Pet Insurance or Self-Insurance?
Our pets normally mean a great deal to us, so when they become ill or need attention from the vet, our main concern is to get them back to full health.
However, paying for their treatment can be a painful experience and if x-rays or operations are involved the cost can be very high indeed.
Company Insurance – Pros and Cons
This is a good way to cover the cost of expensive treatment and a good surf of the internet for low cost, good value pet insurance to compare prices can save a lot of money.
The Age Factor
The age of your pet also has some bearing on the cost. The older your dog is the more likely it is to need treatment so the insurance is more expensive. Furthermore, many insurance companies will not insure your pet if it is over a curtain age, so if you want a safety net for the potential cost of your pet falling ill, you’ll need to make other arrangements.
Self Insurance
One way to cover the possibility of a large vet’s bill is to self-insure. That is, to save a little each week towards any expense that might come out of the blue. Of course you’ll need to make sure that you do put something away on a regular basis but there are several good reasons why this method is a good one.
- Firstly, you won’t have to pay a lot of money up front because, in a way, you are paying on a regular basis.
- Secondly, the money is in your hands not the insurance company’s which gives you a little safety net in an emergency.
- Thirdly, if your pet doesn’t need treatment the money is yours. If you put it into a savings account you will also gain interest.
My wife and I give our dog pocket money which goes into her money box. People think that we’re a bit daft but when our dog needs things, including treatment, she pays out of her pocket money … not so daft really!
Whatever you decide to do, it’s a good idea to find out the price of insurance for your pet, then compare it with the cost of the average vet’s bill to help decide what is right for your situation.