Pet insurance

[Steve Carlton]

After procrastinating for a while, I pulled the trigger on some dog insurance. 25 years ago my vet told me it wasn't a good deal. Now I think it can be a great idea. I shopped around, and everything seemed to have 80-90% coverage on a $5-10k limit with a $500 deductible and was running $40-60/mo. Than a week ago I went back and found Pumpkin, which had a $20k limit and no limit, plus they pay you on the spot with an ACH within 15 minutes so you have the funds to pay the vet. They also seem to be top-rated. With a $500 deductible, it was $88/mo for $20k and $99 for unlimited, so I figured for $11/mo more I'd go for the higher security. Then they call you for an easy interview and I found out they have a $1,000 deductible for $68/mo on the unlimited, so I went with that. It'll only take me 16 months to recoup the extra $500 deductible saving $31/mo. My pup's only 2 years old and healthy. Anyway, I feel a lot better with the coverage instead of the worry. Stuff can run $10-20k pretty easily these days.

https://www.pumpkin.care/

[wswartzwel]

Talk with your vet to make sure he accepts their payment arrangements. There are some of the insurance companies that want to dicker with what they will pay for procedures, as well as how soon payment is made. If that's how they operate the vet may ask you to pay him and let the insurance company reimburse you. have seen this in the automotive repair industry... people buy a policy to cover car repair... Auto shop has to fight with the insurance company to get paid. I know a few shops that won't deal with them.

[LWJ]

So I have opinions on insurance - having paid for my lifestyle selling the stuff for a few decades.

Here gos: Insurance is for things that are 1) unexpected and 2) unable to be paid for. Example is liability incurred for a nasty car accident.

I have told thousands if not tens of thousands of people that instruments like dental insurance, eye insurance, travel insurance, cancer and accident insurance are not in the above two categories. They are more akin to a forced savings plan. And, if you don't max the plan out you will be way out of the money. My opinion has been rejected by probably 98% of everyone I deliver it to. So clearly, I am in the minority.

I do expect that pet insurance is a very high margin product. I would love to hear more. I have not ever explored it.

[Steve Carlton]

One thing they did was confirm my vet takes their coverage, or that Pumpkin accepts my vet's services. They pay me first, anyway, so I don't have to worry about the vet demanding payment from me.

I totally agree with you on aftermarket extended warranties on cars. Some shops take it; some don't and you have to pay upfront yourself. I deal with Fidelity, who will pay a dealership, and being reputable, the dealer will take their payment. Sometimes there's a small amount Fidelity won't pay, but usually not. A factory extended warranty is always best if possible/practical.

LWJ- I'm scared by having my dog's life on the line and not being about to produce thousands of dollars unexpectedly. I've always found dental insurance sucks, but it's always been a free benefit from work, so it's better than nothing for me. I get eye insurance free, too, and very rarely use it. But I think I need to start using it soon... I will say there's a lot of companies offering pet insurance, so hopefully the margins aren't too bad. But I can't afford to play the odds.

[craigster59]

I've had Trupanion for 7 years. Started it $120 a month and is now at $156 a month. They say it's going to increase to $220 a month next year when Nalu turns 9 (Choc Lab).

The Dude is healthy as a horse, I think I've gotten around $2k in payouts (mostly ear infection and a skin infection recently because he won't stay out of the pool).

It wasn't the best investment, Costco has gotten into the game with Figo and they quoted $65 a month for an 8 year old dog. I might be switching.

[craigster59]

I have to say Trupanion paid quickly but it was like pulling teeth to get his old vet to submit the invoices to insurance.

Now the new vet says they don't submit to Trupanion, I have to do it.

Never mind the fact that I get weekly emails from them trying to sell me pet insurance.