Why Pet Insurance is Better than a Savings Account

Protecting Our Furry Friends

We all love our pets like family. They bring joy, friendship, and endless entertainment into our lives. Like when the dog digs up the backyard flower beds! That's super entertaining, right? Right…?

Besides the fun they bring into our lives, pet ownership brings with it A LOT of responsibility, especially when it comes to their health. As loving and caring pet owners, we want to make sure that, when needed, our pets receive the best care possible, which often leads us to consider some financial planning options for unexpected vet visits.

The choice between having pet insurance or setting up a savings account is a difficult one, but that's why we're here to help! In this blog we'll explore both options, provide some real world examples, and give you recommendations on both sides of the argument to help you make an informed decision you can feel good about.

The Cost of Pet Ownership

Owning a pet involves more than just the initial adoption fee or purchase price. Regular expenses like food, grooming, vaccinations, and routine check-ups can be mind boggling. But, have you ever experienced the shock of an emergency vet bill?

Example: New York City

In a big city like New York, the cost of living is HIGH, and so is the cost of veterinary care. A routine visit can cost anywhere from $50 to $200, while emergency care can easily exceed $1,000. Imagine your playful pup suddenly swallowing a toy or jumping too high and falling awkwardly, requiring emergency surgery… Without insurance, this could set you back thousands of dollars. With pet insurance, however, most of these costs can be covered, allowing you to focus on your pet's recovery and finding the best surgeon, rather than worrying about the financial burden.

Understanding Pet Insurance

Pet insurance operates just like human health insurance. You pay a monthly premium, you receive coverage for various medical expenses when you incur them. Pretty simple.

Policies can vary, covering everything from accidents and illnesses to wellness visits and preventive care. It's important to determine what type of coverage your pet will need. Consider their weight, breed, activity levels, and anything else to do with their daily life to make the right financial decision and avoid spending money you don't need to.

Our Favourite Providers

Lemonade - Top-notch Customer Service and Affordable Plans
MetLife - Best for any Age of Pet (even seniors)
Odie - Top Newcomer and Great Customer Service
Prudent Pet - Good choice for Cats and Dogs
Animalia - Great for Quick Coverage Options

Example: Comprehensive Coverage

Consider Bella, a Golden Retriever from the Dallas, Texas area. Her owner, Susan, chose a comprehensive pet insurance plan that covers accidents, illnesses, and even routine check-ups. A few years after Susan purchased the policy, Bella was diagnosed with hip dysplasia. The insurance covered the cost of x-rays, medications, and surgery, saving Susan thousands of dollars, while ensuring Bella received the best care possible. Yes, Susan paid premiums every month when Bella didn't need care, but the amount she spent was minimal compared to the potential out-of-pocket costs for the surgery and other needs.

The Savings Account Argument

Some pet owners prefer to set aside money each month in a savings account, believing this will cover any potential vet bills. While this method has its merits, it also has significant drawbacks.

Hypothetical Scenario: The Savings Shortfall

Let’s say you opt for a pet savings account, depositing $50 a month. After a year, you’ll have $600 saved. But what happens if your pet faces an emergency in that first year, and the vet bill amounts to $3,000? Your savings won’t cover it, leaving you scrambling to find funds. On the other hand, pet insurance would provide the necessary financial support, ensuring your pet receives timely and appropriate care.

The flip side: what if you contribute $50 a month for the 10 year life of your pet, and they never need emergency vet care? All of a sudden you have $6,000 in (hopefully) a high interest savings account, that you can now use as you like.

The real question here - is that a risk you're willing to take?

Another aspect that often gets overlooked is the temptation to dip into the savings account. Or perhaps you might need the money for a different emergency. What’s to stop you from using those funds whenever you need them? Nothing!

This is where pet insurance becomes valuable. It's always there, and unlike a savings account, you can't simply withdraw funds any time you please.

The Unpredictability of Pet Health

Pets, like humans, can experience sudden and unexpected health issues. From a playful kitten ingesting a foreign object to an older dog developing arthritis, these situations require immediate medical attention. And unfortunately a lot of money…

Real-Life Emergency Example:

In Hollywood, Florida, Maria's cat, Whiskers, suddenly fell ill one night. Rushed to the emergency vet, Whiskers needed extensive tests and treatments that amounted to over $2,500. Thanks to Maria's pet insurance, the majority of the costs were covered, and Whiskers received the necessary care without the financial strain on Maria.

Benefits of Pet Insurance Over Savings Accounts

Pet insurance offers several advantages that a savings account simply can't match…

Peace of Mind: Knowing that you have pet insurance gives you peace of mind. You won't have to worry about whether you can afford the best care for your pet in an emergency, which is invaluable, especially when dealing with a sick or injured pet.
1. Example: Trust me, I've been in this situation before. My dog Friday (a Rhodesian Ridgeback) got into her food bucket and ate way too much, way too fast. She's a deep chested breed, which means we have to worry about her stomach flipping in these situations. When it happened, the LAST thing I would've wanted to be worried about is how we'd have to pay for emergency care she recieved.
Coverage for High-Cost Emergencies: High-cost emergencies are where pet insurance truly shines. A savings account can be quickly depleted by a single expensive procedure, but pet insurance ensures that you have coverage for these unexpected costs. This means you can focus on your pet's recovery rather than financial concerns.
Access to Better Care: With pet insurance, you're more likely to pursue the best treatment options for your pet. You won't be forced to choose between what you can afford and what is best for your pet. This can lead to better health outcomes and a longer, happier life for your furry friend.

