Life comes with some major decisions and commitments. All of which require preparation to be done right. A person does not just buy a house without an inspection or a car without a Google search. Accepting the responsibility of owning a pet is similar and many people do not understand that pets are just as time-consuming and expensive as a child. Pets need food, water, shelter, and most importantly, medical care. They come with expenses that exceed the initial adoption or purchase which is what most people fail to realize. A way to defer or mitigate some of the costs that come with the medical incidents, pet insurance was created to financially protect people from the unexpected events that life throws at them, and their pets. Animal injuries are especially unpredictable, and no matter how well they are taken care of, accidents are inevitable. Illnesses or diseases can occur at any time and preparing for them, financially, is difficult. Therefore, all new pet owners should obtain pet insurance immediately after gaining a new furry member of the family. Purchasing pet insurance gives an owner the freedom to live with and love their new family friend without a constant worry about money.
The necessity of pet insurance is growing fast. Veterinary bills are skyrocketing because medical issues that used to result in euthanasia for animals can now be treated with new technology, and the technology that was once only available for humans has now become available in the everyday veterinary clinic. According to an author for veterinary practice management, Stowe (2000), “77% of Americans cannot afford to pay out-of-pocket expenses exceeding $500”(p.639). Because many Americans can not afford the increasingly high veterinary bills and abandoning pets is punishable by law, pet insurance is becoming one of the only options available for people that will give people peace-of-mind in this day and age. The idea of putting a beloved member of the family down is now such a hard decision for any pet owner to think about and it is one of the hardest parts of being a veterinarian, but if euthanasia was not the only option then another route should be pursued. A former veterinarian, Stephens (as cited by Udell, 2014) knew this issue all to well because he “became disenchanted by how many times he had to put animals to sleep because the owners couldn’t afford treatment”(p.29) and he even went as far to label it “economic euthanasia”(p.29), but he saw this opportunity to make a solution and that was, Idaho-based Pets Best Insurance. Stephens understood that Pet insurance would allow for veterinarians to “work as if it is free” (Stowe,2000) and not worry about if the owners can cover the costs. They do not have to focus their worries around the costs and are able to focus on the well-being of their customers cherished family members as it should be.
Some may believe that pet insurance is entirely a luxury item and is not affordable for the general population. In the article by the Australian and New Zealand Institute of Insurance and Finance, Muldowney (2015) points out that “many owners treat their animal companions to premium pet food and indulgent spa treatments”(p.1). This example along with when she stated that “It’s not uncommon for owners to drop their pet off at doggie daycare on the way to work and designer handbags can now be fashioned to fit a precious pooch”(p.1) show that Pet Insurance did not become a well-known global industry because nobody was buying it. People started buying pet insurance because pets have become more than just cats and dogs. They are named members of the family with, in some cases, celebrated birthdays which emphasizes on their personification and growing importance within families. Due to their significance in most households, pet insurance premiums are not always viewed as something a pet owners can live without. They would rather work to find a plan that fits their needs and price range then not be protected at all from a financial crisis. But these premiums have become easier to prepare for financially with a little bit of pre-purchase research because pet insurance premiums are based on an animals gender, age, weight, and breed. A simple notation that should be noted is the fact that there is a strong correlation between size and cost of the premium, because the larger the animal, the more predisposed to certain types of conditions they become. The most commonly used pet insurance, Pet First Pet Insurance, pays up to 90% of the vet bill each time and has unlimited lifetime benefits with an annual coverage limit of up to twenty thousand dollars. These and most all insurance companies allow the insured to pick what the plan covers which alters the monthly price that the insured pays so no owners plans are the same and it is all based on how much they want to risk and how much they would be willing to pay to feel comfortable on a daily basis.
