Pets

Did you guys buy pet insurrences and do you think it's worth it ?

  • Last Updated:
  • Aug 14th, 2019 10:10 am
[OP]
Member
Nov 23, 2010
247 posts
52 upvotes
Montreal

Did you guys buy pet insurrences and do you think it's worth it ?

As title, I have two cats and I would like to know what will be the best option, they are one 3 years old and another one 5 years old.
18 replies
Deal Addict
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Oct 27, 2004
1102 posts
234 upvotes
I've had 2 cats and now a dog (6 year old Malti-Pom). I've never carried pet insurance because I don't think it's worth it.

First cat went quickly from renal failure. Vet bill for treatment was manageable. Second cat got out and never came back. Dog has been healthy thus far. I expect as she ages, there will be bills to pay, but I can't see them adding up to an amount which would make insurance worthwhile.
Deal Addict
Apr 25, 2011
1048 posts
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British Columbia
Password wrote:
Jul 9th, 2019 11:10 am
I can't see them adding up to an amount which would make insurance worthwhile.
A single trip to emergency can be a few thousand dollars. A common issue in dogs is allergies; allergy medication can be hundreds of dollars a month. If your pet needs to see a specialist, such as for the eye or skin, it may be that you need to visit that Dr routinely for the rest of its life, and their exams and lifelong medication are expensive. If your dog needs surgery, such as when the knee ligaments have problems, you're looking at a minimum of 2,500 per leg, usually more like 5,000+ depending on surgery technique required. Frequently both leg will run in to problems if one does. A dentistry can easily be a thousand dollars, pets may require these routinely. An emergency surgery can run thousands of dollars. If your dog ever gets a spinal issue the surgery is roughly 10 thousand dollars. If you pet ever needs IV fluids for a few days (gets into something, kidney failure etc.), it can run into the thousands of dollars very quickly but the treatment can be lifesaving. Broken leg? Probably over 3,000 to repair... etc. etc.

Anyway, all that said I do not have insurance. If you can put money aside and can come up with the needed amount when required it often is cheaper in the long run than to get pet insurance. The top tier plans which will cover peace of mind are very costly. Keep in mind premiums can go up as the pet ages or as you continue to put in claims and they may stop covering a certain issue or it may reach a yearly limit. They do not cover pre-existing conditions. They're out there to make money.

The best option is what suits your needs... The main insurance companies are TruPanion and PetSecure (and all those other ones owned by Western Financial).
Sr. Member
Nov 20, 2008
904 posts
184 upvotes
People say never to get car insurance. I would assume pet insurance is the same. From some of the stories I read, you could have it, think you are covered and find out in the small print they can find a way to not cover your pet for some reason. I'd avoid it personally.
Last edited by 1C5 on Jul 10th, 2019 2:42 pm, edited 1 time in total.
Deal Guru
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Feb 10, 2007
10922 posts
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the problem is with pet insurance, they can always deny and a large deducible

best thing from people suggestion is just to set aside money each month and save up for the emergency purpose
[self promotion rule violation, removed twice already][self promotion rule violation, removed twice already]Trolling or Threadcrapping Trolling or Threadcrapping Trolling or Threadcrapping Trolling or Threadcrapping Trolling or Threadcrapping
Deal Addict
Jul 21, 2005
1420 posts
517 upvotes
I don't. I have two cats, and although I did have to spend about $800 recently on one of them, over the combined lifespan of the two cats (9 years total) I would have been out thousands, vs just paying for it when an issue comes up. Per insurance is surprisingly expensive I find.
[OP]
Member
Nov 23, 2010
247 posts
52 upvotes
Montreal
Thanks all for the advices, I will check it out the site you guys provided !! Very helpful this community!
Newbie
Jul 28, 2019
61 posts
19 upvotes
Late to the game, but I've never done pet insurance and won't. It's too expensive and most pets won't need it. I much prefer putting a set amount aside in case of emergency. Granted, vet bills can mount quickly, but chances are you will pay out much more than you'll ever need to claim. And not everything is covered.
Member
Mar 5, 2008
360 posts
43 upvotes
i literally had prepared a long post in support of pet insurance but having just recently experienced having to make a claim with our provider (PetPlan) Im going to have to echo the sentiment that its not a good idea and its much more effective to set aside money monthly/yearly as like your own insurance policy for insurance for your pet

we no longer have pet insurance for our dog and we just put money aside specifically for any medical/accidents for doggo
Deal Fanatic
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Mar 12, 2005
8628 posts
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Victoria
I'm in this bind right now. Our cat passed away this past Christmas. He was pretty low maintenance. Prior to getting ill he only had two visits to the vet to deal with sickness. They were mostly benign and not too expensive. However, the thing that knocked him out, it really added up. We ended up paying out $4500 in vet bills/emergency vet bills/prescriptions etc.. only to be 90% sure he had cancer :( They would of kept going if we hasn't pushed them to make their best call (we gave up after the ultrasound).

