Pet Insurance

I am looking into pet insurance for my cat, and am just wondering if anyone has any experience with it. There are so many companies out there and I want to make sure I am checking all my facts and getting reviews and experiences before I decide on one. I am in Canada, so it would have to be one that offers it here. Thank you.

this is a chart from consumer reports

I have PetsBest insurance and each time I used it they paid. So far so good. They never even questioned any issue.

http://petsbest.com

Detmut, maybe I am over complicating things, but can you explain if in the Net Benefit column it is more advantageous to have a positive or negative number? I read the print below the chart but that description doesn't make it clear given that heading of "benefit".

Also what is the difference in the two charts? They list the same companies but different costs. Thanks for any additional explanation you could provide.

2bcat said:

Detmut, maybe I am over complicating things, but can you explain if in the Net Benefit column it is more advantageous to have a positive or negative number? I read the print below the chart but that description doesn't make it clear given that heading of "benefit".

Also what is the difference in the two charts? They list the same companies but different costs. Thanks for any additional explanation you could provide.

Click to expand...

sorry. i posted in a rush. the charts are 2 different years, 2010 and 2011 if i remember correctly. a positive number is better. that's how much your benefits exceed your premiums. 

detmut said:

sorry. i posted in a rush. the charts are 2 different years, 2010 and 2011 if i remember correctly. a positive number is better. that's how much your benefits exceed your premiums. 

Click to expand...

Thanks. Ok I guess the heading is correct after all and thus it takes a major problem to get a net postive benefit! Although, I suppose that is the way insurance is supposed to work. I mean, we pay for auto insurance and hopefully don't have a net benefit so one could consider this the same way.

With that in mind I suppose one thing to look at is if there is at least some benefit even with just common problems. If the net is negative, at least let that negative not be close to the entire cost. Thus, $500 deductible doesn't make much sense for example when for a little more upfront there's a good chance of seeing a lower net outlay.

I hate all the variables in health insurance math. Every time I look at this I eventually push it aside again because I am unsure of whether it will be s good thing to do. I also feel like I don't get the full story on what and how they are paying, almost like I have to sign up before getting all the fine print!

Soph said:

 
I am looking into pet insurance for my cat, and am just wondering if anyone has any experience with it. There are so many companies out there and I want to make sure I am checking all my facts and getting reviews and experiences before I decide on one. I am in Canada, so it would have to be one that offers it here. Thank you.

Click to expand...

I suggest you go to www.petinsurancereview.com where all the major companies are reviewed, and 2 of the best, healthy paws and petplan are not mentioned in the consumer reports quote above.  It is a gamble, the payback isn't just total return on premiums/co-pay etc, but the peace of mind knowing you will get a reasonable amount back in the future.  However, you do need to be able to front the cost, so you need a credit card or other funding source at the time the bills are incurred, reimbursement to follow.

I use petplan with a $200/year per condition deductible and 90% payback up to $22,000 a year.  The good companies don't set limits on conditions or treatments, they just set a limit on annual outlay.  Healthy paws has no annual cap, but they don't cover exam fees.

I didn't (and don't) start insuring my cats until about age 7, i hedge my bets that younger cats wont get serious or chronic conditions and save 7 years or premiums, this has a very positive effect on net payback over the life of the cat.

Another way to deal with it is put $20 in a cookie jar every month starting when you get the cat, and raise it $1/month every year, and in 10 years you will have over $3000, a tidy sum which if your cat expires cheaply (sorry to put it that way), you can either bank the money, spend it on something, or put it towards your next cat.