A few weeks ago we received an email from someone who adopted one of our dogs about a year ago. The dog had just had an operation which cost 800 euros , luckily they had pet insurance and asked us to blog about the subject. This is certainly a very controversial subject; some of us have it whilst most of us don’t.
So is pet insurance worth it? Should you pay a monthly instalment for peace of mind, put an amount away per month ‘just in case’ or worse, do nothing and have no plan in place. Many pet owners want to know why they should invest in a plan to cover their family pet. Wouldn’t it be easier to stash those monthly payments in a savings account, just in case a major medical event should arise? While putting money aside is always a good plan, it does not always provide the extended financial cushion that the right insurance program can offer. But of course there are lots of insurance companies with lots of plans!
One of the main complaints is that routine checks and vaccinations are not covered by pet insurance. Well of course they aren’t! We all have car insurance and tyres and oil changes etc aren’t covered and if they were to be we can imagine the premiums. With pet insurance the scenarios aren’t so different. Take a young Labrador, playing in the snow with a friend, a slip, a yelp, a ruptured cruciate ligament, operation and follow up therapies costs thousands. Should your pet develop a chronic illness or heaven forbid cancer, diagnosis and treatment will very costly, very costly but these costs would be covered by pet insurance. Should you not have insurance you really need to consider what your options would be? Can you afford to pay on-going costs for the rest of the pet’s life?
So the main advantage of pet insurance is that you do not have to worry about not being able to afford a vet’s bill.
The disadvantages are the cost; it may increase with the age of the pet and the fact that not all illness are covered by all policies. Shop around and read the small print!
Pet Insurance is without doubt a risk assessment, or, to be blunt, a gamble. You might be lucky and have a healthy pet that only has to visit the vet for routine treatments. In that event you might regret having forked out all those insurance payments. But, if you and your pet are less fortunate and you are confronted with vets’ bills for major operations, you’ll be really glad that you did take out insurance. For me, the peace of mind is well worth the monthly payment. What do you think?