Posted by Mary
Should you get pet insurance? If you’re an over-the-top pet parent like me, it sounds good! Who wouldn’t want to give their furry friends the medical attention they deserve. I have a pet insurance policy for my dog Josie through Petplan. I selected them over other pet insurance companies because I thought their deductible levels and annual veterinary expenses allowance were better then their competition. In 2015, I paid $450.00 for this plan:
- Annual veterinary expenses allowance: Unlimited
- Deductible per condition per policy term: $300
- Reimbursement level: 90 percent
In 2016 when it was time to renew, the same plan increased to $525.76. I thought that was too high so I downgraded the plan. My decision to keep the insurance was after a few weeks of hemming and hawing over the decision. I ended up buying the insurance because I remember the awful feeling of having to pay $25,000 in veterinary bills for my late cat Elton Scoobie’s cancer treatment.
So far I have not used any part of the plan. Josie has some aches and pains but has not needed anything beyond routine medical care, which is not covered by my pet insurance. She did have a few acupuncture treatments, but again, any extra services like that were not covered.
On top of that, you may remember a recent post about my 1-year-old cat Farley Waddlesworth, who ate one of my hair ties and a bunch of other things. That bill was more than $1400. If Farley would have had insurance, that WOULD have been covered. I didn’t get coverage for him because he’s so young and healthy. I didn’t think about the fact he would have accidents.
When it comes to pet insurance, it really has not helped me. When you get it, you’re rolling the dice on whether your animal will need it or not.
LendEDU recently came out with a study about pet insurance. When their researchers starting looking into the topic, they discovered there wasn’t much information, so they decided to collect their own data by surveying a representative group of pet owners. They found some really interesting stuff:
- 27 percent of dog owners spend less than a hundred dollars on their pet’s insurance, while 26 percent spent between $100 and $200.
- Only 15 percent of dog owners have pet insurance and only three percent of cat owners
- 76 percent of the pet owners have heard of pet insurance
For those who have pet insurance, the research found:
- 30 percent of pet owners bought a plan between $100 and $200.
- 82 percent found pet insurance to be worth it
- 47 percent of users took advantage of the insurance for minor issues while 32 percent used it for a serious problem
The study also claimed people without pet insurance think it’s too expensive and people with pet insurance think it’s worth it. As of right now, I can’t say what I will do next year when my policy for Josie is up. So far I have invested $900.00 in insurance and haven’t taken advantage of it. I am just going to have to assess the situation at the time…her current health and the cost…to see if I will continue. Some of my pet owners friends say I should have taken that money and put it in a bank account designated as a “pet rainy day” fund. But as we say here at Whisker Fabulous — “to each, his own.”