Is Pet Insurance Worth It?
When your pet isn't feeling well, the last thing you want to worry about is money. But is pet insurance worth it? Brian Vines at Consumer Reports says it's hard to do an apples-to-apples comparison of pet insurance providers because the rates and plans vary widely.
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00:00 Being a pet owner can come with some pretty high costs,
00:03 especially if your furry loved one
00:04 unexpectedly gets sick or hurt.
00:06 Is pet insurance the answer?
00:08 ABC's Tim Pulliam looks into what you need to know
00:12 to decide.
00:13 When your pet isn't feeling well,
00:16 the last thing you want to worry about is money.
00:19 But is pet insurance worth it?
00:21 Brian Vines at Consumer Reports says it's hard
00:23 to do an apples to apples comparison
00:25 of pet insurance providers,
00:27 because the rates and plans vary widely.
00:30 Pet insurance is largely a la carte,
00:32 where you can go with a base sort of coverage
00:36 or something like an accident only plan,
00:38 but there's also plans that cover dental insurance
00:41 or preventative care.
00:43 So it really is a highly individualized
00:46 sort of product that you're shopping for.
00:49 He says one of the positives of most pet insurers
00:52 is that you can keep the vet you already go to
00:54 instead of being confined to a list of in-network doctors.
00:58 When determining whether pet insurance is right for you,
01:01 Vines says to ask yourself what you want
01:04 out of that insurance.
01:05 If you're looking for return on investment,
01:08 it may not be the best thing for you
01:11 because people fairly well break even.
01:15 But if you like that peace of mind,
01:18 knowing that you've put money away
01:20 or there's someone behind you
01:21 in case something catastrophic or just bad
01:24 does happen to your pet,
01:26 it may be a worthwhile investment for your peace of mind.
01:30 He adds that preexisting conditions
01:32 often exclude pets from getting coverage.
01:34 So if your pet is older or has health issues already,
01:37 insurance might not be right for you.
01:39 There are alternatives to pet insurance,
01:41 such as self-insuring by putting aside money
01:44 in a designated savings account
01:46 or taking your pet to a veterinary school,
01:49 where you can get a discount on care.
01:51 Another option is telehealth.
01:53 I personally used telehealth
01:55 when my cat got into a cat fight,
01:57 had a little puncture wound that we didn't know what it was.
02:00 So for $25, we were able to get five days
02:04 of unlimited access to veterinary care.
02:08 We teleconferenced with a vet tech who diagnosed,
02:12 told us how to wash the wound,
02:15 and was also able to prescribe some antibiotics for us.
02:20 Vine says when it comes to pet insurance,
02:22 there isn't one right answer.
02:24 Pet owners should do their research
02:26 and decide what is best for them
02:28 and for their furry loved one.
02:30 Tim Pulliam, ABC News, Los Angeles.