Should you insure the health of your cat? Let’s just say - we’ve found the answer and the cat’s out the bag.

Here’s the question of the day: how important is it to insure the health of your cat?

Insuring your cat should be one of the big questions you ask yourself before you become a pet-owner. Is it something you understand and know the value of? Is it something you can afford to have and more importantly, is it something you can afford not to have?

I think that a lot of cat owners forget about pet insurance for their cats because they’re such independent, agile pets that always seem to land on their feet. I mean, who needs pet insurance when you already have nine lives? Despite their sleek moves and quick-footed manoeuvres, they are still at high risk of illnesses or accidents that we simply can’t predict (and ones that we can).

This is where pet insurance comes into play.

Having pet insurance means that you can shake off some of the financial pitfalls of pet health care, whether they be routine veterinary costs or bills for unexpected accidents. You simply pay a monthly premium, negotiate your excess amounts and boom, your cat is set and ready to go on whichever adventure they choose.

On the other hand, it’s always good to do your research. For that reason, I’ve decided to get my claws into the pros and cons of having pet insurance. This means you can make an informed decision after knowing exactly what your options are and what the benefits of your decision will be.

What are my options for financing my cat’s health?  

You need money coming in from somewhere because believe me: vets are expensive. Pet hospitals and surgeries are even pricier. If you don’t want to take my word for it, you can find out the cost of owning a pet in South Africa via this blog.

There are two options when it comes to making sure you have money available for your cat’s healthcare needs:

1. Pet insurance
2. Pet savings account

The difference between the two is easy enough: the first is done through a reputable insurance broker and the second is an independent project that involves you opening up a separate bank account dedicated to your pets healthcare needs. When you sign up for pet insurance you will have the security of a written contract and a legal obligation to pay for monthly premiums. There are grace periods and options to avoid this but you know that every month a set amount of your income is going towards the benefits and services that your insurance policy covers.

When you have a personal pet savings account, however, you are responsible for setting aside that money each month and being disciplined enough to keep it there. This is who can manage a personal pet savings account: somebody who is exceptionally good with money and completely confident that they will be able to continuously put money aside for their pet. They also need to be sure that they understand this will need to cover routine care, day-to-day costs and the big bills: surgeries, hospital stays and unexpected accidents.

Most pet owners would have already expected routine care costs for each month, but it’s the unpredictable accidents and illnesses that will throw you for a loop. Plus, there’s the concern that once your money in that account is spent, it’s spent.

With pet insurance, your annual limit comes back every year and you have a pre-negotiated amount that you have put aside by your insurer for various pet expenses.

The Pros and Cons of Pet Insurance

The Pros

1. Pet insurance is affordable - it really isn’t something for fancy people and their fancy dog. When you find the right insurer you could be getting comprehensive, full-coverage insurance up to an amount of R49 000 for as little as R269 pm (This is the Pet Classic Plan from the team over at Oneplan.
2. If the time comes that your cat is in a serious accident or contracts an unexpected illness, you’ll know that she is taken care of.
3. You have the freedom to make informed, optimal decisions about your cat’s health instead of having to choose the cheapest option.

The Cons

1. If you have an older pet that you didn’t insure when they were young or you have adopted a pet, your premiums will most likely be higher.
2. If you can’t make your payments, you could find yourself breaking a legal contract which makes it harder to apply for other insurance policies in the future (this is mostly a con of being unprepared - keep an eye on your money and be sure to let your bank and insurer know if you’re worried about keeping up with your payments).
3. If you have the healthiest and least accident-prone cat around town, you could find yourself paying more for your insurance premiums than you would have in vet bills. That’s a rare occasion but hey, it means your furry-friend was well and healthy.

If pet insurance sounds good to you then see how my friends over at Oneplan can help you out with creating a policy that negates all the cons of pet insurance.

Until next time, 

The Pet Insurance Team