Customizing Your Pet Insurance Plan

One of the many benefits of pet insurance is the ability to customize your plan to fit your (and your pets) needs and budget. You can choose the level of coverage, the deductible, and premium that works best for you!

Tailored Plans

For example, in San Francisco, California, Lisa has a young, healthy dog named Max. She chose a plan with a lower premium and higher deductible because she doesn't expect many medical issues in the near term. That might change as Max ages, so Lisa can update her plan.

On the other hand, Emily in Madison, Wisconsin, has an older cat named Mittens with chronic health issues. She opted for a plan with a higher premium and lower deductible to ensure Mittens gets the necessary ongoing care for the rest of his life, without significant out-of-pocket expenses.

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Learn More About MetLife Plans

See How Odie sets Itself apart

Common Misconceptions About Pet Insurance

Despite the benefits, there are several misconceptions about pet insurance that can deter pet owners from signing up. Let's debunk some of these myths.

Myth 1: Pet Insurance is Too Expensive - Many believe pet insurance is costly, but when compared to the potential expenses of emergency vet care, it's often a more economical option. Monthly premiums can be as low as $20 to $50, depending on the coverage and provider.

Myth 2: Pet Insurance Doesn't Cover Pre-Existing Conditions - While it's true that most pet insurance policies don't cover pre-existing conditions, many will cover new conditions that arise after the policy is in place. It's important to get coverage early in your pets life to ensure as much protection as possible.

Myth 3: Filing Claims is a Hassle - Forget the headache of insurance paperwork; modern pet insurance companies have transformed filing claims into a straightforward and hassle-free online process. We're talking super easy! With the help of mobile apps and online portals, the entire procedure is streamlined to ensure quick reimbursements. In today’s competitive market, companies are keen to keep their processes user-friendly to prevent customers from feeling overwhelmed and stressed during already tough times. Why settle for an insurance provider that adds to your stress when you can choose one that simplifies your life?

Choosing the Right Pet Insurance Provider

Not all pet insurance providers are created equal. It's essential to research and choose a reputable provider that offers comprehensive coverage and excellent customer service. That second point is more important than you think. Imagine getting confused with a claim or upset when going through surgery/recovery with your pet, and you try to call your insurance and encounter a grumpy rep? I can't say I'd enjoy having to deal with that very much.

Top Providers

Our team here at Bumblbee has done extensive research into some of the top-rated pet insurance providers in the U.S. to help you make an informed decision. Our list includes Lemonade, MetLife, and a newcomer to the space, Odie! These companies are known for their reliable coverage, quick claim processing, and excellent customer support, making them our top three choices for you!

Comparison Shopping

When choosing a provider, compare different plans, read customer reviews, and understand the terms and conditions. This due diligence will ensure you select the best plan for your pet's needs and your budget. See our comprehensive rankings here!

Real Stories from Pet Owners

Benny's Miracle in Seattle, WA. Benny, a Beagle from Seattle, suddenly developed a severe spinal issue that required emergency surgery costing over $5,000. His owner, Dave, had a comprehensive pet insurance plan that covered 90% of the costs, allowing Benny to receive life-saving surgery, the best vet for the job, and rehabilitation without financial strain on Dave.
Lucy's Lifesaving Treatment in Mount Pleasant, MI. Lucy, a playful Labrador in Atlanta, ingested a toxic substance in the garage and needed immediate medical intervention. Her owner, Karen, was relieved to have pet insurance that covered 100% of the emergency treatment and follow-up care, ensuring Lucy made a full recovery.
Our favorite, which comes from MetLife*. Sara, an 8-year-old Golden Retriever, presented to the ER after ingesting 11 tablets of Carprofen that evening. Carprofen is an anti-inflammatory medication specifically for dogs. Sometimes, manufacturers will make the Carprofen tablets flavored, so it is easier to give the medicine. Unfortunately, some dogs, like Sara, may think they are treats! The dose of Carprofen Sara ingested is potentially toxic to internal organs, so quick action was imperative. Happily, after 3 days of hospitalization, Sara was discharged and is doing well! MetLife was able to cover $1,896.85 out of the incident’s total of $2,369.28!

Investing in Your Pet's Future

Pet insurance is an investment in your pet's health and your peace of mind. It provides a safety net for unexpected medical expenses, ensuring you can afford the best care for your furry friend. While a savings account can help, it simply doesn't offer the comprehensive protection and peace of mind that pet insurance does.

Protect Your Pet Today. Don't wait until it's too late. The sooner in your pets life you sign up, the cheaper your plan will be.

Additional Resources

Pet Insurance Comparison and Rankings: 5 Best Pet Insurance Providers in the US for 2024

You don't have to buy medication from your vet: Find the Best Medications for Your Dogs and Cats

Pet Insurance is crucial if you adopt a pet as well: Pet Adoption Guide and FAQs

*This example is for illustrative purposes only. This is based on a policy with a $100 deductible and 90% reimbursement. The pet policy issued by Metropolitan General Insurance Company is the governing document with respect to all matters of insurance. The specific facts of each claim must be evaluated in conjunction with the provisions of the applicable Policy to determine coverage in each individual case.