Jay Posted May 14, 2012 Report Share Posted May 14, 2012 What are everyone’s thoughts on Pet Insurance? Do you carry it or no? I am researching to see if it would be a waste of money or a good investment. There are so many choices that it can be a bit overwhelming. If you do have insurance, what company do you use? The main ones that I have seen are from ASPCA and VPI insurance. They also offer wellness plans, but I did that math and what I paid so far for Nikko was pretty close to what I would have paid for the Wellness plans. I have also heard that you are better off just putting the amount you would pay for the premiums in a savings account each month, then if something happens you will have some money saved up. Any advice? Quote Link to comment Share on other sites More sharing options...
Mazz Posted May 14, 2012 Report Share Posted May 14, 2012 We have PetPlan on Zoya. It only covers injuries and illness. Does not cover regular vaccinations, maintenance drugs for heartworm, or teeth cleaning. Premium is about $200 per year. There is a deductible and a cap. We have filed one claim in three years. I had to pay the vet, then submit the invoice along with Zoya's records, and photos of before and after of the injury. Took less than a week to get reimbursed. Sent from my HTC Desire using forumrunner. Quote Link to comment Share on other sites More sharing options...
Sarah Posted May 14, 2012 Report Share Posted May 14, 2012 i'm in the uk so won't use the same insurance companies as you but all my 3 are insured, costs me about £50 a month but i know i'm safe with that, foe me it's peace of mind, having 3 boys i'm not taking the risk although some people do keep money aside just in case Quote Link to comment Share on other sites More sharing options...
Rosemary Posted May 15, 2012 Report Share Posted May 15, 2012 Living in SA things are a bit different - we only have two companies who insure pets, one is a reasonably good company, the other one.......... We opted for a savings account, the day to day costs like their frontline/deworming etc we pay out of pocket, the savings is only for emergencies. We have had the account for two years now, they have more in their vet fund than I have in my bank account If you opt for a saving account, you really need to be disciplined, otherwise it won't work. Quote Link to comment Share on other sites More sharing options...
sutsibe Posted May 15, 2012 Report Share Posted May 15, 2012 I've had so few emergencies up until the last year that I haven't ever felt it was worth the money to pay for the insurance, especially having heard a number of stories about people who had it, paid into it for years, only to find out that whatever their pet suffered from wasn't covered (fine print)! I think I would opt for the savings account option if it were my decision... Quote Link to comment Share on other sites More sharing options...
Ravenwolf Posted May 15, 2012 Report Share Posted May 15, 2012 I'm pro savings account also. I've had a bad run of large vet bills in the last three years and the savings account has always saved the day. You just have to look at it as emergency pet money only and not touch it for anything else, ever. Here's my reply from a previous thread about insurance and my take on it: Twice I've explored insurance options, and for what they cover I've never understood how they're worth it. For example, this one particular plan costs 70$/month, or 850$/year. It pays 150$ toward vaccinations, etc, so we'll say it's essentially 700$/year. Assuming my now 3 year old dog lives to be 14, I would have to claim 7,700$ in vet bills to make the insurance worthwhile. And since that's 70% coverage with a 100$, then 150$, then 200$ deductible (as the dog ages), that means my total vet bills would have to be at least 10,000$ over the life of the dog. That maybe worth it if something awful and complex happens happens like cancer or multiple major surgeries, but even so, getting paid out for that 10,000$ just puts me back to even - I would have spent that money anyway. And in the event of something like a cruciate ligament where if one leg goes the other is extremely likely to go also, they'll only cover the first one, so if I wanted my dog to live I'd still have to fork out another 5,000$ for surgery. For perspective - to date I've never even had that much in expenses over the life of a horse nevermind a dog or cat!!! ETA: Bare bones coverage at 20$/month (100% to 1,000$ per selected injury - 7 basic covered only - and 500$ for first-time illness - max 2 claims/year) less 75$ deductible for each claim - is 3,000$ over the lifetime of the dog. This is more a typical amount that a pet owner should be budgeting for anyway. You still have to pay the deductible, and if your dog does get an awful illness, 500$ is only going to cover the first, maybe second visit anyway! You're out of pocket for the rest! So my opinion of pet insurance is that it's no different than roulette - the odd person may cash in big, but mostly, the house always wins. Quote Link to comment Share on other sites More sharing options...
Biggles Posted May 15, 2012 Report Share Posted May 15, 2012 I have my two covered by pet insurance which cost my £70 a month, however it is the gold star life cover policy. I'm a worrier as far as their health is concerned so I pay it for the peace of mind. I know some members of the forum have had problems with their husky's eyes and that the bill was astronomical. I do know people who have a savings account for their dogs which I think I would have if I had more than 2 dogs. Quote Link to comment Share on other sites More sharing options...