The things that nag on us, isn't really the $4500 we spent. In a life time that's cheaper than pet insurance. What got us, is if we had insurance, would we of been quicker to take him to the Vet, and would we have been able to try things that weren't withing the scope of our finances (ie would we of diagnosed it quicker, and would we have tried chemo). If the insurances is covering it.. why not.

We now have two new cats and started tossed an extra $100/month into an account.... We figured we'd save up instead of use pet insurance if there's ever a problem.
Jr. Member
Aug 31, 2014
183 posts
85 upvotes
Toronto, ON
I think it depends on what type of pets you have and their predesposition to illness. We have a french bulldog and they are prone to small stuff like allergies to life altering events. He’s only 3.5yo right now and ROi is very much in the negative at this point. *touch wood*
Jr. Member
Dec 11, 2012
133 posts
50 upvotes
Garest wrote:
Jul 31st, 2019 6:40 pm
i literally had prepared a long post in support of pet insurance but having just recently experienced having to make a claim with our provider (PetPlan) Im going to have to echo the sentiment that its not a good idea and its much more effective to set aside money monthly/yearly as like your own insurance policy for insurance for your pet

we no longer have pet insurance for our dog and we just put money aside specifically for any medical/accidents for doggo
Can you elaborate more on why you cancelled your pet insurance? I did some research and apparently PetPlan is one of the best in Canada!
Deal Fanatic
Mar 10, 2003
5057 posts
819 upvotes
Toronto
With Pet Insurance, especially, you’re not paying for the medical treatment in the future, you’re playing for peace of mind. I’ll never have to ask myself whether or not to give my pet the treatment that could prolong their life, or improve their quality of life. And I echo the above poster - it makes me very, very quick to go to the vet. For me, it’s more than worth it (and at this point I’m paying upwards of $140 a month for a single 11 year old dog).
Deal Addict
Jan 28, 2014
3006 posts
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milhaus - we are also paying upwards of $140 a month (after the recent increases). I agree, having the pet insurance does make it very easy to go to the vet (we do even if the illness is not covered and there are many things that are not as you know).

To think that we did not have a claim until our dog was 7.5 years old and that he was signed up at year one. His plan does not increase due to age, but there are "administrative" increases plus the increases in coverages that he will never qualify for or get. His plan is the basic one which is kind of scary.

It is a difficult decision, because while someone may put funds aside every month, it does not help if that person's pet has a major event or illness in year one or two - long before the $10,000 or $15,000 required to treat the pet has had a chance to build up in the bank.

Our dog is now 15.5 years old - how did this happen? He definitely has health issues but when there is food around you would swear he is a puppy. As a dog or cat ages often so does the medicine chest - ours is full yet our dog while he has arthritis and gets Cartrophen shots and takes Gabapetin pills (50 mg twice a day) he does not have Diabetes thank heavens. He is hypothyroid, deaf and sees a board certified eye specialist (this was his first claim, the rest came after he was 11) but LOVES food to the point of being obsessed. And we used to have hounds so this was a bit of a shock.

He will be our last dog - even I don't believe it, but based on our ages it is the right decision for us. However, if I were to get another pet I would be seriously looking at the health insurance offered by the Ontario Veterinary Association - it does reimburse only 80% instead of the 90% (not including taxes of course) that our current plan does but the most popular plan offers set yearly amounts for vaccines and dentals - something our plan does not.

Something to look into though if you plan to get another pet. I hope your pup will be with you for many years to come. Finally The Art of Racing in the Rain is being released tomorrow. We plan to see it - not caring at all about the reviews!
Deal Addict
May 22, 2003
3566 posts
1520 upvotes
Vancouver
Insurance companies make a profit, which tells us that most people who buy insurance will claim less than what they paid into it. Most people recommend that it makes more sense to put money aside every month instead of buying insurance. However, if something major happened to your pet RIGHT NOW could you afford treatment? I've seen way too many gofundme campaigns for vet bills that the owner can't afford. I would never forgive myself if I didn't treat my pet solely because of cost. Our last cat was diagnosed with advanced cancer just 2 months after we adopted her and we spent a few thousand dollars out of pocket. We've bought insurance for our 2 current cats and so far have not had to make any claims on them.

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