Is Pet Insurance worth the cost?
Summary: Consumer Reports analysis is that pet insurance rarely pays
Consumer Reports’ August 2011 issue has a Special Report: “Tame your pet costs.” They compare pet insurance costs vs payouts from ASPCA Pet Health Insurance, 24PetWatch Quickcare, VPI Pet Insurance and Trupanion Pet Insurance. Their conclusion?
"Pet Insurance Is Rarely Worth The Price…
Only in uncommon cases, when a pet required very expensive care,
would the coverage have more than paid for itself."
Consumer Reports used the lifetime vet bills of Roxy, a 10-year old beagle in Dobbs Ferry, N.Y., for their test. They calculated the insurance costs and reimbursements over Roxy’s 10 years. None of the nine pet insurance policies would have paid out more than the projected premiums. Pet Assure, a veterinary savings plan that is not insurance, would have saved Roxy’s family over $1,000!
Even when Consumer Reports added in treatments for several hypothetical serious ailments for Roxy, they calculated that the average insurance policy would only have saved $65 over the 10 years. Pet Assure would have saved Roxy’s family almost $2500!
Consumer Reports concludes: “We believe most pet owners will be better off passing up pet insurance…” Pet Assure, on the other hand, seems to be the sensible choice for most pet families.
This explains why Pet Assure is growing rapidly nationwide. Pet Assure members visit local veterinarians, receive the same medical care as everyone else, show their membership card and the veterinary staff reduces their fees by 25%. The savings are immediate – right at the time of service. Because Pet Assure does not need to underwrite policies like insurance companies need to, there are no exclusions, no deductibles, no waiting periods and no limitations. Also in sharp contrast with insurance, all pets are eligible, even pets with pre-existing conditions. Pet Assure is a simple petcare savings plan that is redefining how people care for their pets.