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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Pet insurance is a scam.[/quote]

Exactly this.

As others have noted, insurance starts at $50-60 a month for young healthy pets. Once they get older and actually start getting into the risk area for expensive care it gets much more expensive. I just got a quote for my 13 year old cat at $96/mo.

So say an average of $80/mo over a 15 year lifespan. That's $14,400 in premiums. I've got two cats who have both needed expensive surgeries at some point - perfect case for pet insurance, right?

Well, no. Cat #1 - 13 years old, two urinary tract unblockings totaling $4,000, one urethral widening costing $6,000. No other events that pet insurance would have covered. So without insurance, $10,000 out of pocket. With insurance, assuming 80% coverage, $2,000 out of pocket + $12,480 in premiums (80x12x13) $14,480 total.

Cat #2 - 12 years old, one mammary chain removal, various imaging and screening appointments, about $6,500 out of pocket.  No other events that pet insurance would have covered. With insurance - $1,300 out of pocket + $11,520 in premiums, $12,820 total.

Dog #1 - 10 years old. A couple of tumor biopsies, one mysterious liver issue, no other events that insurance would have covered. Around $4,000 out of pocket. With insurance, $800 out of pocket + $9,600 in premiums. Total $10,400.

So adding them all up, No insurance: $20,500.  Insurance: $37,700. Assuming they all make it to 15 that's another $9,600 in premiums, so I'd have to accrue [b]over $32,000 in qualifying vet bills[/b] in the next 2-5 years just to break even, and that's with 2/3 animals already having expensive medical issues.

Scam indeed. 
[/quote]

Thank you for breaking it down for us with real numbers. It really helps to see the reality. Of course, it's always possible for a pet to have several hugely expensive issues that insurance can cover. But a typical family will not experience this.[/quote]

Exactly. All you ever need to know about insurance is that it can not possibly exist unless it is, on average, paying out less than it takes in.

Insurance makes sense for things like cars, where your liability can easily reach six or even seven figure levels almost nobody has the cash on hand to pay for. It doesn't make sense for pets when nearly any issue can be taken care of with savings or a decent credit line. [/quote]

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