I came across an article in a newspaper with the same title and my first thought was "This person gets it!" You'll see why I say that after reading this post. Here are a few excerpts and my comments:
Consumers take out insurance to transfer the risk of something happening to the insurer. For a fee, the insurer then agrees to pay the cost of certain events, giving the consumer peace of mind. Pet insurance, as the name suggests, is simply another form of consumer insurance, which pet owners take out to protect their animals.
Listen to this conversation I had with Dr. Carol McConnell at Veterinary Pet Insurance (VPI) about consumer attitudes toward pet insurance especially as it relates to the debate about pet insurance vs. a savings account (excerpted from Podcast)
Pet insurance is a relatively simply way to protect your pet’s welfare and your wallet. Veterinarian bills can be extremely expensive, and through no fault of your own, you may find yourself unable to pay for the cost of treating your pet. This could leave you in an unthinkable position. Faced with extremely high vet bills, some pet owners are forced to euthanize their pets, because they simply cannot afford the cost. Pet insurance avoids that dilemma.
This really is the bottom line. Pet insurance protects your "wallet." Consequently, it also protects your pet. Dr. Jack Stephens, the veterinarian who started the first successful pet insurance company in the United States 30 years ago, has said that the primary reason he did so was to decrease and hopefully put an end to "economic euthansia." Read the story that motivated him to launch a pet insurance company.
Dr. Kerri Marshall talks about this issue of "economic euthanasia" (excerpted from Podcast):
Dr. Barry Kipperman, an internist in California, weighs in on "economic euthansia" (excerpted from Podcast):
The author finishes the article with this conclusion:
If you are the sort of pet owner that is prepared to spend a lot of time and money looking after your animals, then pet insurance could save you a lot of money. It could also give you peace of mind and need not cost a fortune.
I couldn't have said it better myself.
Here's the link to the full article.