Is Pet Insurance Right For Your Family? • RI Family Photographer
There’s insurance for everything now. Health insurance, car insurance, homeowner’s insurance, renter’s insurance, travel insurance, life insurance. Many of us have insurance on our phones, our computers, and all kinds of other things in our lives. It seems like it’s possible to insure practically everything nowadays. Is it necessary? Probably not, but insurance is a business that preys on risk or the “what ifs” in life, and it’s up to us to make a decision if it’s worth shelling out a premium to insure something.
Pet insurance is one of those things. It allows you to have health insurance coverage on your furry family member(s), and is super helpful if Fluffy or Fido suddenly gets sick or injured. Those vet bills can add up. Really fast.
So is pet insurance worth it?
The answer is a resounding maybe. I know that’s not a very definitive answer, but read on to find out why that’s my opinion—and what the pros and cons are.
We’ve got two furry family members: Lionel the cat, who’s 4 and Lemmy the puppy, who is almost 1. They’re my favorite dudes to photograph when I’m not being a RI family photographer.
Full disclosure: Lemmy has insurance. Lionel does not. Lemmy came with it on adoption, and I decided to carry the policy over. With Lionel, I never got a policy and, right now, don’t intend to get one.
So what are the pros and cons?
PROS:
The big one: if your pet has an illness or emergency, he or she will (most likely) be covered for it. Vet bills can be very big, so this is a big pro. Our puppy has had some issues his first year of life, and pet insurance has come in very handy.
If your pet develops a chronic illness, your insurance may cover follow up visits and medications (which can also be very expensive) .
The premiums are, overall, fairly affordable and can be paid on a monthly basis.
There are numerous companies out there that insure pets. The coverages are fairly similar, but have slight variations, giving you choices and keeping rates competitive.
CONS:
You might never need it, and might pay for it forever and get no return on investment. This is the risk with all insurance.
Policies have exclusions on what they cover and coverage limits, so read carefully. Make sure that the policy you get makes sense for you if you choose to get one.
All companies have a pre-existing condition clause. If your pet is already sick, they will not cover anything to do with that illness. This is something that I’ve personally dealt with (despite getting my dog as a puppy, and despite carrying over the policy he came with). It’s been frustrating, and I have over $3000 in out of pocket medical bills for him from the past six months.
This is an insurance company. Just like health insurance companies, they will find any excuse not to pay. You may have to spend time appealing claims.
Pet insurance requires that you pay up front and then submit claims yourself, so you will have up front out of pocket cost at a vet.
Coverage varies by plan, and you may have a cost share on a claim, just like regular insurance. Just be aware of what the cost share is on the plan you’re looking for, so that you aren’t surprised when it happens.
If you have a pet who is a rescue from a shelter or elsewhere, it probably makes sense to consider pet insurance as their health background is likely unknown. If you’re getting a pet from a breeder who provides a health guarantee, pet insurance may be less of a consideration on your horizon. Rather than pay premiums, it may make sense to put the money you’d spend on a premium in a high-yield savings account or elsewhere where it can gain interest, and use that money if Fido ever has a problem.
Do you have insurance on your pet? What has your experience been? Let me know in the comments!