Pet Insurance; is it worth your while?

Yorkshire Terrier holding a sign that says "Got Insurance" (pet insurance concept).

In the age of social media, people have gone above and beyond to show their love of their pets.  With cat meme’s ruling the Internet to dogs doing tricks in videos, people love to show off their pets!  With all the love people have for their pets, it’s no wonder we spend so much time and money on them.  Our pets have become a big part of the family; they have become our Fur Babies if you will! Some have incredible life spans and they can be with us from childhood to adulthood.  You can buy your “Fur Baby” clothing, boots, coats, strollers, gourmet food and collars costing thousands of dollars.

According to an article from an April 2018 issue of Moneywise, the first-year cost of owning a puppy is $2,600.10 and $1,921.12 for a kitten.  So, forget the fact that you just added a new member to your family, you’ve also made a substantial investment both time and money. So let’s ponder, to buy or not to buy Pet Insurance?

Pet Insurance is a relatively new product in the insurance industry that aims to help owners minimize the financial cost of those unexpected vet bills.  With Pet Insurance, most plans allow you to choose a specific limit each year that helps cover accidents, illnesses, hereditary and chronic conditions, prescriptions, specialist treatments, x-rays/MRI/CT Scan and ultrasound and even alternative therapy and it can reimburse up to 90% of those costs.

When you consider how much we spend on such frivolous things daily, the cost of pet insurance is very affordable.  The costs can range from as little as $21/mo. to $150/mo. depending on the package you choose.  When you look at $150/mo. I’m sure the first thing going through your mind is “not a chance”, but when you break that down, it’s $5/day (based on a 30-day month).   It’s the same or less than a gourmet coffee, or that visit to your favourite restaurant a few days a week.  Do you really think that gourmet coffee you could make at home is worth more than your family members health?  When you break it down, the answer is probably no.

I had a meeting with a friend of mine who told me a story about how her dog was fed some scraps off the table and swallowed a tiny bone.  Well that tiny bone caused so much internal damage to the dog that they weren’t sure if it was going to live.  They spent thousands of dollars on emergency procedures to save a dog that’s been part of their family for over a decade.  But you must ask yourself, what if they weren’t in the financial position to do that?  Do you let your pet die?  It’s a choice no one wants to make.

Myself, I’ve always had pets.  I’ve had cats since I can remember, with some living 15-20 years, kept gerbilles, rabbits, fish and dogs too.  I’ve spend thousands of dollars on food, toys, treats, and vet bills (being the largest of those expenses over the many years).  I have been fortunate that I have been able to pay for regular visits as well as the unexpected visits, but some people are not always that lucky.  Without Pet Insurance some people can be forced with a very hard decision when a pet emergency arises.

So, is Pet Insurance worth your while?  Some will absolutely say YES!  Some will still say no, and argue that Pet Insurance products were invented by vets to make sure that they make more money, or that the insurance company is playing off the love of people’s pets.  Some also say there’s no way my pet will have to use it because our pet is in perfect health so it’s just a waste of money.  But what if your pet suddenly developed a new health condition, or became badly injured? We don’t know what the future holds for our pets. Having to make a painful decision about your pets life is not something I wish on anyone. The truth is, you never really know the answer until you’re put in the position that all pet owners dread.  I know that I wish I knew this existed before my cat developed a chronic illness.  I would have saved thousands of dollars on vet bills.  Now it’s your chance. If you love your pets, it’s definitely worth your while to find out more about Pet Insurance start protecting what matters to you!



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