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Are Pet Insurance Plans a Good Idea?

Have you heard of pet insurance plans?  I hadn’t until I got married.

Go ahead and congratulate me.  I’m married now and couldn’t be happier.  I married one amazing person but gained two roommates:  My wife and her cat.  Now I’m not a pet lover nor am I a pet hater.  I’m indifferent and because of that I have a problem understanding how people can see their pets in the same way that they see a child. 

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I don’t think they’re wrong, I just don’t understand it so when I look at how much medical care for a pet can be, I don’t understand why anybody would pay so much.  (I know, I’m cold hearted and a bad person for it.)  You probably now understand why I hadn’t heard of pet insurance plans.

Knowing this, how do you think I felt when I found out that you could buy pet insurance?  Does tree insurance exist?  What if my chia-pet starts to die?  Can I get insurance?  OK, I’m done with the jokes.  For those of you who love their pets that much, let’s take a look at pet insurance plans and if it’s a good idea for you.

Many agree that pet insurance is designed for the rich.  The premiums are often high, the payouts are low, and often the money for the procedures often has to paid up front which means that even if you have insurance, you have to have some means of paying upfront.  Next, often the pre existing conditions prohibit payouts and even worse, some policies won’t pay for common problems that strike certain breeds of animals.

Read the below quote:

…a Consumer Reports article from [way] back in 2003. This article detailed the basic economics of pet insurance and concluded that, unless you plan on being a “heavy user” of vet services, you’re better off without it. However, most of you reading this are heavy users; otherwise, you wouldn’t have any interest in this piece or any other vet-opinionated post of mine. So I’ll give it to you straight: You should probably invest in pet insurance. Because what CR suggested back then is even more true today. While, 4 years later, your GP vet may not charge substantially more, the hot new procedures on the veterinary horizon certainly do.

The bottom line is that it would be much more advisable to start a savings account just for pet expenses. It would be a much better deal than paying for one of the various pet insurance plans.  Find out what the premiums would be and pay it to yourself in to a savings account.

About The Author

Tim Parker is the owner of @ECS, LLC a company specializing in financial and small business content. His writing has appeared in many of the top financial blogs including Investopedia, Yahoo! Finance, Benzinga, Business Insider, Forbes, and the Intuit Small Business Blog. Find him on Twitter @expositioncreat Elementary Finance is an ECS Property.

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Comments (3)

  • Andy@litter kwitter reviews

    The great thing about pet insurance is that you can work out what you can afford to pay and can be confident that whatever happens to your pet you will be able to give them the treatment that they need. If you save then you may not have enough saved to give them they medical care that they require and it could also work out considerably more expensive than the cost of the insurance.

    Either way it’s a gamble!


    Andy’s last blog post..Outside Cat Houses – A Home Away from Home

  • David@Wedding Photographers Nottingham

    We have 3 cats. The 2 female ones barely have any accidents but the male cat gets into all sorts of scrapes – barbed wire and broken glass injuries, infections after fights with bigger cats. We have insurance for all 3. By my calculations, we’re £down on the first 2 but £up on the later. At the last incident, we ended up in an emergency surgery at midnight. The last thing you want to worry about when you’ve dragged the family to a vet in the middle of wherever, during the night, so save the family pet, is the cost. The veterinary nurse says, “Pet Insurance”. We say “Yes” and she says, she’ll; phone the on-call surgeon.

  • ruby@okc wedding photographer

    We thought we didn’t need this not until our dog gave birth thru caesarian.It was so costly so after that we get her an insurance.

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