Six Reasons Not Investing In Pet Insurance Is Barking Mad

When it comes to your pets, you’re like any other owner – you’ll do anything for the sake of your companion. Pets are more than friends that you’ve grown to love. They are family members that you can’t imagine living without. The emotional upheaval of losing a cat or dog, or watching them go through a painful injury, is too great for you to bear.

Unfortunately, there’s no way to guarantee their safety. Accidents happen, and you can’t watch them 100% of the time, nor can you predict that they’ll do because there is still a wild animal inside. This is where pet insurance comes into play. At least with the correct coverage, you don’t need to fret over steep medical bills.

That’s in theory. In reality, 33% of Americans don’t have a policy or the proper plan that will cover an expensive veterinary bill. And then there are the people who shun insurance entirely. It’s tempting to assume that a policy is a waste of time and money. After all, what’s stopping your insurer from using a loophole to avoid picking up the tab?

Yes, there are bad eggs in the industry, yet even they can’t outweigh the following. Here are the six reasons not investing in pet insurance is barking mad.

You May Not Be Able To Afford It Alone

The whole point of insurance is that you pay premiums monthly so that when a large, upfront fee arrives, the company clears the balance. You get to offset the amount with monthly payments while your pet receives the urgent treatment it requires, meaning it has the best chance to recover.

The concept of insurance isn’t only for ease of use. Studies show that pet owners struggle to afford expenses that total $500 or more. 62% say that they would pay for an animal’s healthcare if the bill were $500, but that means one-third of owners wouldn’t. Considering that vet fees are high – a broken leg is $1,500 – there’s a good chance that your tab will be more a couple of hundred dollars.

If it is, the odds of forking out the cash for the sake of your pet’s wellbeing reduce. Less than 50% of owners wouldn’t be able to afford $1,000+, whereas only 33% could pay a $2,000 quote from a vet. Going off these figures, you may find yourself in a financial and emotional situation that you never imagined would occur.

With insurance, the numbers are in your favor. After all, large businesses don’t blink at the kind of amounts that would force you to sell an asset.

Vets Will Ask About Your Financial Situation

Vets are animal experts, so they know that many owners can’t afford to pay the costs of treatments without a backer. Therefore, most ask about your financial situation before they proceed. This is essential to remember as it means you won’t be able to convince them to help your pet and then create a payment plan later.

If it appears as if they won’t get paid, they won’t help. That sounds harsh, but vets run a business and can’t hand out free services. It’s not a viable plan, and in the long run, it will harm more animals. With fewer vet surgeries for owners to go to when there is an emergency, more pets will suffer from symptoms that aren’t life-threatening.

Sadly, there are only two options: you ask around to see if there is a cheaper vet, or your pet has to be put down. Of course, the latter is the worst-case scenario; however, it does happen, and it’s all because owners assume that pet insurance is unnecessary.

You may see it as a last resort and something that is unlikely, yet if there is a 1% chance that a plan will save your furry friend, isn’t it worth the gamble?

You Need To Grieve

Animals and humans share many similarities. Like any living creature on the planet, your pet won’t live forever. You know it’s inevitable, but it doesn’t stop it from hurting any more. Therefore, to grieve is a healthy and necessary part of owning a pet and letting go.

Funerals are expensive. A wake is the last thing you think about when you take in a pet, yet when you have to pay the bill, the figure could be surprising. Again, an insurer should give you the money so that you can give your companion the send-off it deserves, from choosing between caskets for pets to investing in a headstone.

It’s amazing how a memorial of any type can help you and your family grieve properly. Just being able to visit the stone and remember the good times will be cathartic. It by no means eliminates the sadness – that’s a part of death – yet it should encourage you to celebrate your pet’s life.

Never underestimate the emotions that you have for your pet. In many ways, they’re the same as the ones you have for your family and friends.

Insurance Avoids Debt

The idea of losing your pet is unthinkable, so you turn to traditional forms of lending to fund their treatment. With the average cost of a torn knee ligament at $1,578, you may have to accrue a lot of debt, especially if you own several animals, and they require multiple trips to the vet.

Of course, there is the expense of owning a pet to factor in, too. Without emergency veterinary care, you can expect to splash out up to $2,000 to pay for the animal and a potential $1,800 for every year they live after. Plus, you can’t forget the arrears you already have that aren’t pet-related. A typical American household owes creditors $90,000 if you include a mortgage.

As you can tell, you don’t have a lot of leeway when it comes to your overdue balances. Add in the fact that a global pandemic could easily stunt your earning potential, and paying for treatments out of your pocket isn’t the wisest move.

Thankfully, insurance policies are as cheap as a couple of dollars a week. Sure, you may pay extra in the long-term, yet it’s a small figure considering how healthier your bank balance will look!

Young Pets Are Less Expensive

For those who are worried about the expenses involved with pet insurance, you shouldn’t worry. People who are organized and act quickly pay less for a policy than those who umm and ah over whether a policy is a right move. Why? It’s because young pets are cheaper to insure as they are fit and healthy.

From an insurer’s perspective, there is a greater risk involved with insuring middle-aged and old animals as they are more likely to require treatment. As a result, the monthly premiums are higher. Still, if you invest in pet insurance as soon as you purchase a cat or dog, you could save a considerable amount of money.

Also, trying to budget for a pet gets harder. When you first decide to add to your family, you’ll probably be in a place where you have more disposable income. The $100 a month you need to save isn’t a big deal. However, when something happens and your finances get tighter, $100 is an expense that you may not be able to afford.

You can save yourself stress by investing straight away and cutting the upkeep bills in half. That way, if something does happen, you shouldn’t have to worry about money.

Injuries Are Rare

The above make you think, but you also know that the odds of your pet suffering from an injury is rare. At least, that’s how you see it in your mind. In reality, ailments are pretty common because animals are active and require plenty of exercise.

Whether you take your dog for a walk or let your cat wander the neighborhood, the more they are out of the house, the higher the likelihood of an incident. That’s scary as the benefits of pet ownership are that your animal will keep you healthy and active, both physically and mentally. Even if they stay indoors, they aren’t safe.

Dogs, for example, are allergic to foods that humans love, such as chocolate. If you take your eye off the ball and leave a snack on the table, it could result in a trip to the vets. When you think about all the things that could occur, you realize that injuries aren’t as rare as you imagine.

The fact that your pet could have an accident in the safest place (your home) is a sign that pet insurance is essential. Otherwise, you’ll never be able to sleep at night wondering about the what-ifs.

Conclusion

It’s not hard to see why some pet owners believe that insurance is pointless. However, with the costs involved in vet appointments and the fact that most families can’t afford the fees without help, a policy becomes critical.

Isn’t it worth safeguarding your pet’s health regardless of the likelihood of an incident?