Should I have pet insurance?

From the moment you bring home your new pet they become a member of the family. They are involved in meal times, they watch TV with you and keep you company when you’re feeling lonely. Therefore, considering whether you need to take out pet insurance can be like deciding whether to cover your children under your health insurance policy – a no brainer. However, there are some instances where you won’t get the best value from pet insurance, so weigh up the benefits and consider
whether you should have pet insurance in your family’s situation.

The Benefits of Pet Insurance

If you have a pet then you are likely to have taken them to the vet already, and you know that visiting the vet is never cheap. Even when you simply take in your pet for a check up or their annual vaccinations you not only have to pay for the treatment, but you have to pay a consult fee as well.

Luckily with the rising costs of vet care, the quality of the service you receive is increasing too. For example if you think back to your own childhood pet, twenty years ago pets weren’t having chemotherapy or spinal surgery for a slipped disc, but now there are so many more things which can be done for our beloved furry family members that you want to be able to afford the best care. Plus, with the demand for specialised and advanced vet services increasing, the prices will increase too.

When humans get sick and need treatment but they don’t have health insurance, we have Medicare to fall back on to cover some of the costs. However, in the pet world there is no Medicare service, there is private pet health insurance or there is out of pocket expense. Unfortunately when families can’t afford that expense, many pets are put down, but you needn’t be faced with that sort of choice when you have pet insurance.

The excess on pet insurance is usually less than $100, so whenever there is a problem with your pet, the most you will have to pay is $100. When you compare that cost to $2,000 for surgery or a $5,000 cost to treat your pet’s cancer then you are saving hundreds of dollars for just one treatment, and chances are your pet will need more than one treatment from the vet in their life.

How to Decide if you Should have Pet Insurance

Pet insurance will be of the most value if you take it out as soon as you bring your new pet home, for several reasons. Firstly there are a lot of expenses when you have a new pet and these can all be covered from the beginning. Also puppies and kittens especially can get up to all kinds of mischief, some of it landing them in the vet’s office and you’ll be covered for these accidents. Finally, when you insure your pets from the very beginning, and health problems they develop will be covered, but if you take out insurance later in their life, a condition may be classed as pre-existing and the insurer won’t cover the treatment costs.

At the same time, if your pet is older you can still benefit from having pet insurance as the yearly vet appointment costs will add up, and your pet’s health will begin to need more attention again as they age. Whether you should have pet insurance then depends on your pet and your family, so consider how you would answer the following questions to help you decide:

If your pet needed a major operation are you more likely to pay for the operation or have your pet put down?

If you would be more likely to have your pet put down if it needed major surgery because you wanted to end their suffering or there was little chance the surgery would help, then having pet insurance which would pay for the surgery is little help if you’re not likely to go ahead with surgery for your pet anyway.

How old is your pet?

If your pet is more than 10 years old you won’t be able to take out an inclusive care plan. Instead, you can take out pet insurance from the time your pet is eight weeks old, but premiums do go up as the pet gets older.

How often does your pet go to the vet?

You can get the most value from your pet insurance if you have a need for your pet to visit the vet regularly. For example if you have an indoor cat which you only take to the vet once a year for their shots, then you won’t get as much value as if you have an outdoor cat which regularly finds itself with a sprained paw from trying to clear the back fence, or a infected wound from an altercation with the local stray.

Will your pet’s care be excluded?

Before you take out pet insurance make sure you will be able to claim for your pet’s treatments, as any pre-existing conditions are not covered, costs for pregnancy are not usually covered, and grooming or elective procedures may not be covered either.

What type of pet do you have?

Certain types of pet and breed of animal are more susceptible to health problems than others. Therefore, research your pet and find out whether there are hereditary or congenital birth defects common to their breed which could end up costing you a lot in vet bills in the future.

Alban has been reviewing financial products for various blogs. Among all financial products, Alban specialises in online savings account comparison.

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