When it comes to value, this is a question not easily answered. Pet insurance, like any other insurance, is a gamble, and in this case owners are gambling with the health of their pets. For animals that have lived their life free of illness and misfortune, an insurance policy could have been – strictly speaking – a waste. You would have paid an ever-increasing monthly premium for years without getting so much as a penny in return. All in all, that would seem like money thrown down the drain, right? But was it really? In short: no.
Pet insurance does more than help pay the veterinarian bills and instead provides something no amount of monetary saving can, especially in the case of a younger pet; insurance gives you a feeling of security. It is an assurance that no matter what, you will not be forced into a heartbreaking decision just because you can’t afford treatment for your furry companion.
Savings Account vs Pet Insurance
When the necessity of pet insurance is called into question, the first and most valid argument against it will always be the risk-free solution that comes from a designated savings account. Sure enough, saving your own money as a safety net for whenever a pet is in need of medical attention is a smart idea. However, does it work as a substitute for insurance? No, not really. That’s not to say that a savings account is unnecessary as it can function well in tandem with insurance, but it is really not really a substitute.
The best insurance policies offer unlimited payouts, no matter the type or duration of the condition that your pet suffers from. Whether it develops something like epilepsy that will require a lifetime of expensive care and medication or if your pet must undergo an expensive, lifesaving surgery, pet insurance will cover it all within the constraints of policy specifications.
Naturally, there are significant differences between insurance providers, so you have to stay on your toes when choosing the one that suits you best. But as long as you have a good policy to fall back upon, it will prove invaluable. You will never have to worry about not being able to afford necessary treatment and if your pet suffers an unfortunate period or develops an illness requiring long-lasting treatments, then a savings account can run dry rather fast. Even a single emergency visit to the vet can cost thousands of dollars after all. And if the pet is young, savings are unlikely to amount to much in the first place, whereas an insurance policy will cover you from the effective date onwards.
Drawbacks of Pet Insurance
While doubtlessly useful, pet insurance does have its drawbacks and this is where a savings account comes into play. First of all, there is usually a deductible that customers have to pay themselves before the insurance kicks in. This can be anywhere between $50 and $800, and the higher the deductible, the lower the premium will be. Saving up for the deductible would be a better idea than forking out too much on a monthly basis without any guaranteed returns.
Pet insurance also rarely covers pets other than cats and dogs, so if you don’t find a provider that suits your needs among the few that accept the enrollment of exotic pets, a savings account might well be your only option. Pets that are old or already sickly before you insure them will also be unlikely to benefit from a comprehensive plan, since preexisting conditions are never covered by providers. You can, however, opt for an accident plan and pay for the treatment of illnesses out of your own pocket. All in all, the circumstances can vary, but unless you have a specific reason for not having insurance, then the investment is worth the security and the peace of mind that comes with it.
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