Whether you choose to ensure your pet for medical coverage or not, the choice is entirely up to the individual dog owner. Anyone with experience can tell you just how valuable it is. Unfortunately, many of those dog owners learned the hard way, having to dish out hundreds or thousands of dollars to treat a medical condition for their four-legged family member. So, is pet insurance really worth it?
Understanding the Value of Insurance for Dogs – Is Pet Insurance Really Worth It?
The reality of pet insurance is that most of the claims are relatively small, falling below the $500 range. Like this, people believe insurance for dogs is not worth it. However, even with a treatment that costs a total of $500, minus the $100 policyholder’s deductible required, the insurer may still reimburse close to $300, depending on the coverage and some other factors.
However, the real difference where pet insurance comes in handy is when there is an emergency illness or injury, where the cost of treatment can be well over $1000. That’s where the insurance for dogs comes in to be the hero and helps rescue the dog without breaking the dog owner’s bank account.
Do the math! A $35 monthly plan equals $420 a year. If your dog requires emergency treatment, you’ve already saved much more than you have spent, even when factoring in the deductibles. If you don’t make any claims, you still have the comfort of knowing you can sleep easy no matter what comes your way.
Still on the fence about buying insurance for dogs? Consider the cost of this policy over 10-years, which is $4200. Do you think your dog will never have an accident or a serious illness over the course of its life? If you do buy insurance for dogs, then you are the minority, as only 3% of pet owners have their pets insured. That means 97% of pet owners prefer to roll the dice!
What are the Cons of Pet Insurance
We have presented the positive points of having dog insurance, but let’s investigate the cons of different pet insurance plans.
The first is that owners must pay their veterinarians at the time of the visit and await reimbursement.
In addition to the premiums, there are also deductibles to pay! However, when making a claim, reimbursement is expected.
Exclusions! Note the exclusions to ensure the right coverage for your pet. Certain pet insurance plans exclude some genetic diseases (like dog breeds susceptible to hip dysplasia, for example) and most exclude pre-existing conditions. Also, enrolling a senior dog might be challenging. The best way to deal with policies is to compare them and know in advance what is covered and what is not.
Whatever you may think of health insurance for dogs, know that those who have bought it believe it is the best investment they’ve ever made and that it saved them from having to make important medical decisions based on their financial situation.