The decision-making read you need to make the money-saving choice between Pet Insurance and a Pet Savings Account.
When you dreamed of having your own dog in your back garden one day, nobody handed you a manual about the actual intricacies of the task. Suddenly, there’s a whole lot more you need to think about that you hadn’t banked on thinking about, which is why you’ve stumbled across this blog in the hopes somebody has some more thoughts than you do.
Luckily, I do. I’ve been weighing the pros and cons and the ins and outs of which is best and I’ll say it from the get-go, I would choose pet insurance every time. With that in mind, what works for one doesn’t always work for another which is why we’re going to have a comprehensive look at both.
What is a Pets Savings Account?
Having a savings account for your pet is for the strong-willed and the financially disciplined. Opening a savings account that receives monthly, sporadic or maybe even annual deposits to stash away in the event of an emergency is one way that you can make sure you have cash when the time calls. The amount and when you choose to deposit money is entirely up to you, which can seem like a great idea until you have to part with your money and knowledge in the back of your mind, there will be no repercussions if you miss your monthly payment (or two or three).
You can spend your Pet Savings Account money on anything you want (pro or con?)
Depending on the view from where you’re standing, it’s both. Having a private Pet Savings Account means that you won’t have any limitations on what your money can be spent on. You can spend your cash on things like:
- Training
- Grooming
- Special dietary requirements
- Treats
- Toys
Under a Pet Insurance Policy, you have certain parameters within which your money can be spent that don’t extend to the miscellaneous expenses of pet care. So you have the bonus of paying for your pets luxuries from a designated pool of money.
Here’s the catch 22. When you’re stuck in a bind (like struggling to find the funds for your child's school fees kind of a bind), it’s going to be tempting to “spend your Pet Savings Account money on anything”. There’s no pet emergency at the moment, so what’s the issue?
Pet Savings Accounts take time
The issue is that Pet Savings Accounts take a long time to grow into a hefty sum, hefty being the key adjective used to describe most veterinary bills. Unlike Pet Insurance where you are covered immediately or after a predetermined waiting period, you’ll have to wait until your account grows before you can pay for any medical bills. That also means that once you’ve used it, you have to rebuild it again.
What is Pet Insurance and what does it cover?
Pet Insurance is putting the financial and medical safety of your pet into the hands of a reputable insurer. You can find an insurer that will cater to your budget and the needs of your four-legged friend (keep reading to strike gold in this department). You will pay a monthly premium and have your pet covered for any medical care. Pet Insurance is known for covering the big things, like:
- Routine care
- Vet Visits
- Accidents and illness
- Scripted medication
- Kennel fees
Bear in mind, these expenses aren’t covered by all insurers and are usually offered when you find a comprehensive policy, which is what I found with Oneplan Pet Insurance. Their plans are comprehensive and tail-o-made to your budget, so you don’t have to compromise on good health care for your pet just because of finances.
Pet Insurance doesn’t cover chew toys.
If you’re looking for a downside to pet insurance, this is probably it. You do have limited options regarding what you can spend your funds on and they are often less luxurious than what you might spend your personal, accessible savings on. There are also more serious issues that pet insurance sometimes won’t cover like pregnancy issues or behavioural issues.
Can you afford Pet Insurance?
I’ve said it once, and I’ll repeat it: you can’t afford not to have pet insurance. Here are some of the prices Oneplan gave to me when I chatted with them about their policies:
Pet accident cover = from R60 a month
Pet hospital plan = from R139 a month
Pet classic plan = from R269 a month
Pet super plan = from R387 a month
**Please note that these prices and figures are reflective of the day this article was written. For updated prices click here.
At the end of the day, we’re all just trying to do the best we can for our pets and what works for you is your choice entirely. Whether you decide to open up a savings account, take out a pet insurance policy (or hey, why not both?), I want you to know you’re a good pet parent regardless!