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Thread: Pet owners snap up insurance, but is it worth it?

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    Hit By Ban Bus! AliceInWonderland's Avatar
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    Arrow Pet owners snap up insurance, but is it worth it?

    KATU 2 News - Portland, Oregon
    www.katu.com

    Pet owners snap up insurance, but is it worth it?

    April 28, 2006

    - By Corinna Allen
    Exclusive to KATU.com
    PORTLAND, Ore. - When Teresa Di Lorenzo's Lab/Shepard mix blew out a knee ten years ago, the surgery to fix it set her back $2,500 dollars.

    But she didn't bat an eye. Her pet insurance covered 90 percent of the cost. "it makes it easier to say 'yes, do it" she says.

    Now the owner of two Corgies, she pays a total of $800 dollars a year to insure them.

    The self described "active" pet owner has used to insurance to cover everything from an MRI and abdominal surgery to cancer and radiation treatment.

    She's at the upper end of the spectrum. Most pet owners can expect to pay $10 to $50 dollars a month for preventative care and come coverage for traumatic injury.

    It's a growing trend. Veterinary Pet Insurance is the largest carrier, last year they insured nearly 420 million pets. That's up from 157 million back in the year 2000.

    Chief Executive Jack Stephens estimates their policy holders file about 1.5 claims a year, and the average claim is about $300.00.

    Pet columnist Steve Dale likes pet insurance because it makes modern care possible for many who might not otherwise be able to afford it. "it dramatically lessens the chances of what's called economic euthanasia -- putting a pet down because of the pocketbook."

    But leaders at Consumer Reports Magazine say pet insurance is not worth the money.

    An article in the July 2003 issue compared five popular pet insurance plans.

    The report found that if a hypothetical dog's owner in Oakland, CA, filed nine claims over 11 years for common ailments, such as a broken leg and ear infections, the owners would always end up paying more through insurance than if they just paid the veterinarian directly, sometimes more than $3,000.00 more.


    When the same dog had major ailments over 11 years, such as hip replacements, only three of the five plans left the owner better off than paying directly.

    The magazine's managing editor Kim Kleman recommends that if you're worried about having enough money to keep your pet healthy, start a savings account.

    That way, you'll have the money if you need it. And if you don't need it, it goes back in your pocket.

    Still, pet owners like Teresa DiLorenzo are sold on insurance. She goes back to her dog's cancer treatment that cost more than $5,000 dollars.

    "They made no money on me." she says.

    any pet owners here have insurance for their pets?

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    Hit By Ban Bus! pacific breeze's Avatar
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    Default Re: Pet owners snap up insurance, but is it worth it?

    I think generally it is a good thing. My insurance costs about $10 a month,
    $120 a year, and it paid for itself twice over within the first six months. My plan doesn't cover a lot of extras such as checkups, vaccinations etc. but it does cover injuries and accidents.

    I wish I could get it for my older cat -- he's a former stray with a few health problems, but I can't.

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    Silver Member snakebread's Avatar
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    Default Re: Pet owners snap up insurance, but is it worth it?

    We had to pay $1500 for our puppy when he had an intestinal blockage. After that, we got pet insurance and have been so happy we did--there was a torn dewpad, regular checkups, another ingested item... and all of it was covered.

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    Gold Member IceQueen's Avatar
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    Default Re: Pet owners snap up insurance, but is it worth it?

    Not worth it for me. I had it for my first cat and it covered $0.00. I was paying $15 a month, and because he was near-death sick when I got him (pre-existing condition they said), they wouldn't cover his vet bills at all. I canceled after 3 months, and have just saved up money and found an excellent vet at a bargain price.

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    Elite Member Sojiita's Avatar
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    Default Re: Pet owners snap up insurance, but is it worth it?

    I guess I am in the minority here but I think it is just sad that some pets can have insurance and 40 million people in the United States do not have it. Just another reason I think tax rates should be jacked up on the upper income brackets.
    Don't slap me, cause I'm not in the mood!

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    Default Re: Pet owners snap up insurance, but is it worth it?

    Quote Originally Posted by Sojiita
    I guess I am in the minority here but I think it is just sad that some pets can have insurance and 40 million people in the United States do not have it. Just another reason I think tax rates should be jacked up on the upper income brackets.
    And I have to agree with you there. Sad and sick that humans cannot get coverage when animals can.

    I'll have to check into coverages because the vet bills on my cats, birds, various other anamules is just way too high..

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    Gold Member Elphie's Avatar
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    Default Re: Pet owners snap up insurance, but is it worth it?

    Quote Originally Posted by Sojiita
    I guess I am in the minority here but I think it is just sad that some pets can have insurance and 40 million people in the United States do not have it. Just another reason I think tax rates should be jacked up on the upper income brackets.
    that is such a good point.

    i don't have pet ins. & i don't plan on it... even with 2 dogs & 1 cat... i would rather just start a savings account like that article suggests... then at least the money is mine, not the ins. company's.

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    Elite Member miss_perfect's Avatar
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    Default Re: Pet owners snap up insurance, but is it worth it?

    My BF's company offers pet insurance. I think this is pretty cool, and very progessive of them. The insurance company offers group rates, so it's easy and pretty inexpensive for my four pets (recently added the bunny).

    We used to have it through Banfield (PetSmart's hospital). It was great when my cats were kittens and needed all of their vaccinations.

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    Elite Member Tenaj's Avatar
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    Default Re: Pet owners snap up insurance, but is it worth it?

    Very good point Sojiita.

    Regarding the Pet insurance it has definitely been worthwhile. I have a German Shepherd, he had a problem with his hips and as he is so big it costs a bomb just to anaesthatise him. The last vet bill was more than my mortgage so I thank my lucky stars he is insured. For the sake of £17.00 a month I think it's worth it.

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    Elite Member Tiara's Avatar
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    Default Re: Pet owners snap up insurance, but is it worth it?

    None of my dogs are insured. I think its worth it if you have a pedegree dog or a large dog as they tend to have more problems. We have a Jack Russel and a Yorkie. The Jack Russel is 16 and has cost us roughly £200 vets bills in his whole life (included in that is castration which obviously was our choice)
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