Don’t Buy Pet Insurance!
Posted by admin on October 5th, 2009Vets are expensive there is no two ways about that what with all the equipment and the different types of treatments that are now available for treating your dog. While the majority of dog owners now hold some form of pet insurance and while it is necessary to make provision in case your dog does need medical attention I want to suggest that there may be a better way to insure your dog than by just buying an over the counter pet insurance policy.
Secondly there is what I term ‘incidental’ insurance. That’s insurance to fix the television, or vacuum if it breaks down. And into that group I’m inclined to put pet insurance. The difference between primary insurance and incidental insurance is that one is a life changing event while the other is just one of life’s little inconveniences. There is no way you can cover the former yourself, but there are ways you can avoid taking out the second type.
Most people will buy pet insurance in the belief that it will protect them against that large and unexpected bill that the vet presents them with if their dog has been in a serious accident or develops a disease like cancer; something that is going to require medium to long term treatments. So why not just go out and buy it because the insurance itself is not that expensive you can pick up a good basic one for about $10 or £10 per month; they’re even on sale in many supermarkets! By adding on an extra few pound you can buy a more expensive policy that will cover expenses like dental work, alternative medicines, and also cover routine treatments.
When I think of pet insurance I think of it as a way of paying for something in advance of it happening with payments spread out over time, over years in many cases. In other words if a dog has had a brush with a speeding car and receives a broken leg in all probability the owner will already have paid the insurance company enough money to cover the total cost of that accident well in advance of making any claim.
My way of covering my pet’s bills is that instead of putting money into premiums I take it and place it in a special account. In my particular case that’s with my local Credit Union. (For those who are not to sure of what a credit union is, it is a not-for-profit institute, a friendly society, where the members are owners and save on a regular basis.) But you don’t have to have a CU account to work this scheme any bank or saving society will do just as well, just designate an account for that particular purpose and lodge money in it every month. The best way to do this is via standing order, just set it up and forget about it, by using a standing order you’ll not be tempted to ‘miss a month.’
By paying the money you would have spent on a dedicated pet insurance policy into your own pet insurance account it will not be that long until you see a nice little nest egg developing, and you’ll have the money on call if you should you need it, if not then all that money you would have spent on premiums is safely tucked away in your own name!