Tams Teeko and Keeta Posted May 15, 2012 Report Share Posted May 15, 2012 We pay for the simple reason that, knowing my luck, if something bad were to happen before the savings had built up we certainly wouldn't have the funds to cover it. We had only had Keeta 2 months before we had to access her insurance! Quote Link to comment Share on other sites More sharing options...
Jay Posted May 15, 2012 Author Report Share Posted May 15, 2012 I think I may just do the savings account thing, especially since he is only 5 months, if I put 30 bucks a month then I would have almost $6k when he is 15. I did the math and if you account for deductibles and the fact they only pay 80-90% his bills would need to be over 7500 for it to make sense to get insurance. For the wellness plans, I would have lost money. For the first year, provided Nikko has no issues, I would have paid a total of $600 (includes shots, neuter, heartworm, flea/tick). If I would have bought the wellness plans it would have cost me a total of 900. That is taking into account the amounts the insurance would pay me back, as well as the insurance premiums for the first year. I still come out $300 ahead after 1 year. So I think that unless your vet charges a ridiculous amount, then especially the wellness plans are a waste of money. Quote Link to comment Share on other sites More sharing options...
Jay Posted May 15, 2012 Author Report Share Posted May 15, 2012 I've had so few emergencies up until the last year that I haven't ever felt it was worth the money to pay for the insurance, especially having heard a number of stories about people who had it, paid into it for years, only to find out that whatever their pet suffered from wasn't covered (fine print)! I think I would opt for the savings account option if it were my decision... Exactly! Not only would I have paid much more if I got insurance, you always run the risk of the insurance company saying "sorry, we don't cover that" or "it is a pre-existing condition". They are just as bad as people insurance lol Quote Link to comment Share on other sites More sharing options...
LittleLuka Posted May 15, 2012 Report Share Posted May 15, 2012 that's my major worry. i buy pet insurance, luka gets ill, and then they won't cover it. Quote Link to comment Share on other sites More sharing options...
Jay Posted May 15, 2012 Author Report Share Posted May 15, 2012 I know what you mean. I think I would rather max out my credit card rather than paying an insurance company for years only to have them not cover it! Quote Link to comment Share on other sites More sharing options...
sutsibe Posted May 16, 2012 Report Share Posted May 16, 2012 My other concern, which I hadn't thought about the other day, is that the company might go out of business and leave you with nothing... Quote Link to comment Share on other sites More sharing options...
Jay Posted May 16, 2012 Author Report Share Posted May 16, 2012 My other concern, which I hadn't thought about the other day, is that the company might go out of business and leave you with nothing... Wow! I havent thought of that! Another reason not to get insurance. My vet warned me to be careful when selecting companies. Unlike people insurance (which is bad enough as it is!), I don't think pet insurance companies have any regulation or accountability whatsoever. There are a lot of scams out there Quote Link to comment Share on other sites More sharing options...
sutsibe Posted May 16, 2012 Report Share Posted May 16, 2012 I'm working for my vet for a couple of months while their regular assistant is out, and there was recently a case where a pet was being tested, both at the clinic and at Iowa State Vet School, and they spent a great deal of money on it. They had been insured for over a year, and at the time when they went to renew their policy, the animal was diagnosed with an incurable form of cancer and was euthanized. The company refused to renew their policy and declined to pay their vet bills because the cancer (which was diagnosed for certain after they sent in their renewal but before the company had finalized their paperwork) was a "pre-existing condition"! Quote Link to comment Share on other sites More sharing options...
Ravenwolf Posted May 16, 2012 Report Share Posted May 16, 2012 I'm working for my vet for a couple of months while their regular assistant is out, and there was recently a case where a pet was being tested, both at the clinic and at Iowa State Vet School, and they spent a great deal of money on it. They had been insured for over a year, and at the time when they went to renew their policy, the animal was diagnosed with an incurable form of cancer and was euthanized. The company refused to renew their policy and declined to pay their vet bills because the cancer (which was diagnosed for certain after they sent in their renewal but before the company had finalized their paperwork) was a "pre-existing condition"! That's appalling. Just another reason I'm anti-insurance. They'll look for any loophole to get out of their agreement, and it's buyer-beware - you have to really read the fine print to determine what's even covered and what's not. As far as I'm concerned, if you're paying for insurance, it should be non-routine vet bill = payout. I get excluding pre-existing conditions (people forget that insurance companies are there to make money, insuring you is merely incidental and why would they cover something they know they'll have to pay out?), but how can a condition be considered pre-existing if it was non-existent the previous year?! They might be able to get away with it if there was a lapse in coverage, but if not it's complete BS. Sounds to me like something those people should be suing that company over, and I'm not one for leaping on the lawsuit bandwagon! Quote Link to comment Share on other sites More sharing options...
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