Should You Have Pet Insurance?
Pet insurance for a pet that will likely be with you for 10 to 17 years seems like it would be a no-brainer. However, the majority of the dog people I know don’t have it. The reason why pet owners don’t get insurance is psychological. We tend to focus on the immediate convenience or inconvenience; the cost of monthly premiums instead of calculating the future effects of our current decision. Maybe your pet will never suffer a devastating illness or accident that can cost thousands of dollars to treat. But then again…
Plenty of dog owners do, having forked out $1.2 billion in premiums in 2017. Though that sounds like a lot, consider that 60% of households own dogs and another 47% own cats. Once the decision is made, research can help find which one is right for you. Consumers Advocate offers an easy way to compare cost as well as consumer ratings.
Healthy Paws gathered the highest rating. The monthly premium for a 3-year-old mixed-breed dog is around $29 with a $250 deductible per year. Another benefit that sets Healthy Paws apart from many others is that there is no cap on how much they will pay. The second highest rated insurance is Pet Plan. For the same dog, the premium is $37/month, a $500 deductible and annual cap of $2,500.
I asked Joey Santaella, outreach specialist for Consumers Advocate, why he thought insurance was important.
“Pet insurance helps protect both the pet and the owner by granting access to life-saving treatments and surgeries that otherwise might be too expensive for the owner to afford. Having pet insurance can literally be a life-saver.”