Let's talk pet insurance...
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Thread: Let's talk pet insurance...

  1. #1
    justine's Avatar
    justine is offline Senior Member
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    DefaultLet's talk pet insurance...

    I've been doing a bit of researching on pet insurance and the costs/benefits. With all of the things I've taken Abbey in for as of late, I could have saved myself a lot of money..

    Plus I keep asking my self those "what if" questions and what I would do if something happened and Abbey needed immediate, costly surgery. Thankfully I know ahead of time that my vet has one of those pay-over-time options, but it's still something to think about.

    So my question is, do any of you have pet insurance and if so, which company have you gone through? Also, how much of a monthly premium are you paying and what does it cover?

    If anyone isn't comfortable throwing numbers out there, feel free to PM me.

    Justine

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  3. #2
    Di
    Di is offline Senior Member
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    No pet Ins. but Sammi has her own savings acct. just incase I add money too it every month, its in the budget- hopefully we never have to use- but it will always be ready for her or our next pup if needed!

  4. #3
    BauersMom's Avatar
    BauersMom is offline Senior Member
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    We looked at the rates, and decided to create a savings account. Like dipete, it is in our budget and we pay into it each month. We don't use it for normal vet visits, but it is there if we really need it. We are saving for the "what if" and for the long term. My parents have a 13 year old lab, and spend about $300/month for special food and medication for him. We just wanted to make sure we were ready if that ever occurs.
    Debi and Bauer
    Some people are like slinkies. Not really good for much, but bring a smile to your face when pushed down the stairs.


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    oakley is offline Senior Member
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    I do have insurance. My premium just went up to $16(and change) a month.
    I lucked out really. I invested in it when Oakley came home. She has a bladder conditions that requires daily meds. $80 a bottle. And I have had to go to the emergency clinic before as well.

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    Buddy and Bailey is offline Senior Member
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    I had pet insurance but gave it up because all my dogs injuries have been in the mouth and they considered that dental work. I opened up a saving account and put in $50 a month which is way less then I would pay for 2 dogs and a cat for pet insurance. Adds up pretty quickly

  8. #6
    HersheyK's Dad's Avatar
    HersheyK's Dad is offline Senior Member
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    Went through this decision about 18 month ago. I basically decided that I did not trust the companies on what would be covered. All I got was x% or reasonable and customary. I asked what that was for my area. Got told it would be included in the package when I signed up. Couldn't get it before committing. Then there was the deductible and who decides what is pre-existing. So, the saving accont for canine emergency came to be. And the good part is that it pays for everything! No deductible, no x% or reasonable and customery, no pre-existing exclusion, pays 100% of all meds, and it even covers treats for the poor doggie if she gets sick.
    Hershey Kisses, In charge of getting Ed out to the dog park so that he gets some exercise.

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    Labradorable's Avatar
    Labradorable is offline Senior Member
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    We are debating pet insurance for the new pup. I like the idea of the savings account though ... I will suggest it to my hubby.
    ~Samantha
    Dozer (04/01/09) & Moose (01/02/13)
    Cybil (02/02/00 - 02/20/09)



  10. #8
    Bob Pr. is offline Senior Member
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    Consumers Reports had a long article on pet insurance about 3-5 years ago that would be valuable for you to read; you can go to your local library and look it up in the CR index.

    In general, IMO the odds of coming out ahead are a little similar although far from AS bad as investing weekly in the hope of winning the lottery.

    Pet insurance is sold by profit making companies. They provide a service (which costs them money) for a fee which covers the cost of providing the service PLUS portions from your monthly premium which also goes:

    -- to the company executive salaries and benefits;
    -- to their employees and for their health, retirement, and leave benefits;
    -- to their legal staff;
    -- for advertising;
    -- for the buildings and maintenance; and
    -- for profit on investment to/by the shareholders,
    -- etc.

    For most people, it'll be far cheaper to self-insure -- and you often have more control over which vet treats your dog. That's because some insurance companies negotiate with particular vets to charge (to the insurance co,) a reduced fee for service in exchange for the potential of an increased number of referrals. So you may be restricted in which vet you can see.

    IF it's determined by the insurance company that the treatment was for a pre-existing condition, it's usually excluded from coverage.

    SOME insurance companies drop you at anytime when their costs of providing you service exceeds a level they consider detrimental to their economic survival.

    Remember, these companies are in business to make a profit.

    A few people DO come out ahead for large, covered expenses but these are in the minority; if they were in the majority, the insurance company would go broke,

    Remember, these companies are in business to make a profit.

    IMO, most people will come out much further ahead by "going into business for themselves" and setting up their own system much as HersheyK's Dad/Ed and others have recommended.

    JMO

    Last edited by Bob Pr.; 05-02-2009 at 01:03 PM.
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  11. #9
    lab addict is offline Senior Member
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    I have insurance for Henrietta.......to me a $450 per year policy that, in the last 6 months, has paid for over $6000 in surgery, medication, CT scans etc is great value!

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