For many pet parents, having insurance in case of an emergency is a necessity, but there are some people who choose not to take out pet insurance for their cats or dogs. One alternative to traditional pet insurance is ‘self-insuring’ by putting money away every month to cover any expensive vet treatment that’s needed. This works for some people, and has the added benefit that if your pets are lucky enough not to need the money put aside for any treatment, it’s still there in the account. It can be a tricky decision to make, so here are some of the pros and cons of pet insurance if you haven’t yet made up your mind.
Pet Insurance Pros
- Basic coverage is usually very cost-effective, sometimes as little as a few dollars per month, so it’s often an expense that you hardly notice.
- If your cat is seriously ill or injured you have the peace of mind that comes with knowing that she’s covered by insurance.
- You don’t have to choose treatment plans depending on their cost, you can make your decision based on what you think is the best course of treatment, rather than the one you can afford.
Pet Insurance Cons
- Like human insurance, most policies won’t cover pre-existing conditions or breed-specific conditions. If your cat is FIV+ for example, with a compromised immune system, your insurance company might argue that most issues have been caused by the virus.
- The older your cat is, the more expensive your insurance premiums are likely to be.
- It’s obviously a good thing when your cat stays happy and healthy, but don’t forget that there’s a high chance that you’ll spend more money on insurance over her lifetime than you have in veterinary care.
Pet Insurance Checklist
When you’re shopping around for pet insurance for your cat, it’s essential to choose the policy that best suits your needs. Here are some important things to consider when looking at the different policies.
- Do they pay your vet directly? Many insurance companies will only pay you once you’ve already paid the vet’s bill, so you need to consider whether you’ll be able to find the money available to cover paying the vet first? It’s also important to check your vet’s own policies in this respect, as some won’t accept payment from insurance companies.
- Do they let you see your own vet or does it have to be a vet that the insurance company specifies?
- What’s covered in the policy? It might be just accidents and emergency illnesses, but some also cover routine check-ups, vaccinations and dental treatment. If it does include routine treatments, work out how much you usually spend for these over the course of the year and how much extra you’re going to spend on the insurance to cover them – it might work out cheaper to just ‘pay as you go’.
- Check for any exclusions. This might include the issues mentioned above like pre-existing conditions or breed-specific illnesses.
- Is there an excess, and how much?
Whatever you decide, it’s important to do your homework before you choose a policy. You need to understand exactly what your insurance does and doesn’t cover to avoid any nasty surprises in the future.
Have you purchased pet insurance to help cover the medical care and expenses for your cat or dog? Why or why not?
Images: Bill Kuffrey / Antti Rasinen via Flickr
Shane says
April 28, 2015 at 10:59 pmThough i totally agree that pet insurance plans are great, in fact i have a Basic Accident + Illness plan for my dog. However, i do understand why some pet owners will never take up pet insurance offers, i have had some problems with a few pet insurance companies, mostly when it comes down to getting your claims approved, on the other hand some pet companies have bad policies that is not very suitable for most pet owner. So they still have some work to do, so that more pet owners can embrace this idea.
Dr. Jessica Claudio says
February 27, 2015 at 1:36 amVery informative, thank you! This is a good share.
Glogirly says
February 26, 2015 at 3:07 pmThis is a subject that’s been weighing heavy on my mind. I wish I would have gotten insurance for Katie when she was younger. I’ve now spent a small fortune on a variety of health problems and emergencies. With her preexisting conditions, I will probably not do anything with insurance for her, however I’m doing some comparisons for Waffles.
PS – the comment you left on our blog today has me in STITCHES!!! ; )
Sharon Seltzer says
February 26, 2015 at 10:18 amGreat post! Thank you for sharing this information. I’m in the process of looking at insurance plans now for my new puppy Bailey.
Cathy @ I Love My Chihuahua says
February 26, 2015 at 7:46 amI haven’t bought insurance though I did look into it. It was just too expensive for me with 3 older dogs and I couldn’t find one that would pay at the time of the incident. If I have to pay the bill myself and then be reimbursed later, what’s the point of having it?
Kitty Cat Chronicles says
February 26, 2015 at 7:27 amWe don’t have any pet insurance, but we’ve thought about it. However, with Delilah’s patella lunation, Sassy’s FIV+, and Sophie’s cerebellar hypoplasia, only two of us could probably even get coverage. We think that putting money in a saving’s account every month is the best option for us!
