Although the pet insurance industry raised its annual growth rate by 23.4% over the last three years, still, many pet parents are skeptical that it’s worth it, or really useful.
If that sounds like you, then this text is dedicated to you – it busts the myths and truths about pet insurance and informs you about pet insurance alternatives.
Is Pet Insurance a Scam: Myth or Truth?
In a survey of why people refuse to get pet insurance, there were many reasons listed. But, three of them were prevailing or appeared in a similar context.
MYTH: “The vets will bill me more if I’m insured!”
The origin of this myth comes from the collaboration of the vets and pet insurance networks. But, legend has it there’s still no hard evidence.
Any vet that signs a bill with prices that don’t comply with the given and registered pricing will face criminal charges.
But, it’s true that vets perform more tests on insured pets rather than on uninsured pets not to gain more money, but for the greater good of the pet.
Since vet medicine is highly expensive, vets do everything in their power to check up on the pet with at least possible tests and scans, so the bills don’t rise.
However, when a pet is insured, the vet can run all necessary scans without the elimination rule to give a proper diagnosis to the pet. That’s why it might appear that a vet is using insured pets over uninsured ones.
It’s true that there are pet insurance companies that don’t stay true to their word of reimbursing within the given waiting period. In 100 providers, 1 pet insurance is a scam.
On the other hand, this is also a myth because there are insurance policies with quick, precise, and considerable work ethic. In fact, there are pet insurance policies with claim processing within 24 hours.
Others have a claim processing rate of 60 claims daily, which translates to 60 pet parents’ claims being heard in a day.
Some pet insurance companies reimburse you within a day in case of an accident, or urgent surgery.
So, the statement that pet insurance companies don’t pay out anyway, and it’s a waste of money is a mere generalization that puts into shadow prolific and trustworthy pet insurance providers.
Instead, before subscribing to a new pet insurance provider, please read real user testimonials. If you’re still skeptical – talk to brokers, or people actively using the insurance to share their experience.
IT DEPENDS: “It’s too expensive”
Myth. And, truth. Some popular or already well-established insurance policy companies have really expensive premium programs that are simply not worth it.
But, there are also new and thriving insurance policies that offer cost-effective insurance plans with the ultimate coverage. Take Embrace, for example.
The monthly cost for an adult dog is around $30 depending on the breed, type, and age. Plus, it offers reducible deductibles. This means, that if your dog or cat doesn’t file a claim for a year, the deductible will reduce by $50.
As you see, it’s not that all pet insurance policies are expensive – there are many pet insurance companies on the market that are simply not given the benefit of the doubt.
Is There Any Option Other than Pet Insurance?
If you cannot afford the pet insurance, but want to raise your dog or cat as a healthy adult, like any other pet parent, there are people that united at Eusoh to work on the possibilities to help low-income pet parents keep their pets in the family.
So, Eusoh is definitely the best alternative to pet insurance. It’s a community with many members trying to help out low-income pet parents who want to raise their pets just like any other pet owners who can afford to have regular pet insurance.
Essentially, Eusoh operates on a peer-to-peer sharing business model.
This model turns out to be not only fruitful and useful but in some instances better than the insurance policy.
No need to file claims, or wait for reimbursement or anything -all you have to do is take a picture of the vet bill and share it with the community. They will fund you, and you get absolute reimbursement.
It’s the Robin Hood of pet insurance, if you will.
To Conclude: Is Pet Insurance Fraud?
To put it bluntly – no, pet insurance is not a fraud. It’s an entire legitimate industry. There are so many million-dollar brands like Toto, Pet Assure, etc.
Pet insurance is one of the best options to cover the enormous vet bills that pet parents cannot afford, but love to take care of their pets as they truly deserve.
There are some pet insurance companies that offer oddly expensive insurance plans, with even more expensive premiums, but that doesn’t have to define anything.
Because if the expensive pet insurance plans don’t work for you, you can always turn to communities that take care of animals and pet parents.