The Horse Forum banner
Status
Not open for further replies.

Pet Insurance

1K views 8 replies 7 participants last post by  cbar 
#1 ·
Pet insurance. Must have or skip it? I'm thinking most of you own more than horses? Dogs, cats, rabbits, goats, hamsters, ect. If you have pet insurance, what type do you use, how much, and what does it cover? Does it cover only one pet or all of your animals?

I've done some home work on it. And it seems like for horse owners it would be a good idea. Opinions?
 
#3 ·
That's ok, since it doesn't hurt to review the information that's available now since things do change.


In my 45+ years of being on my own after graduating from college and thus responsible for my furry kids, I far ahead by just put what the monthly premium would for pet insurance (including the horses) in a savings account. We have a nice nest egg to cover our critters so we don't have make that final decision due to lack of funds.
 
#4 · (Edited)
I've never had pet insurance. I've looked into it a few times and found that many of them are very specific about what they cover, can have high excesses etc so for me at least I think in better off using the money for savings in the event something goes wrong.

You'll notice wording like "cover up to 80%" vet bills. Some plans vary depending on the premium, so the highest cost package will cover 80%, the lowest only 60%, some will cover only accidents and not illness etc. Considering you might pay $500 a year to cover 80% of up to $10,000 often the plans aren't really worth a lot. It will depend of course on you and the horse but for me it's never been a good deal.
 
#6 ·
I had it for my dog, not horses.
Policy I had did not cover routine, annual expenses of vaccinations.
A deductible of $150 before it would start to kick in, and then it only paid a percentage NOT the entire bill.
My dog had to have stitches after it cut its leg...bill was $465+.
Insurance only covered and sent me $45 after all the deductibles and percentages of what they paid were figured in.
Was it worth it...not in my opinion.
Cost is according to the deductible amount you choose, where you live and the age and type of {in my case} dog you own.
Cost for me was $65 a month....remember no annual stuff was covered nor did they cover the vet office examination when my dog got hurt.
I cancelled my insurance shortly after. What I spent over 2 years and what they reimbursed me for.... I was in the hole for several hundreds...
Now if my pet {horse or dog} needs care we do so and either work out a payment plan if I not have enough saved or many vets use "Care Credit" like you can use for human medical needs, can be used for your pets to pay large bills...
Won't ever again do "pet insurance" for a dog can tell you that 100% positive!!
:runninghorse2:...
jmo and experience.
 
#8 ·
I have been researching this myself since I am looking at getting a cat when I move into my own house. Having seen my roommate go through a very tough time financially trying to save his female cat after she came down with pancreatitis, spending nearly $3000 in the process, I think there is definitely some worth to insurance plans.

I think they can be good, but you need to carefully research what they cover and any stipulations they have. I will say that the choices out there have improved significantly over the past few years, and there are plans that cover 90-100% after a deductible as well as routine care. Those plans do tend to be on the expensive end, however.

I feel that you still need to have an emergency fund for your pets if at all possible - the insurance plan is to help recoup what you can of that emergency fund when you have to spend it.

Things like Care Credit are an option in a pinch, but I believe it should be an absolute last resort when all other options are exhausted. My issue with Care Credit is that the company that runs it has some less-than-stellar lending practices, as well as sky-high interest rates (22-25%). In my mind, that is preying on people who are possibly in a desperate and emotionally-charged situation. If you feel like you'd need time to pay something back, it would be easier to find the lowest-rate credit card you can possibly qualify for, and keep it as an emergency-only card.

The point is to have multiple layers of financial protection for yourself so you are not digging into your own emergency funds that should be reserved for other unexpected expenses like if you lose your job, your car dies, etc.

Obviously we don't live in an ideal world and not everyone has all of these options, but I think it behooves us as animal owners to try to do the best we can so we are using what we have wisely. Additionally, we should all try to plan for what we would do in a do-or-die vet situation, and where our hard limit has to be financially. It's not fun to think about, but definitely necessary.
 
#9 ·
I have never had pet insurance. The annual premiums + deductibles + sketchy wording really doesn't make it worthwhile for me. And if you do put in a claim, your premiums will just go up anyway.
If you are thinking of it just make sure you read the plan wordings so you know EXACTLY what is covered. It would suck if you purchased it and tried to claim an illness or something and the claim was declined.
 
Status
Not open for further replies.
You have insufficient privileges to reply here.
Top