pet insurance rip off or good idea?

[asscherisme]

And if good idea, who would you recommend and who would you stay way from?

I posted in another thread that I''m getting a puppy and am wondering if I would be better off buying pet insurance or putting a certain amount away each month into a special savings and go to that if I have an emergency with her?

 

[sctsbride09]

Not sure how to vote, but my answer is A. We have a dobie with some health issues, so for us it has been a great deal. I will just put it this way, it has saved us at least 3 thousand dollars over the past 2 1/2 years. What breed of dog are you getting and are you getting him/her from a breeder or a shelter? Some breeds (like dobies) are more prone to health problems, so if it was a dog that could have genetic issues of any kind I would get the insurance. If not, I would put money in a seperate account, thats what we do for our chi mix, because he is so healthy, we only have to pull money for his shots, vet visits, and such. Hope that helps, and have fun with your new puppy!

 

[asscherisme]

I am gettinga pug and they are prone to breathing issues. She is a purebred and I know purebreds are more prone to hereditary/genetic issues so that also limits my insurance choices because many don''t conver hereditary stuff. She is healthy and I got the health records of he parents but still, she is prone to health issues just being a pug. She is the sweetest little thing! When we met the litter, she was all over my kid and me and it she made it clear that she belonged with us. She totally wanted to come home with us and be loved by us

The 2 plans I was looking at were Embrace and Petplan.

Those both include herditary/genetic conditions.

What type of insurance do you have?

 

[NewEnglandLady]

I would say that if it would be hard to part with the money for a major operation, then be on the safe side and get insurance.

When we got our first dog 6 years ago I looked into getting insurance. At the time the only company to cover pre-existing conditions was VPI. I believe the premium was around $120/month (because Newfoundlands are prone to dysplasia, our premium was inflated). We decided to forego the insurance and set up a separate account for any dog emergencies. A few years ago we just rolled that into our general emergency fund and were very happy that we didn''t get the insurance since we saved so much money not having it. Then this year he started having eye issues and we''ve spent around $8K in the past 3 months for treatment/surgery/biopsies, etc.

Even with the money we''ve spent recently, we are still close to the break-even point if we''d had insurance. Also, some of this procedures took place in Canada (closest surgeon who could do the procedure), which would have likely been an issue for the pet insurance company. If we didn''t have money tucked away in an emergency fund for the dogs, getting the insurance would have been a no-brainer, but if you just keep the money in an account as an emergency, I think 9 times out of 10 you fare better without insurance-depending on your premium, of course.

 

[elrohwen]

Personally, I would rather stash the money away myself in a savings account. However, if you don''t think you''ll have enough money if an emergency should arise, or if it will be hard to spend the money, then insurance might be for you.

I don''t think it''s a rip off, necessarily, but it''s the right choice for some people and not for others. And like any insurance, sometimes you can pay all of the premiums and never need to use it, or you can pay the premiums and get a huge return on your money if your dog needs serious surgery. It''s a gamble, just like home owner''s insurance or jewelry insurance.

 

[asscherisme]

Has anyone heard of

Embrace or Petplan?

Those are the only two that I found that conver hereditary or inherited conditions.

 

[mrssalvo]

we have a wellness plan with Banfield. it''s inexpensive, gives our dog 2 routine comprehensive exams a year and covers all her vaccines. there are also free office visits and then a discount on major surgeries/treatments etc. It''s worked for us. My husband is only willing to spend so much on health care for a dog so I was happy we have at least that.

 

[Mrs Mitchell]

I don't have it (one cat, one dog) but I wouldn't say it was a rip-off as such. If you don't have savings or don't want to use them but don't mind paying monthly premiums, then it can give peace of mind. I had it in the past, when I had no savings.

Now, I just make sure I have enough money available to cover any necessary treatment. I would rather 'insure' myself than pay to an insurance company, especially given the exclusions and excess on the policies available.

ETA putting money away to cover it each month is only going to work if you have a lump sum from day 1 to cover something happening in the early days before your pet emergency savings have built up, I suppose. Treatment for long term or emergency health issues can run to thousands.

