Miss M over at M is for Money hosted her weekly weekend link love over at her blog. One of the featured posts was about Pet Insurance and is it worth the cost. You can read the post here.
I found it to be an interesting read. After all, I can recount several stories of my siblings pets requiring trips to the e-vet due to something they did(eating excedrin, trying to escape from their garage kennel, etc). It does raise an interesting point of is it worth the cost? The only time I looked at pet insurance was to receive a free 3.00 off Purina coupon. I've never actually crunched the numbers for it. However, I'm not sure if my pooch would even qualify and here is why. When I got her she was already 3 yrs old. I know nothing about her previous history up until the point when I adopted her as she came from a shelter. The only reason I "know" her age is because that is what the vet estimated it as. Also, any health problems she may encounter as she ages could be blamed on the breed and therefore excluded(beagles are known to have hip problems).
So would it really be worth it? I think I'd rather just continue to have an emergency fund that is set aside to cover an unexpected vet costs. I like this idea because it's less paperwork, less headache and I know where my money is going and it's there for me when I might need it.
Having a dog that is prone to hip displaysia is all the more reason to have pet insurance. According to dogster.com surgery for this can cost around $8000 . There are companies where the dog doesn't have to be a baby to enroll, it might be informative to do the research. Either way, whether you choose to save that money in an emergency fund or get insurance, it's good to be prepared.
ReplyDeleteAge shouldn't matter, it's the medical history that you do know that is the concern. My boys have medical files a mile long, there's enough juicy data in there to exclude just about anything. Stacy, if the dog is of a breed known for hip dysplasia then the insurance would exclude that surgery. My dogs would be covered for it because it almost never happens in boston terriers, but the soft pallate surgery that my boston needed would be excluded because it's a known defect in the breed. The insurance is good for emergencies, that's it.
ReplyDeleteWell let's say the cost is 8000 dollars. Assuming my pet will need it in ten years. 8000/10=800 a year. 800/12= 66.6 or 67 dollars a month.
ReplyDeleteSo if I were to save 67 dollars a month according to the posts calculations a bit more than pay pet insurance. However, that does not include interest that I would earn on the account. Right now, it really would be much about 1.8% a year, but assuming in another three years it returns to about 4%. It would really compound in the long term.
Plus, I can use that money for anything, not just what an insurance policy dictates. Like Miss M points out, certain breeds do not qualify for certain things and their medical history dictates what would be qualified.
I can continue to use my local vet for routine care and low costs clinics for vaccines at a relatively low cost.
For me, pet insurance is just not worth it.