Only about 1 percent of pets in the US are insured. In the UK it’s over 20 percent, and in Sweden it’s close to 50 percent.
Pet insurance can save owners a lot of money if their pet has a serious illness or accident. But it has its limitations.
Many pet insurance companies (there are 13 plans in the US) will not start new policies for older animals. They also frequently exclude common genetic conditions, such as hip dysplasia in Labradors and German shepherds.
And of course, none of them cover preexisting conditions. But if a pet has an expensive medical problem that is covered, insurance will usually pay about 80 percent of the cost.
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Insurance will also cover checkups, vaccinations and tests. There are deductibles, and usually annual caps on the total benefit amount.
Owners can expect to pay about $225 a year for pet insurance on young, healthy animals. For older dogs, it can be twice that. Many plans offer discounts for insuring multiple animals.
Michael Hemstreet runs Pet Insurance Review, a website for comparative shopping. He says pet insurance is “for the person who will do anything to treat their pet and save their pet.”
As treatment options for pets get more elaborate and expensive, like transplants and chemotherapy, insurance has the potential to save owners money.
This article says…”insurance has the potential to save owners money” Odds are, in the long run, it won’t.
Putting aside the $225 a year in in the bank, and doing so year after year (if you have the self-control to do so) should not only give the owner enough $$$ to cover any vet expenses, but leave him with enough extra to buy some gourmet dog biscuits!
You’ve obviously had the good luck to avoid any expensive procedures. Insurance may give the option of opting for a costly veterinary procedure rather than being forced to put the dog down.