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Should you buy pet insurance?
Risk Management
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Photograph: Steph Fitzsimmons

A year ago, one of patty Glynn’s three dogs, a five-year-old Chinese Crested named Merry, became ill and very nearly died. It turned out that she had inflammatory bowel disease and required transfusions, among other care. Blood work, emergency vet-hospital treatment and after-care expenses brought the total close to $5,000; luckily for Merry, Glynn and her husband, Stew Tolnay, were able to handle the bills.

However, that experience convinced Glynn that it was time to buy pet insurance for all three of their dogs. When she checked into it, she discovered that approximately 10 companies now offer pet insurance in the United States.

By asking friends and doing her own research, she eventually decided which was best for her situation. Of course, Merry’s earlier condition was considered preexisting and excluded from coverage. Still, the insurance allows Glynn and Tolnay to rest easier, knowing that if their pets develop a serious medical problem in the future, some of the costs will be covered.

By the Numbers
According to the American Pet Products Association’s 2011–2012 National Pet Owners Survey, in the U.S., about 78 million dogs and 86 million cats live with us. On average, dog owners spend $248 and cat owners, $219 per year on routine vet visits.

But what about the unexpected, like Merry’s illness, or the puppy who swallows a sock? Plus, specialty veterinary care is now available — ophthalmologists, oncologists, neurologists — which means that the costs of care are steadily increasing. Even the average cost of a typical corrective surgical procedure, for dogs in this case, are enough to give one pause: gastric torsion (bloat), $1,955; foreign-body ingestion (small intestine), $1,629; pin in broken limb, $1,000; cataract (senior dog), $1,244.

You’d think that, faced with these numbers, everyone who has pets would also have pet insurance. Yet less than 1 percent do. Should you buy pet insurance to cover your pet, and your bank account? Unfortunately, like many things in life, there’s no clear yes-or-no answer.

Some are fortunate in that they have the resources, or the willingness, to go into debt for their pet’s care if necessary; they are, in effect, opting for self-insurance. Others, perhaps without extra resources or who just want to sleep better at night, like Glynn, prefer paying a monthly insurance premium of anywhere between $20 and $60 (depending on the age of the animal and the coverage) in the hope that it will cover expensive vet bills down the road.

Like all insurance, pet insurance is, at its most basic, a gamble. We pay the premiums hoping we’ll never need to use the coverage. If we do, our gamble has, unfortunately, paid off.

Before You Buy
Pet insurance is a relatively new industry in the U.S. Veterinary Pet Insurance (VPI) offered the first policy in 1982. Today, many companies offer policies, which is good, but it also makes choosing the best policy for you and your pet more complicated.

Before you sign on the dotted line and write that first check, do your due diligence.

Read the policy very, very carefully.
Most of the complaints I read on various websites seemed to stem from the fact that the pet owner didn’t fully understand what was and wasn’t covered, and so was shocked when a claim was denied. Each insurance company offers a slightly different product, and you can’t assume that one policy is like another. Read them! If you don’t understand the terms, it’s worth the cost of a half-hour consultation with an attorney to make sure you do.

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Submitted by marthailovedogs | June 7 2013 |

I think pet insurance is a great idea. We're not in a position to drop thousands of dollars if one of our dogs develops an issue, and it would be horrible to have to make a decision about them based on money. I was on the fence, but then I read the stories in this article, and I'm a believer: http://www.ilovedogs.com/2013/06/a-little-pet-insurance-can-save-a-lot-o...

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