Pet Insurance – Is It Really Worth It?
Many pet owners say they would go to any expense to get their pet the medical treatment it needs, no matter the cost. Unfortunately, life throws many challenges at us, sometimes all at once, so it’s better to safeguard your financial future as well as your pet’s future well-being. Make sure the tough times don’t need to be any tougher if they do come.
Why Not Just an Emergency Savings Account?
‘What is the point of insurance? Why not just put away some money for a rainy day? Surely it’s better to pay the money only if something happens to my pet rather than give away money and have nothing end up happening?’
Some people tend to think of insurance as a bit of a gamble – either you win or the insurance company wins. In actual fact, a good insurance company benefits both the customer and themselves because the insurance company is better placed to assess risks. You’re paying them to take on the cost of assessing your risks.
It’s easier to predict how many dogs will require surgery in a single year for 5000 dogs than it is for a single pet owner to predict how likely surgery is for his own dog that year. Like it or not, the insurance company has the size, the money and the resources to better assess the likely health costs of animals than you do. A good insurance company will leave both customers and themselves with an overall win.
This allows you to put your spare money towards the kinds of purchases you’re better able to judge, like what new toy to get your pet for Christmas!
Peace of Mind
When a nasty surprise comes up in life, it’s no good to have financial worries piled on top. What if your car conks out the same week that your dog needs a life-saving surgery? You might not have the money to feed yourself! Having pet insurance will give you peace of mind that your friend will be taken care of while allowing you to plan around your financial goals.
Cons of Pet Insurance
While a good insurance company is profitable for both customers and themselves, there are always ones that try tricking customers with complicated contracts and fine print. Be sure to check out what kinds of things are excluded from coverage and to compare prices. Ask around – a good company won’t be afraid to tell you why their service is better than the competitor.
Most companies won’t cover pre-existing medical conditions so be sure to buy early when your pet is healthy, and get a policy that will cover them for life.
What to Look for In Pet Insurance
- Coverage of both accidents and illnesses
- Offers percentage of cost coverage as well as decent maximal per year coverage
- Avoids significant exclusions, excessive co-payments or fine-print allowing for sharp premium rises after the making of a claim
Pet insurance is a fairly new option for many pet owners but the advantages are great for the owner’s peace of mind and often for their wallet. The team at Floreat Veterinary Centre are happy to provide suggestions on pet insurance or any other pet-related needs! Give us a call on 08 9383 7773.