Lifestyle /
Is Pet Insurance The Next Big Thing?
A few years ago pet insurance would have ranked right up there with life insurance for children and dread-disease coverage on our list of policies you don't need. Now, may be not.
As homeowners and parents you may find pets bring life and vibrancy to any household, however, when they become sick or unhealthy, as their owners we take it upon ourselves to pay exuberant rates to ensure their health and well being even if it costs us sometimes more than we can afford.
Vet bills and vaccinations can cost up to hundred or more dollars. The question then that follows: Is getting pet insurance for your loveable companion a worthy investment?
Pet insurance is laced with plans that come in various prices, deductibles, extensions, and limits on claims.
Amardeep Lamba, of U.S. based firm, Farmer's Insurance Group told ANOKHI MEDIA that “The definition of insurance is the equitable transfer of risk of a loss, from one entity to another in exchange for payment. Pet insurance protects you from large, unexpected vet bills. If you are the type of owner who does not want to choose between going into debt or putting your pet down, pet insurance is for you.”
Laura Bennett, CEO of Embrace Pet Insurance, has observed that more than one-third of the pets in Canadian household get sick once in a year. Jessica Calise, marketing manager at Pet Partners also added that the cost of an emergency vet visit could run up to easily $1,000 or more.
The American Veterinary Medical Association estimates that in 2007, 72 million dogs and nearly 82 million cats were kept as pets in the U.S. Yet there were only 850,000 pet insurance policies in effect.
Pet insurance has been available for the last 20 years or so and covers some or most of the bills for the health problems. Owners pay a monthly premium, a deductible for the claim, and some of the medical costs. Thanks to medical advancement, there are many life-saving procedures that the vets can perform and can ensure a longer life for the pets.
Melissa Carlaw, of the Ontario Veterinary Medical Association, recommends ensuring the pet when they are still puppies or kittens before they are diagnosed with conditions that the health insurance may not cover. Each plan varies with the age, breed, species, and location of the pet.
Before choosing a pet insurer, it's important to check the fine print. A wellness option may set yearly allowances for certain services, a dental rider may exclude X-rays or crowns and the deductible may not cover exam fees.
Pet owners should carefully scrutinize plan restrictions related to specific breeds, conditions (such as cancer), or even animal age. Additionally, some providers don't cover costs for weekend emergencies or specialty vets even though their expertise may be necessary.
The Animal Clinic Vet Dr. Matthew Richardson told The Star, “Pet insurance is a great thing to do for most pet owners. When you have something happen to your pet, most people don’t have one, two, three thousand dollars lying around.” He called the pet insurance is an “emerging market” and further said, “It’s getting better as time goes on, but it’s not at the point where one plan is really terrific that everyone should go with. Insurance companies are somewhat like cellphone companies, where everybody offers something slightly different.”
As with different types of insurances, the tolerance of risk plays a major role in choosing the insurance plan. Pet owners should be aware of all the pros and cons before deciding to opt in or out of a plan.
Feature Image: petslady.com
Images & Source: cheapism.com, thestar.com, citynews.ca, dont-be-cruel.org and relativeinsurance.com
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