Anyone use pet insurance?

[Lathum]

Had an incident with our dog yesterday, luckily he was ok, but it has made me decide to get pet insurance. He likes to eat all kinds of random shit and it's just a matter of time.

Lots of pet owners here. anyone have a recommendation?

[GrantDawg]

Following. Been wondering about this myself.

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[Ksyrup]

As with anything, the devil is in the details. Preexisting conditions, what types of routine things they cover, what bad stuff they don't cover, etc.

I ran legal for a pet insurance program (a collateral program I was responsible for) for about 3-4 years. The thing to understand is that many pet insurance providers are not the insurance company directly, they are insurance producers with big insurers backing them. They have the marketing and specific product knowledge and partner with big insurers who underwrite their programs.

The good news is, the NAIC has gotten very interested in the last few years and are proposing a model act for states to enact with minimum requirements, disclosures, coverages, etc. Fortunately, I was able to escape from that company so I no longer pay much attention to it, but I know those laws are out there and insurance regulators are paying more attention to the market these days

[MrBug708]

We use Banfield. Dot need it for much. Its just...there. Our friend is a vet with them, so we dont get screwed.

[thesloppy]

My impression, colored by personal experience, is that pet insurance is reasonable in the first year of your pet's life, when they tend to be in the vet's fairly regularly, and after that it's a ripoff. Save whatever you expect to spend on insurance in a separate account for your pets medical bills & you will likely come out ahead in the end.

[Ksyrup]

It's no different than jewelry insurance, car and appliance warranties, home warranties, etc. If you can afford to repair or replace the item (or pay for vets) from savings or disposable income, then save your money. If you can't, or you see good value in a particular program, then it might be worth it. But it requires a deep dive on cost, what is and is not covered, limits and deductibles, etc.

[rjolley]

We use Banfield as well. It's been great for the first year with the various puppy visits and if there's a problem, we have no concerns about taking him in and getting him looked at.

They have puppy and adult versions of their plans, and different levels of each, so you can get coverage for the services that you need.

[albionmoonlight]

My friend, who is trust to be smart about these things, uses Trupanion and likes it.

[saldana]

i actually have Nationwide pet insurance provided by my employer as part of my benefits.

so far i havent needed them for anything major, but they have been really easy to work with. i literally gave my vet an undated but signed claim form, and they just send a copy in everytime we visit, and a couple weeks later, i get a check.

[Lathum]

It's no different than jewelry insurance, car and appliance warranties, home warranties, etc. If you can afford to repair or replace the item (or pay for vets) from savings or disposable income, then save your money. If you can't, or you see good value in a particular program, then it might be worth it. But it requires a deep dive on cost, what is and is not covered, limits and deductibles, etc.

This is why I haven't gotten it to date. We fortunately can afford it, but staring down the barrel of a 4K bill still sucks.

[albionmoonlight]

My friend also said that she got a high deductible plan and was really glad she had it when her dog got a cancer diagnosis. She agreed that it does not make sense to use it like human health insurance (i.e. for routine office visits). It was there in case something went seriously wrong.

Also, it probably does make sense in the long run to simply put the money you would put into insurance payments into an account and use that as your pet emergency fund. But that takes a *lot* of self discipline. There is the human-nature factor to consider as well.

[Ksyrup]

One of the things to watch for is the plans where you get some sort of trial at adoption and then buy the plan, what they consider "preexisting" can be tricky. A number of complaints we dealt with were this scenario.

It really does take a deep dive to make sure it is worth it. There were some plans being offered where you'd pay about $700-800 in premium a year, and your max benefit was like $1000-1100. To me, that's just not worth it. To others, they don't view $50 a month as a big deal to make sure they don't have a $1000 bill at one time.

It's kinda the way people view tax refunds differently. Some people hate giving the government an interest-free loan; others like the comfort of knowing they are getting a couple thousand dollar "bonus" once a year.

[BYU 14]

We use Banfield as well. It's been great for the first year with the various puppy visits and if there's a problem, we have no concerns about taking him in and getting him looked at.

They have puppy and adult versions of their plans, and different levels of each, so you can get coverage for the services that you need.

Also use Banfield, we have the wellness and dental plan and take our Dogs twice a year. Savings from those services come to around 1500 per Dog per year, plus for sick visits exams are covered and other services get a good discount.

That said, I wish it was broader as our male min pin is battling serious issues now that have landed him in the Pet ER twice in the last two weeks to the tune of 2,000 dollars, but I still can't can complain. Our babies are 13 years old, so savings over the life of the plan out of pocket has exceeded 38,000 dollars.

[rjolley]

For us, the advantage of having insurance, especially with a breed that can eat things that it shouldn't (goldendoodle), is that if something happens, we don't have to worry about whether we have the money. We can take him in to be looked at without cost being a primary concern. We've read many stories about people not taking their dog to the vet and/or trying some off the wall remedy because they couldn't afford to take their pet in.

[molson]

My friend also said that she got a high deductible plan and was really glad she had it when her dog got a cancer diagnosis. She agreed that it does not make sense to use it like human health insurance (i.e. for routine office visits). It was there in case something went seriously wrong.
.

That's what I have, it will only ever kick in for cancer or a surgery, and will only cover it partially.

My last dog, the numbers never added up in a way that made sense. Cancer took him quick so I definitely saved a lot of money not having pet insurance for 10 years.

This time though, a Pet's Best high deductible plan just kind of spoke to me and felt like the right call. At least for a few years. Their main office is a few blocks from me, which, shouldn't mean anything, but, still drew me to the company.

Another consideration is how much you're willing to pay for vet bills generally, if your dog has a chronic condition or needs a surgery. For me, I'll pay anything that makes sense medically, so it felt like it made some sense to have some low cost coverage against those possibilities.