MANCHESTER, N.H. —
Pet insurance claims to help cover the cost of veterinarian visits, but Consumer Reports found that many people end up unhappy with the coverage.
Many people treat their pets like family members, spending billions of dollars on veterinary bills yearly. But if you think pet insurance could save money on routine checkups and emergencies, Consumer Reports found there might be better ways to save.
Dog owner Paulina Vargas had pet insurance for the other dogs she’s had, but with Nigel and Bella, she decided not to get it.
“It makes more sense for us not to be paying monthly fees for the pet insurance, and we decided it’s the best option for us is just to pay it out of pocket,” she said.
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Vargas is not alone. A survey by Consumer Reports revealed that pet owners are pretty unhappy with pet insurance coverage.
“In our survey, over 2,000 members shared their experience with pet insurance, covering everything from what’s actually covered to the premiums they paid and the claims process for getting reimbursed,” said Brian Vines, of Consumer Reports. “And overall, there was no real top dog. In fact, most of the results found that the insurance companies were all pretty middle of the pack.”
Consumer Reports looked at survey data on eight pet insurance providers. On average, the total cost was around $47 per month per pet.
Six insurance providers earned a midrange overall satisfaction score, and two bottomed out with unfavorable ratings.
So, what can you do to save? Consumer Reports recommends putting what you would spend on the insurance premium into a dedicated savings account.
“Self-insure by putting away money every month into a direct-deposit, high-yield savings account that you can draw from should your fur baby need some medical assistance,” Vines said.
If you’re struggling to afford medical care for your pet, consider a trip to a veterinary college that might offer discounts on everything from checkups to spaying and neutering.
And if your pet needs medicine, shop around. It can be cheaper to order medications online from places like Chewy, Petco, PetMeds or Walmart pet pharmacy.
Consumer Reports said that you can also try telehealth vet services for nonemergency care.
