Is pet insurance worth it?

Pet insurance is a minefield and unlike any other insurance product, you do not get a ‘no claims discount’ for NOT claiming and you definitely do not get a replacement pet when the old one breaks! 

With strict policies in place for discussing financial products, veterinary professionals are almost gagged to be able to give you their honest opinion on some products. I thought I would share you my thoughts on the subject and what I have recommended to my own family! 

So is pet insurance even worth the money?

Firstly you have to consider, what it is you are buying? 

My interpretation of what you are buying is

Financial protection against the RISK that should and if your pet becomes ill or has an accident, you have the resources to fund the necessary veterinary treatment

in order for your product to be used, the following circumstances must have happened; 

1. Your pet becomes ill and or is involved in an accident 
2. You are covered against said illness or accident in part 1 
3. The treatment fees exceed the policy excess (some include a % of total costs too) 

Some people might have the money or even a credit card that they are happy to use should and if a problem arises. I have spoken to some owners who do not believe in invasive procedures and so would not spend thousands of pounds on end of life care for a pet for example. There is no right or wrong in this argument, it's just worth sitting down and have an honest discussion with your family about the hypothetical possibilities. 

I often pose three scenarios to pet owners and you should  ask yourself the following : 

would you pay for the treatment OR decide it is best to have your pet euthanized? 

Remember there is no option to leave your pet. This would be inhumane and so you ethically MUST either treat or end their suffering. If you would opt for treatment, could you afford to pay for the treatment? the hypothetical scenarios are:

1. You dog/cat cuts himself. It is a very simple case and the vet deems there to be no long lasting problems. They only require a stitch up, some painkillers and possibly a short course of antibiotics. The bill costs approx £300. 
2. Your pet develops diabetes, initially they require hospitalisation for medical stabilisation, then long term medical treatment and regular tests/ close monitoring for life. It is also worth remembering than life isn’t always that simple and diabetic cases potentially can become unstable and require stabilising again, which requires hospitalisation and additional tests and medical treatment. To be optimistic let’s say it costs £5k the first year and then (for a dog), including needles, syringes, urine test strips and specialised food around approximately £100 a month thereafter, with blood tests once a year around another £100. So approximately £1300 a year - with all being well. It is important to note that well manage diabetes cases mean your pet’s life expectancy should not be affected and they should live a very happy and comfortable life. 
3. Your pet develops cancer. Your vet is able to refer you to a specialist, who potentially may be able to save your pet. In-order for them to be able to give you an idea of possible treatments and outcome they need to perform a number of investigative procedures, from blood tests and ultrasound scans to high-tech MRI scans. You need to spend £3-7k finding out the exact nature of the problem - you have not yet commenced treatment, but there is a chance your pet can be saved. 

If your choice is restricted by not being able to afford treatment, then pet insurance is the product for you! 

Want to know more? I have followed up this post with "What is the best pet insurance policy?"