Rachele Baker, DVM says
February 26, 2015 at 4:32 amNice post, Tracy! There are a lot of different pet health insurance companies available so it really pays to do your homework before purchasing insurance. My personal opinion is that a policy that covers the big expenses such as surgeries and emergences, but not wellness and preventative care, is probably the least expensive option but will give pet parents some peace of mind that they won’t be faced with huge bills in case of an unexpected emergency or illness.
John Patterson says
February 26, 2015 at 3:32 amIf you are looking at pet insurance for an older cat, over 9, ALWAYS check the small print for the excess for a claim. It will usually be a fixed amount or a percentage of the claim. For the latter it can work out quite costly and I have always looked to get a policy with fixed excess limits per claim even if it looks a bit on the high side for smaller claims. For claims in the £4k_5k area it really pays dividends
Kitties Blue says
February 26, 2015 at 3:10 amI have only recently been contemplating getting insurance for some or all of our eight. This was a very timely post for me, and I really appreciate it. Thanks, Janet
Talent Hounds says
February 26, 2015 at 2:15 amIt makes sense to get pet insurance while they’re young and before developing any health conditions.
Cathy Connolly says
February 26, 2015 at 12:24 amWe have had insurance for our furkids for many, many, years and love it. We never worry about the cost of caring for them. Getting it while they are young is the best way to go. We had a 16 1/2 yr. old girl that had kidney failure for the last 3 years of her life, along with many other serious health issues, after paying the deductible almost all of the costs were paid. Her annual premium when she went to RainBow Bridge was only $360. Money very well spent. With all that I highly recommend health insurance for pets.
Susan and the gang from Life with Dogs and Cats says
February 26, 2015 at 12:02 amI use Trupanion for my three dogs and four cats. Not only is their customer service phenomenal, but they also allow you to decide ahead of time what your deductible is. I made mine relatively high, so a typical trip to the vet for routine and general sick or injury visits aren’t covered. I can pay for them and not kill my budget. But every once in a while a large expense comes along (most recently, my dog broke a tooth and it will cost a lot to fix), I know it’s covered, and I don’t have to make a decision for my pets based on finances. Best part of Trupanion? Every once in a while, I get an email to tell me their prices have gone DOWN.
The Island Cats says
February 25, 2015 at 10:27 amGreat info. I think the key is to get the insurance when your pet is young. Recently, I checked into getting insurance for Wally, Ernie & Zoey and it was too expensive. Probably because they are older.
Robin says
February 25, 2015 at 10:25 amI think that pet insurance is a great idea. At the moment, the available plans I’ve seen don’t really work for me. Who knows, I may come across one that works well for my situation one of these days. Saving has worked well for me up until this point.
meowmeowmans says
February 25, 2015 at 8:45 amThose are some really great things to consider about whether or not to get pet insurance. Thank you!
Jen Gabbard says
February 25, 2015 at 8:42 amI’m still on the fence about it.. I think if I had more than one pet I’d definitely opt into getting them covered. As it stands now it’s so hard to say if it’s worth it in the long run since my dog Laika has a few conditions that are pre-existing.
Caren Gittleman says
February 25, 2015 at 5:17 amA lot depends on the type of coverage you have, your finances and the company you go with. We have pet insurance through Trupanion (we have had it for a few years but never used it til Cody became sick in Dec)….we couldn’t be happier with everything about Trupanion
Layla Morgan Wilde (Cat Wisdom 101) says
February 25, 2015 at 3:42 amI don’t have insurance for reasons you’ve pointed out i.e. FIV and age and recommend shopping around for the best fit.
The Swiss Cats says
February 25, 2015 at 1:19 amVery wise advice ! Mum finally decided to get one when our friend Tounsi got seriously ill and had to go to the pet hospital ; seeing the bill for three days, Mum almost faint !! Purrs
Summer says
February 24, 2015 at 6:40 pmMy human is torn between buying insurance for me and just putting the money in a savings account. It cost a lot of money to care for Sparkle the last few years of her life, but if she had been saving up for a decade, it all probably would have been covered.
Fur Everywhere says
February 24, 2015 at 6:35 pmI haven’t purchased any pet insurance. If I had when Carmine was a kitten, it would have saved me a ton on vet bills by now, LOL. I definitely plan to do some research on pet insurance whenever I get another kitty. I think it can be a good investment.