Pet Health Insurance not needed

OK here is an interesting take by some “experts” on the topic of pet health insurance and their claims that it is rarely needed and could be a waste of your money.

Heres the link – Pet insurance rarely needed, experts say a reprint of an article from the Washington Post by Amy Orndorff. A couple of points in the article that are of importance -

• The average dog owner spends $261.30 per year in vet bills
• Less than 4 percent of American pets are insured, though that number is growing.
• There’s a greater variety of life-extending procedures and higher demand for them.

So the question that was asked at the beginning of the article -

“…should you shell out hundreds of dollars a year for puppy insurance just in case he needs an expensive life-extending operation?”

I guess as is the case with most questions like this, the answer is personal preference. Financially is it responsible? Probably not when you consider you could take the premiums you would have paid out and placed it in a savings account for use in case of a life threatening emergency or operation that will cost you several hundred to thousands of dollars. However my answer to that is “WHO does that?” For the majority of dog owners that have a dog that is a family member that they would do anything for, pet insurance gives them the peace of mind that they can pay a little now and over a long period of time just in case something happens to their family member. Isn’t all insurance like that? It is a gamble. It is you betting against the insurance company. The insurance company bets that out of all their policies only a few are going to collect more than what they put in, and you are betting that it just might be you that will need the insurance.

When you look at it that way and then think about life insurance for yourself…you are betting you are going to die…LOL!

I am still looking into pet insurance companies – Embrace is still the leader in my eyes, but another company has asked me to give them a chance to talk with them and see what they offer. The problem they have is that they are so new of a company here in the states that they are not even offered in the state I live in, which is also the state I practice small animal medicine, and the state in which I would have my clients purchase pet insurance.