what’s covered, what isn’t, and what you didn’t think to ask about!! One of my neighbours had insurance for her dog, so it covered him for the ear infection he got, but not for the infection he got in his other ear later on. Pre-existing condition they said.

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