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 Post subject: Pet insurance
PostPosted: Sat Jan 26, 2013 6:04 am 
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Senior Bengal
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I've looked @ two different Pet Insurance companies and I'm trying to figure out a couple things. The first, is how much coverage would I need and the other which one to go with. I can go with my bank and save some money. The Pet Secure does have it's perks over my banks insurance, but it's also a few bucks cheaper. I put together this picture to give a proper side by side comparison. This also just for one pet. Thoughts, suggestions ?

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 Post subject: Re: Pet insurance
PostPosted: Sat Jan 26, 2013 11:40 am 
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Asian Leopard Cat
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My $0.02 is that a lot of it depends on your financial situation. I think you have to look at some possible scenarios, and then ask yourself how you would make out with and without insurance.

Based on the pictures you show, I'm not real impressed by either of them just in terms of coverage. I'd check out more companies and try to do better.

Some thoughts:

1. I don't see a point in getting insurance that has a maximum per incident of less than several thousand dollars, because that's the whole point of having insurance for most people is to help with cases like that. Cases where you basically are forced to decide between financial ruin for yourself and your cat's life, which is a horrible bind to be in. There are insurance companies that don't have any maximums at all! Sure it's nice if your insurance can help out with the $100, $200 visits etc., but your premiums will most likely far outpace your claims for those types of things. It's the $2,000, $5,000 etc., types of things where having insurance makes the most difference.

2. That one that separates out accidents from illness is nonsense imo. How can you know that your big expense will come from one or the other, and most companies don't hassle you with that kind of nonsense.

3. If you are struggling to come up with the monthly premium, go with a higher deductible but don't skimp on coverage.

4. Don't get any of the preventative care stuff insurance companies offer. They are obviously rigged so that in general you will get back less than you pay in, and also usually puts all kinds of constraints on your cat's care (how often, what services, even what vets etc).

5. This is a good place to start: http://www.petinsurancereview.com/
But take things there with a grain of salt. I think there are a lot of bogus "positive" reviews there imo.

6. I would also do searches like:
<prospective insurance company's name> problems
In google to see how they are treating their customers.

7. Visit the company websites. A lot of them have their own (biased but still very informative) comparisons of why their coverage is better than very specific competitors. You can learn alot by reading those.

Keep in mind that no insurance company pays for pre-existing conditions, yet there are always morons who sign up for insurance and immediately file a big claim and then get cheesed off and rant away then they are denied. So you'll see a lot of those types of complaints, which you can safely ignore, for each company.

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Last edited by brianj12 on Sat Jan 26, 2013 11:53 am, edited 1 time in total.

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 Post subject: Re: Pet insurance
PostPosted: Sat Jan 26, 2013 11:52 am 
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The more expensive insurance plan was by default, showing higher deductible. I will have to look around for a Canada based insurance and compare them.

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 Post subject: Re: Pet insurance
PostPosted: Sat Jan 26, 2013 12:07 pm 
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Asian Leopard Cat
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Gnexus01 wrote:
The more expensive insurance plan was by default, showing higher deductible. I will have to look around for a Canada based insurance and compare them.


The petinsurancereview link that I posted above shows quite a few Canadian pet insurance companies.

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 Post subject: Re: Pet insurance
PostPosted: Sat Jan 26, 2013 8:57 pm 
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Location: Ottawa, Canada
brianj12 wrote:
Gnexus01 wrote:
The more expensive insurance plan was by default, showing higher deductible. I will have to look around for a Canada based insurance and compare them.


The petinsurancereview link that I posted above shows quite a few Canadian pet insurance companies.


Yeah it was really late, and I needed to get to bed. I didn't see the side links, I did notice Trupanion has no limit on the number of claims, or how much it can add up to in a year or lifetime. They even have a Better Business Bureau rating of A+. Not only that, I like how the policy is very easy to read, it's simple. It tells you what is covered, what isn't and when the coverage starts. $30 a month for no limit isn't that bad. The only downside is they don't cover exam fees and sales tax. I'm not sure if this the norm or not. I didn't see anything on the other companies about that.
I also found a overall review of several insurance companies in general. http://trueler.com/2011/01/25/pet-insur ... complaint/



Trupanion wrote:
No Lifetime Limit:
Trupanion has no limits per claim, per incident, or per year and no lifetime payout limit. Our pet insurance covers all diagnostic tests, surgeries, and medications if your pet becomes sick or injured. This includes hereditary and congenital disorders, and chronic or recurring conditions.

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 Post subject: Re: Pet insurance
PostPosted: Sun Jan 27, 2013 12:21 am 
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Asian Leopard Cat
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Gnexus01 wrote:
I also found a overall review of several insurance companies in general. http://trueler.com/2011/01/25/pet-insur ... complaint/


Gawd what a lunatic :lol: Hi thesis seems to basically be: "insurance companies make money (those B**TARDS!)" :lol: But at the same time he seems to completely misunderstand the point of having insurance. True, on average, you will pay out more in premiums that you will recover in claims. But that's not the point. The point is that this is of no consolation to someone whos cat suffers a serious illness or accident. An no, your cat getting seriously ill has just about nothing in common with winning the lottery.

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 Post subject: Re: Pet insurance
PostPosted: Sun Jan 27, 2013 4:50 am 
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I'm debating now if I should just open a savings account, and put money in it every month. The more I read up on pet insurance, the more of hassle it seems to get them to pay out.

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 Post subject: Re: Pet insurance
PostPosted: Sun Jan 27, 2013 6:28 am 
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Asian Leopard Cat

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Gnexus01 wrote:
I'm debating now if I should just open a savings account, and put money in it every month. The more I read up on pet insurance, the more of hassle it seems to get them to pay out.


That's how I see it too really. We have no private health insurance for us as we watched countless friends spent money every month and then still pay more when they go into hospital, we just have money set aside now. I know that this is not always the best idea, but it works for us at the moment.

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