Pet Economics 101 Pet insurance for your goose, goats, guinea pigs?

Hot on the heels of our recent discussions on pet health insurance comes this post on the question of non-traditional pet insurance. It seems Veterinary Pet Insurance (VPI), the company boasting the largest share of this still small, but growing market, is raising the stakes and reaching out to owners of companion animals outside the dog-cat norm.

How about pet goose insurance, as for Boswell (profiled in the Boston Globe’s recent article titled, How Far Should We Go to Save Our Pets?)?

Clearly Boswell’s owner, an as-dedicated-to-his-goose-as-they-come sort of guy, might have done well to consider a pet insurance policy. But then...would radiation for a leg cancer be covered? Or would that’ve been considered waaay “experimental”?—for a goose, that is.

How about pet policies for the queen does of suburban Miami (my goats Poppy and Tulip)? I have a hard enough time finding them a vet who knows their way around a cloven-hoofed beast (none nearby). So would a pet insurance policy buy me the peace of mind I seek? Honestly, probably not.

But my guinea pigs? Though precious few vets in my area know how to properly treat these so-called “pocket pets,” (who in Miami spends money on these guys?) I’m pretty sure I could manage to take some comfort in a pet health insurance plan for them.

Yet in general, pet health insurance for exotic and non-traditional pets seems (at least for this vet) way behind the curve on what it can yet offer. Much of that is simply the result of my read on the level of care typically available to them (worse in South Florida than elsewhere, I’ll warrant). Unfortunately, veterinary medicine is not so standardized for them relative to the kind of care our dogs and cats (and horses, of course) receive.

Issues like these make me wonder why VPI would go out of its way to offer pet insurance for these species. How can there be enough information out there on pocket pet expenditures for an actuary to determine a fair price for the policy?

Despite my reservations, I applaud VPI for taking the first steps in recognizing the importance of non-dog/cat species to so many pet lovers. Here’s hoping their foray into exotic pet health insurance works out for them…and for their policy holders’ loved ones. If it does, it can only mean good things for the level of non-traditional pet care in this country.

P.S. Any of you considering a policy for your exotic pets? If so, let us know.

August 3rd, 2008

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Here are the links (on the mend soon, I promise):
VPI avian and exotic policy:
http://www.petinsurance.com/coverage/exotic.aspx
How Far Should We Go to Save Our Pets (from the Boston Globe):
http://www.boston.com/bostonglobe/magazine/article...

Dr. Patty Khuly August 3rd, 2008 09:56:00 AM

I know people have looked into this coverage for ferrets and have found that it does not cover adrenal disease or insulinoma which are very common diseases in ferrets. They require surgical treatment and/or life-long medical management. They decided it was much better to put the money they would spend on the insurance into a savings account.

dawn August 3rd, 2008 01:48:00 PM

Another ferret owner here. I did some research on this a while back and came to the same conclusion as Dawn. I've heard that most people who purchased it for their ferrets found that diseases such as adrenal and insulinoma were either not covered or ended up being labeled as a pre-exisiting condition, even when the insurance was started on a young ferret. For myself, it seemed better to put the money into savings.

Sydney August 3rd, 2008 03:55:00 PM

If I could get insurance for my rabbits, I would. Unfortunately, in Canada no one is offering it ( and I have looked). When a trip to the exotic vet for Head Tilt costs $130 with meds and Critical Care, insurance would be a good idea. I don't even want to consider what it would have cost if I have to go to an emergency exotic vet (mine charge $80 just for an emergency exam). What if one of them when in to GI Stasis (a life threatening condition if not treated in a matter of 24-36 hours). This doesn't even cover broken bones, tooth problems and other accidents or illnesses. I simply don't know if I could afford emergency care if all 3 buns got sick. Just a yearly exam is about $60 per rabbit. It is totally worth it.

I also have 2 dogs. I have looked at plans for them, and one wants $100 per months for each dog. I don't spend that much a year on medical care form them as both have been relativity healthy.

I am really considering setting up a savings account for vet bills. I wold put money in every month for all vet bills. Yearly checkups and emergency stuff. The only disadvantage is that it can't cover stuff totally for a few months or years after started depending on the cost.

I would go as far as I can for my pets.

