Pet Plan Advice

Majic

Good Morning, would anyone be kind enough to share their thoughts. We are about to buy a puppy (approx £1000) , never taken out insurance before. Reading this site Petplan seems to be recommended. But I'm not sure whether on-going (£45 per month) or short-term cover (£22 per month) would be best. Short term gives £3000 for one year cover but if it is an on-going condition (diabetes) you only get that amount of cover for 12 month/£3000 and then it stops has to be another illness/injury. Any thoughts? Thanks

FlorayG

All insurance is a gamble - you gamble you will need it, they gamble you won't. Just as with buying investments, do you want high risk for little input or low risk for more input? It's all down to your own mindset.
Me, I don't have pet insurance, I put money away every month 'just in case'. That's my mindset

tacpot12

My advice would be to take out the on-going cover. You don't know what issues your pet might have in future, and vets bills can be eyewatering. Problems can occur at any time.

I have four policies with PetPlan and have found them to be good at paying out, provided there are no exclusions that apply. PetPlan know what their plans exclude and, in my experience, are accurate about excluding costs where exclusions apply.

I've rationalised the premiums (which are steep and only go up as the pet gets older and more likely to have a chronic conditon) as being a pre-payment of vets bills that are definitely going to arise at some point. 

You could save the premiums into a savings account, but you need to have about £4,000 saved up to cover what PetPlan will cover in their premiums. 

Majic

FlorayG said:

All insurance is a gamble - you gamble you will need it, they gamble you won't. Just as with buying investments, do you want high risk for little input or low risk for more input? It's all down to your own mindset.
Me, I don't have pet insurance, I put money away every month 'just in case'. That's my mindset

Would you care to divulge what you put away each month?

FlorayG

Majic said:

FlorayG said:

All insurance is a gamble - you gamble you will need it, they gamble you won't. Just as with buying investments, do you want high risk for little input or low risk for more input? It's all down to your own mindset.
Me, I don't have pet insurance, I put money away every month 'just in case'. That's my mindset

Would you care to divulge what you put away each month?

I have three horses and five cats, so £100. Not enough if I do get a huge bill BUT...
The last horse I had died age 26 and never cost me more than £150 for a single vet bill her whole life...work out what that saved me. In extremis, a vet will always let you pay in instalments. I had a horse once when I was unemployed, had a huge vet bill over £2,000 I paid off at £50 a month until I got a job and could pay it all

sheramber

Do you have access to a sum of money if presented with a large bill next month?

Savings, credit card, get a loan?

We have had people posting in despair that they could not afford treatment for their pet.
 

My vet told me his worst experience is euthanising an animal because the owner cannot pay for treatment needed. 

I would not consider anything other than lifetime cover.   

I would restrict the amount of cover. and , at the same time, put money away separately for any possible vet bills. 

I have done this with my elderly pets  when I would  be considering my pet’s age against any extensive treatment. 

On the other hand I had a very active 13 year old  who I continued to  insure for a decent amount.

It  depends on your comfort level about being able to  pay  a large bill.

My vet charged interest on outstanding bills after one month.

Another vet required you to take out  a credit agreement. 

Majic

Tough one this! £45 per month. is a lot especially as this is the first year with costs likely to rise.

For example if the pet lives for 10 years and with inflation assuming the average cost is £85 per month over those 10 years. That is £10200.

I wonder what the average cost of vet bills is for a 10 year dog? That's the piece of information I need

It's a gamble isn't it. If I put £50 aside per month for 10 years that is £6000. Might need more, might need less

Mnoee

The average dog will pay more into insurance than they take. That's how insurance companies make money.

The trouble is, it'll be 9 dogs not claiming anything or a few minor problems, and one dog with huge problems. Same as people. You've probably not been admitted to hospital often, but you've got that friend or family member who knows all the nurses. 

I don't insure my pets, I don't take out travel insurance within the EU, I have high-excesses bare bones 'if the house is totally destroyed they'll rebuild, anything else is on us' home insurance and a large chunk of money in savings to cover those potentials. Others have individual insurance for their phones/laptops, extended warranties on everything, income protection for illness and won't consider a trip to the seaside without insurance.

You already know your appetite for risk. What insurance do you have in other areas of your life? Do you have a rainy day fund that'll cover the potential storms?

At the end of the day, if you can't pay the £3k, £5k or whatever you're considering covering for, right now, not in 5-10 years, you need insurance to be a responsible pet owner. 

sheramber

Majic said:

Tough one this! £45 per month. is a lot especially as this is the first year with costs likely to rise.

For example if the pet lives for 10 years and with inflation assuming the average cost is £85 per month over those 10 years. That is £10200.

I wonder what the average cost of vet bills is for a 10 year dog? That's the piece of information I need

It's a gamble isn't it. If I put £50 aside per month for 10 years that is £6000. Might need more, might need less

My 10 year old needed medication that cost £80 pm in 2011.

On another forum someone has recently lost their  9 year old dog after £13,000 of treatment  over  a few days. 

twopenny

Wish I hadn't come to read now

I had cross breeds so fairly healthy most of their lives but I paid into a Building Society account each week from when they were a puppy.

Each only had one event that was treatable until they got to old age and then it was arthritis/bladder control medication.

The amount I saved covered this easily and even euthinasia with some left over.

Back in the day it was £2 pw but now I'd be making it £5 or £50 a month. It gathered interest too.

While that is close to the insurance payments I didn't have to worry about claiming and could put more in or take out as my income dictated.

If I'd paid £1,000 for a puppy I'd want them properly covered for the first couple of years because you don't know what their problems, if any, might be.

Mine were both rescues. The love of my life was £5. Then the little one came for free, dumped at 10weeks old in cold and rain.

sheramber

Insurance for crossbreeds/ mongrels  is  usually cheaper.

Pure breeds  can have potential to certain conditions and these are factored into the charge for the insurance whether your particular animal develops it or not.
e.g.

to name a few

Golden retrievers- cancer, eye problems and others

Labrador, hip dysplasia, elbow dysplasia, arthritis and others

GSD - CDRM, hip dysplasia, elbow dysplasia, bloat and others.

These conditions are less likely to appear in a mix of breeds but not impossible, depnding on what genes are inherited .