The majority can eliminate the choice that they may have to make between their wallet and their loved one if they choose pet insurance because it allows the majority of costs to be covered depending on the plan that is chosen. In a survey commissioned by the Animal Health Alliance, Muldowney (2015) mentions “that almost 90 percent of pet owners regard their dog or cat as a part of the family and often treat them better than the humans in the house”(p.3). This phenomenon has become more common in the United States where a man’s best friend has become a literal thing and not just a figure of speech. People have grown to pamper their furry family members because we have made them such a big part of our society through dedicating supermarket aisles to them to integrated them into our police force. We are growing to see them not just as animals but people that we dress up in stylish outfits. Furthermore, there is always a level of risk in making any decision but it is better to be safe than sorry. In a financial advice textbook, Anderson (2012) explains her story and states “when I adopted Bailey… I thought the costs would be minimal”(p.70). After getting Bailey, she soon had a huge change in perspective and “In the three years I’ve had Bailey, I’ve shelled out $5,956 for vet visits and medicine”(p.70). After acquiring the dog, Bailey was diagnosed with a possible brain tumor that she had treatment for and the costs for the doctor’s visits and medication built up. These situations can be unknown but pet insurance is there for when something does go wrong and people run the risk of paying for it and nothing happening to their pets which may be bad financially but in a pet owners eyes, a healthy pet that had no issues in its lifespan is not anything to complain about.
Pet insurance gives a pet owner comfort and tranquility. Animals are unable to communicate their feelings and can be very unpredictable at times, so knowing that they are always covered is a good feeling for most. In an article by the Australian and New Zealand Institute of Insurance and Finance, Muldowney (2015) mentions “when Fiona and Scott Howe’s kelpie, Buster, swallowed a leather glove while running around a Melbourne dog park, they were concerned for both his health and their bank balance”(p.1). There was no way for them to prepare or know that their loving dog would swallow a random glove in the dog park. If they did not have pet insurance, then they would have been left to pay thousands of out-of-pocket bills that they could not afford. According to the general manager of Petplan Australasia, the world’s largest pet insurer, Golden (as cited by Muldowney,2015) mentions some of the crazy pet accidents that they have come across including “cats jumping into washing machines”(p.2), “dogs getting caught in soccer nets”(p.2), and “ two horses in the same paddock running into each other after being scared by lightning”(p.2). Unfortunately, animals get themselves into strange situations just as children do. Pet insurance is just a way for people to prepare for the worst and still be able to sleep at night without worrying about what their beloved family members will get into. In an academic journal from Monmouth University, Skiba and Paul (2012) state that “In 2009, total spending on pets was $45.5 billion, with over 26% ($12.04 billion) spent on veterinarian care”(p.88). With these costs exponentially increasing every year, and the unpredictability of animals, pet owners are left with two choices. Either they can take a chance on something happening to their pets or pet insurance can have their backs.
An accompanying factor to the the increase in importance that animals have begun to play in families, is the desire to do everything they can to save a loved one from death. Sometimes people do not understand that animals get diseases and cancer and these illnesses are complex. As Kubicek, a doctor of veterinary medicine and diplomats of the American college of veterinary radiology, stated, “The need for multimodal cancer treatment does not stop with human patients” and she exemplifies the idea that cancer can be found in other living organisms and treatments for things as comprehensive as cancer are still being changed to make applicable to animals. In order for any new treatments and technology to be developed or altered to be applicable to animals, money is required. As Stowe (2000), an author for veterinary practice management, stated “In order to provide the best care and to keep abreast of the latest technologies, we have to invest in education, equipment, and supplies, which, in turn will continue to raise the costs”(p.641), we have to charge pet owners in order for them to receive the best care available in veterinary medicine. The best and the most developed things come with a price, and Pet Insurance is there to minimize the out-of-pocket costs for the best care.
It is necessary for pet owners to have pet insurance because it prepares them for the many accidents that can come their way. Animals are not predictable in most ways and that can lead to many incidents that have very few ways to prepare for them, but pet insurance is the best option because it has the ability to relieve the stress of worrying about what could happen because a pet owner knows that they have prepared for the worst.
