Monday, 21 February 2011

Is pet health insurance worth the premium?

There is an article in today's Toronto Star about pet insurance.

I've never been pro pet insurance so haven't gotten it on any of my pets. I've been lucky in that none of them have had any serious illnesses or accidents.

Only one or two per cent of Canadian pet owners have pet insurance, but it is becoming more popular as veterinary medicine becomes more advanced and expensive.

Many vet offices have brochures that claim the security of insurance can reduce stress when emotional and expensive decisions arise.

However, some pet owners — unhappy with premium increases, rejected claims or reduced coverage — say they’d rather self-insure by tucking away money each month with the guarantee that when the time comes, they’ll be covered.

The article's author sought the advice of a dog owner and was told that she canceled her policy in favour of an emergency savings account which I agree with ...

Victoria took out a policy the day she adopted her Dalmatian but became fed up with rising premiums — which started at around $60 per month but increased to around $88 per month in four years — even as her insurer began to reject her claims.

“We were paying them thousands and we were paying thousands in vet bills that they wouldn’t cover... for $88 a month, you should be able to claim whatever.”

You can read the article here.

I'd rather deal with costs if/when they happen. If one of them has an illness and the treatment for it would be costly, my first priority would be how it would affect their quality of life. If it would make them better and they wouldn't suffer in the process, I'd find a way to pay for it.


Isabel said...

i'd have to agree with you. Although the lady who just put so much aside for her pet is a good idea too.

Paul said...

Teena, I prefer to have that guarantee for my pet, even though I pay regularly for it.