Kate August 3rd, 2008 03:57:00 PM

I haven't taken out an insurance policy on my 3 yo Socks, and was wondering which companies are worth looking into.. Socks ends up at the vet a couple of times a year with a cough, or ear infection.. plus his regualr check ups..
If anyone has been satisfied, let me know..

barri August 3rd, 2008 09:13:00 PM

As far as I know, no-one in Germany offers insurance for exotic pets.I happen to have excellent vets for all my pets nearby, and I love them dearly for not charging very much (25 Euros for neutering a fancy mouse, with teeth clipping on a gerbil thrown in for example), but I still have a money stash for emergencies. That's the best I can do until insurances come along. But I just don't see any insurance company doing it for mice, gerbil or budgies and probably such important things as neutering won't be covered because they wouldn't be considered neccessary for such small, cheap (sarcasm!) animals.

Jennifer August 4th, 2008 03:51:00 AM

I've never known any guinea pigs to survive a bad visit to the vets, so I don't see the purpose in VPI insurance for them. They are tiny creatures with fragile systems and I wouldn't seem the point in insuring them because I don't believe that they can be saved. I would however insure a goat, as they are not as fragile and it costs more to see a vet for a goat than it does for a cat or dog.

Both of my cats are 5 years old (will be 6 in October) and they are covered under the VPI premium policy. While I know that this has been a waste of my money for the past few years, I have had a cat that has gotten very sick by the age of 9. Because animal life is volatile and anything can happen at anytime, I choose to pay a lot up front in order to be protected when I need it.

Like every other insurance out there, you're betting that something bad will happen and the insurance company is betting that it won't.

Wendy August 4th, 2008 09:55:00 AM

Wendy: Not a waste. A comfort. My two cents.

Dr. Patty Khuly August 4th, 2008 10:32:00 AM

This ferret owner is with all the others--and I also note that ferrets are not listed among the covered species in the link you provided. Ferret insurance might be seen as a losing proposition by the insurance companies as well. Our little noodles are all too prone to various cancers and disorders.

regina August 4th, 2008 12:22:00 PM

@Regina: There's a saying in insurance that goes "no such thing as a bad risk, just a bad price". Basically any event that is fortuitous can be insured, question always boils down to whether it's a smart thing financially for the individual or group involved.

Alex August 4th, 2008 02:03:00 PM

Dr. Khuly,

You said this: "How can there be enough information out there on pocket pet expenditures for an actuary to determine a fair price for the policy?" and it reminded me that one huge veterinary hospital conglomerate keeps extensive records on this type of information--Banfield, The Pet Hospital. Banfield has been known to share their statistics with outside entities before. Perhaps others do the same.

Somyr August 4th, 2008 04:10:00 PM

For 13 years, there was "one price fits all" kind of money I spent for my pet's veterinary services. That is the price of military and Federal Government vets I had experienced until September 07 when Uncle Sam sent us back home. Little did we know then. . .for my poor companion's fate in the hands of money hungry vets such as these:

http://www.stopanimaltests.com/f-auburn.asp#top

Did I hesitate to pay for his health care? Absolutely, not. I am rich? Absolutely not. Of course my pet died, too, by this vet's misdiagnosis and recommended mistreatment! Although it was not his kidneys, I have reasons now to believe that something like that happened to my pet, too.

http://alabamavetboardwatch.110mb.com/

Fotini August 5th, 2008 01:23:00 AM

True, Alex, but I think the thing with ferrets is that it's fortuitous if they *don't* get a serious illness at some point in their lives requiring either surgery or lifetime medicating.

regina August 5th, 2008 10:26:00 AM

@Regina: Same is basically true for humans. Morbidity rises with age, especially over 50, so if you took 100 people of age 50+ then I would bet that many of them had health issues of one kind or another so from that perspective it's all about the size of the bills, not whether there will be any.

Our experience here at Embrace tells us that approximately 25 to 30% of our pets claim in any given year. Your point about it being fortuitous if pets don't claim is on the money, it's a question of severity when they do.

Alex August 5th, 2008 01:23:00 PM

Dr K, I think you should add Boswell's blog to your Recommended list:
The Daily Honk
http://dailyhonk.blogspot.com/.

Mary August 8th, 2008 06:45:00 AM

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