What do you think? Is pet insurance a needless expense? Or is it, in fact, a vital life-saver? In Australia, the pet insurance industry has just been given a Shonky Award for being one of the dodgiest products in the country! On the other hand, pet insurance could allow your pet to receive life-saving treatment you would not otherwise be able to afford. So is insurance for your dog or cat something you should be thinking about?

• Choice, on reviewing 86 different pet insurance policies, claimed it couldn't recommend a single one. Some key reasons were that pet insurance is "Riddled with exclusions and technicalities, pet insurance is one of this country’s worst value insurance products," and "It relies on emotionally manipulating your love of your pet to sell you worthless insurance".
• Insurance doesn’t cover: routine care - vaccinations/parasite control, often excludes dentistry, and there are serious exclusions based on breed as well as your pet’s medical history.
• I often tell people that an insurance companies job is to NOT pay out so that they can make money for their stakeholders. The fact is that, on average, a pet owner will pay more in insurance than they will ever claim back
• BUT - insurance can be the difference between life and death! Serious illness, expensive diagnostics, and complex surgeries will often be unaffordable without insurance. The alternative is less than ideal care, not making a diagnosis and trying to cut corners, euthanasia, or death

One pet insurance alternative is to have an emergency savings fund for your pet dog or cat.

• Talk to your vet about how much this should be for your pet. A rough guide might be $5000 - $10,000 depending on the size and breed, as well as where you live.
• One draw-back to this is that if you are only just starting a savings fund, what are the options if the fund is not enough to cover your vet’s bills. Credit cards, finance and other loan options are very expensive ways to access money. Borrowing from family may be an option. You need to have a plan.

Insurance can be a worthwhile product that can give you peace-of-mind and may also save your pet’s life. It is though not the only option

For more information about pet insurance and all the links discussed, head over to the full show notes.

Insurance is my bonus tip in the 5 steps to keeping your pet happy, healthy, and out of the vet clinic! You can download your free guide here.

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