 

[Lorelei]

Date: 5/11/2010 12:31:57 PM
Author: Mrs Mitchell
I don''t have it (one cat, one dog) but I wouldn''t say it was a rip-off as such. If you don''t have savings or don''t want to use them but don''t mind paying monthly premiums, then it can give peace of mind. I had it in the past, when I had no savings.

Now, I just make sure I have enough money available to cover any necessary treatment. I would rather ''insure'' myself than pay to an insurance company, especially given the exclusions and excess on the policies available.

ETA putting money away to cover it each month is only going to work if you have a lump sum from day 1 to cover something happening in the early days before your pet emergency savings have built up, I suppose. Treatment for long term or emergency health issues can run to thousands.

Thats my feeling too, vet fees can skyrocket and a lump sum can take a while to build so there is that to consider.

 

[Irishgrrrl]

I voted "Yes, it's worth it and I have it." When we got our French Bulldog puppy last September, I decided to get a health insurance policy on him since Frenchies often have health issues. We signed him up with Trupanion and we've been very happy with them. We've had to file two claims so far, and they were both paid with no problems whatsoever! A few things you might want to know:

- Trupanion DOES cover hereditary and congenital disorders, as long as they were not pre-existing to the time you signed up for your policy. (So this is perfect for most puppies. This is one of the main things that attracted us to Trupanion when we were looking for a policy for Tucker, since most health problems that Frenchies experience can be classified as hereditary/congenital.)

- They do offer a hip dysplasia rider, which we have. I think it only added about $7 per month to our premium. (BTW, our total premium including the hip dysplasia rider is about $50 per month.)

- There is a $0 deductible on our policy, but you can customize your deductible. A higher deductible results in a lower monthly premium.

- Trupanion does not cover regular annual check-ups/vaccinations or spay/neuter surgery. (This was not a deal-breaker for us, since we had planned to pay those costs out-of-pocket anyway.)

- If Tucker gets sick/injured and has to go to the vet, we are responsible for 100% of the office visit fee (usually around $35 or so), and then Trupanion reimburses us for 90% of the rest of the charges. So, we only have to pay for 10% of things like diagnostic tests, medications, surgeries, etc.

- It's VERY easy to submit a claim! You just pay your vet for his services at the time of your visit, then fill out a brief form that can be downloaded from Trupanion's website. You have your vet sign the form, and then you or your vet can fax it to Trupanion. You'll have a check to reimburse you for Trupanion's portion of the bill in about a week or so.

I love having it. Helps me sleep better at night!

ETA: Here is a chart comparing Trupanion to Embrace, and here is a chart comparing Trupanion to PetPlan.

 

[MichelleCarmen]

Hi,

Two of my cats recently died so I contemplated pet insurance for my current cat, but then decided to instead put $50 a month in an extra savings account that I already have set up and never use.

 

[kenny]

If you buy it and never have a claim it was a rip off.

If you buy it and have large claims it was a good idea.

 

[zoebartlett]

I''ve never gotten pet insurance for our 2 cats. At first I thought, well, we have it for ourselves, why not get it for them in case anything happens? But I didn''t end up doing it, and after talking with a few people about it, it seems that it''s not worth the $. I''d be more inclined to put aside extra money in savings in case it''s needed for your pets.

 

[lyra]

Date: 5/11/2010 1:50:57 PM
Author: kenny
If you buy it and never have a claim it was a rip off.

If you buy it and have large claims it was a good idea.

Yes, this is the problem with pet insurance. We have never had it and have only had one major emergency and one ongoing concern in the last 14 years of pet owning. The ongoing concern is something that wouldn''t be covered too. I would just set the money aside in a pet account.

 

[yssie]

We have our three cats insured, knowing they''re young and stay indoors so we''re unlikely to have a claim for years - it''s mostly for peace of mind.

 

[MustangGal]

I don''t have it on any of my animals, but it might be worth it at least through all the puppy vaccinations.

 

[asscherisme]

Date: 5/11/2010 5:53:41 PM
Author: MustangGal
I don''t have it on any of my animals, but it might be worth it at least through all the puppy vaccinations.

It does not cover vacciinations or other routine stuff such as spay/neuter or regular check ups.

People I have talked to in real life are about 50/50 well more like 60/40 with 60% saying no.