Veterinary Pet Insurance Guide

It comes as a surprise to those in developing countries that some of the very animals they consider pests or even sustenance are seen as loving family members in many western nations. Even more shocking is the realization that the pet industry, in the US alone, is a nearly $40 Billion yearly industry. But where those in poorer countries really cross the line between surprise and incredulity is that, crazy as we are, we’re even comfortable with the notion of purchasing pet health insurance. Keep in mind, the majority of the world’s population runs a daily risk of death from things as mundane as their very drinking water. You can imagine their surprise at learning there are cats and dogs with better health coverage than they could ever dream of enjoying. 

Setting aside the guilt of prosperity and simply accepting things as they are, there are very good reasons for veterinary pet insurance. According to Investopedia’s article - The Economics of Pet Ownership - in the US alone, 2005-2006 estimates placed average yearly expenses for dogs at $1571 with fully half that amount consisting of surgical vet visits and routine checkups according to the American Pet Product Manufacturers Association (APPMA). That’s per dog, by the way, meaning that a two dog household can expect over $3000 in veterinary expenses each year. While cats run a more modest $919 per cat per year, more than half of that amount accounts for medical care ($516). And these are old statistics, folks. Expect those amounts to be higher in today’s dollars. 

Ok, so we love our pups and kitties. Some would argue we love them a bit too much (I’m not one of them). But if we’re going to have them in our lives and give them the care they deserve, it’s simply common sense that we minimize the financial pain where possible. The big savings come in when we hit those unexpected and often high-priced medical needs. Prior to purchasing veterinary insurance for our own flock of critters, we took a big hit to the tune of several thousand dollars over a few weeks for emergency care for one of our beloved pets. That pain could have been dramatically offset. 

My hope with this blog is to provide you with easy to digest information to help you navigate the sometimes complicated waters of veterinary pet insurance. I’ll be covering some available options, comparing offerings and delving into what the sometimes confusing language means to your bottom line.