Are you one of the millions of Americans who own a pet? According to the 2017-2018 American Pet Product Association (APPA) National Pet Owners Survey about 68% of U.S. households own a pet. That amounts to about 84.6 million people.
Most pet owners do not have pet insurance. They simply take their chances on being able to cover any vet bills. While some pet owners could not see themselves living without pet insurance to help cover unexpected vet bills.
About 97% of the pet owners I know do not have any pet insurance. Many people have not considered buying pet insurance because they think it’s another unnecessary expense or a big ripoff.
A friend of mine cancelled her pet insurance policy because she thought it was just worthless. She paid her monthly premiums only to be denied any and all claims submitted. In her opinion having pet insurance is a waste of money.
On the flip side, I know a dog owner who always stresses the importance of having pet insurance. After significant research, she bought pet insurance for her dog on Day 1. Unfortunately her dog had a bad accident, which resulted in a $4,000 vet bill. Her pet insurance paid $3,000 of it. She was happy to pay the remaining $1,000. I know those are big dollars, but wouldn’t you rather spend $1,000 instead of $4,000?
You do not have a crystal ball to predict your pet’s health. And accidents do happen. I know people who have been stuck with thousands of dollars in vet bills because their dog got into a fight, ate some poison or fell down the stairs. Many of these pet owners did not have any pet insurance to help them pay the bill. Perhaps they had money in an emergency savings account to help out – who knows?
So, is pet insurance worth it? It depends. Do your research first. Some questions to consider:
- Is it a reputable insurance provider?
- What is covered (wellness, prescription, illness)?
- Are there any policy exclusions (pre-existing conditions)?
- How much does it cost?
- Are there any deductibles or insurance limits/caps on the policy?
All pet insurance companies are not created equal. You must read the fine print and do some cost/benefit analysis to determine if one is right for you.
Check out the articles below for more information on pet insurance:
Six Things to Do Before You Buy a Pet Insurance Plan
NBC2 Investigators: Is pet insurance worth the cost
Photo: William Warby
