Wednesday, June 10, 2015

Pet Insurance - Year 2

This is a follow-up post to my previous one about pet insurance. Sadly, it's not as positive.

After a year without any claims, Maya's 2nd year premium increased from $580 to $793. I was really shocked when I saw the quote, especially since Maya wasn't even 5 years old.

A nice Shiba owner, who originally recommended PetPlan to us, helped contact their customer service and voice our complaints. They were quick to respond, but said there was nothing they can do to lower the price unless we pick a plan with less reimbursement level. Well, that kind of defeats the purpose, right?

After some debate, we still paid the high premium. Since we got some discounts the first year, I hope the big increase is just a one time thing. If the price keeps going up at this rate, I will seriously have to reconsider whether it's really worth having the insurance. We'll see in a few months.

To be clear, I have read posts online about which insurance will be "worth it", as in whether their expected "return" will be more than the money they paid. Like I mentioned in my other post, insurance companies are not charity and they are here to make money, so for most of us, it will never be "worth it", and I am totally fine with that. If Maya can grow old without ever needing to file a claim, I am totally fine as well. What I don't like, is the steep price increase that caught me by surprise. Perhaps if the insurance company can lay out a price projection for next 10 years, I would have been a much happier customer.

Anyhow, Maya was not impressed.

Link to my previous post: Pet Insurance (Jan. 10, 2014)

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