Disclosure and Disclaimer: This article has been adapted with permission from a post on the Figo Pet Insurance blog. I earn a commission when a customer REQUESTS A QUOTE FOR a Figo Pet Insurance plan by clicking through one of my links. I am not a veterinarian, and I do not work at any pet insurance company mentioned. If you have any questions about pet insurance, please contact the company you are considering.
Is pet insurance worth it? Are you considering pet insurance, but have a few doubts? We’re addressing seven of the most pervasive pet insurance myths and concerns.
PLEASE NOTE: The Broke Dog is no longer offering a Figo discount.
Is Pet Insurance Worth It?
We’re addressing seven pet insurance myths, but keep in mind that all plans are different. Check with the specific company that you’re considering to make sure you know exactly what your plan covers. For the record, my dog, Henry, has Figo Pet Insurance — and we love it!
1.) It’s Too Expensive
Sure, pet insurance requires monthly payments — but have you seen veterinarian costs recently? Henry recently broke a tooth and needs a blood test before he can go under anesthesia for the extraction. The price? $114. Just for the blood test. If your pup needs nearly any kind of surgery, the insurance will more than pay for itself.
2.) It Doesn’t Cover Wellness or Preventative Care.
Some companies do offer wellness plans (either as a standalone plan or as an add-on). However, it’s pretty easy to budget for predictable yearly expenses. What isn’t easy to budget for is a catastrophic accident or illness. In these situations, a standard pet insurance plan can really save your tushie! We elected not to choose a wellness plan, but I know almost exactly how much I spend on vaccines and checkups each year.
3.) The Claims Process is Annoying
Many pet insurance companies have apps that allow you to simply snap a picture of your vet bills and upload it. A few days later, you get a check. Seriously — it’s that easy! Figo offers this service as part of their Pet Cloud app, and it makes submitting Henry’s claims easy as pie!
However, some companies require your veterinarian to fill out a claim form. Be sure to research the company you’re considering if this is important to you.
4.) I’m Limited To Certain Veterinarians
Not necessarily! Pet insurance generally works in the following way: you pay your vet for services and then you submit your claim to your pet insurance company. They, in turn, send you a check to reimburse you for the cost of services, minus your deducible and unqualified expenses. The vet doesn’t even have to enter the picture! This is how our plan works.
Some plans do limit your veterinarian requirements. Be sure to do your homework and research the plan you’re interested in. You can always call the customer support team — they’re probably glad to answer any of your questions!
5.) There Aren’t Any Options for Pets with Pre-Existing Conditions
Sure, if it’s chronic and manifested itself before signing up for insurance, your pet’s ailment won’t be covered. That’s like crashing your car and trying to buy insurance after the fact to pay for it. However, there are many issues (such as digestive distress or a temporary bug) that may be covered after a predetermined window. Check with your individual insurance provider — they may cover more than you think! You’ll also be covered if your pet encounters a new catastrophic illness or injury.
Plus, many companies do cover hereditary or chronic ailments — as long as they manifest after you sign up. If you have any doubts, just call the company you’re considering and ask!
6.) My Dog is Young and Healthy, so He Doesn’t Need Insurance.
Accidents can happen any time — your pup could choke on a bone from your garbage, escape and run into oncoming traffic, or even develop cancer. Life can be scary and unpredictable. Pet insurance can help give you peace of mind when disaster strikes and you need to make split-second decisions about treatment. Plus, it’s best to insure your dog before he or she develops any pre existing conditions — the younger, the better!
7.) I can Just Save Money in an Account Instead of Paying for a Monthly Premium
Well, sure, this is an option — but let’s do some math:
Option 1: Let’s say you choose a plan with 100% reimbursement after a $200 deductible (the plan that I have for my Henry). Let’s say your monthly premium is $38 (which is what mine is). Let’s also say that your dog ingests a sock a year after starting the insurance plan.
You’ve already paid $38 a month for a year, which means that you’ve invested $456 into the plan. All you need to do is worry about the $200 deductible — your insurance plan will reimburse you for the rest. That’s $656 out of your pocket. If, as the following graphic suggests, the average cost to treat a foreign object ingestion is $3000, you’ve just saved yourself over $2000.
Option 2: You put $38 a month into a savings account instead of using it for a monthly premium. One year after you start saving, your dog ingests that same sock. The bill is $3000, but you’ve only saved $38 a month for twelve months — a total of $456. That means you’re still on the hook for almost $2500, which you could be paying off for years. I haven’t even touched on chronic illness or cancer.
Sure, the saving route might make sense for an older dog with a lot of pre existing conditions and a high monthly premium, but pet insurance can really make sense for a young dog — especially one that tends to get into trouble! You may never use your pet insurance, but at least you know you have it in an emergency.
Try Figo Pet Insurance!
Have I convinced you that pet insurance is a lot less scary than it lets on? Good! It can really be a great investment for your pet’s long term health. I’ve partnered with Figo Pet Insurance (my chosen insurance provider). Just click THIS LINK and start your quote!
Learn More!
Learn more about pet insurance and Figo Pet Insurance in these other posts:
9 Reasons You Should Invest in Figo Pet Insurance
Figo Pet Insurance: Our Partnership + Exclusive Discount!
