Comments on: Is Pet Insurance Worth It?

By: Jeff

Jeff — Mon, 06 Aug 2018 01:10:34 +0000

Being in the financial industry, I find most are not disciplined in putting enough money away for retirement or a rainy day, let alone potential costs to care for a pet. We have always had pet insurance, when time came to use it we were extremely thankful. It gave us peace of mind to run all the tests and take the necessary steps to ensure that we have done everything we possible could have done before making the difficult decision to put our dog down. End of the day, having pet insurance allowed us to be financially comfortable in making some very difficult decisions.

By: Victoria

Victoria — Sat, 04 Aug 2018 22:05:59 +0000

I’m a huge advocate for Pet Insurance I’m on a fixed income my cats are my family… for my kitty I did not use the insurance for the first 4 years then he had some issues so over the 15 years he was alive the insurance covered over $23, 000 something I would not have managed to save in a savings account. We all have to pay for home and car insurance (sometimes we never use it but its there just in case) I treat it the same way. I chose to have my beloved pets in my life its my responsibility to ensure they are covered for the best healthcare when needed. So no it is definitely not a waste of money I have peace of mind knowing I have it formy beloved pets.

By: Susan

Susan — Sun, 18 Dec 2016 22:17:35 +0000

I had the same idea (just out the money in an account so I would have it if nothing happened) since we didn’t use it with our first dog. Then our new puppy had a seizure. Since he was less than a year old we could still sign him up without exclusions. We use trupanion (which was vetinsure). No preventative coverage. Well this adorable dog turned out to be a sockeater. 3 surgeries later we have had over $30k in expenses covered. But here is the important message. His first incident required us to go to the emergency vet. They won’t even look at him without a credit card. I asked the vet what happens if someone doesn’t have the money but the dog is young and healthy other than having eaten something. Well they don’t save him. At the time it happened I would not have saved enough to cover that surgery and would have gone $15k into debt. So like any non-mandatory insurance (life, disability, etc) while it would be better to be self-insured, most of us can’t do that until later in life. So is insurance a waste of money. Yes. But if you’re lucky it will be the best money you ever wasted.

By: Barry Choi

Barry Choi — Sat, 04 Jul 2015 19:05:17 +0000

In reply to Tanya. Hey Tanya, Thanks for the feedback. Yes it's sad that some people think that if their pet gets sick, they'll get rid of it. As you said, as long as your pet is well taken care of it doesn't matter if you have insurance or a pet savings account.

By: Tanya

Tanya — Sat, 04 Jul 2015 16:25:22 +0000

I just wanted to express my appreciation on your opinion about improper budgeting where pets are concerned. It just astounds me that some people have that disposable mentality when it comes to their pets. We have an outdoor cat, and we have pet insurance for him. So far it’s been quite worth it, but can certainly see why it may not be for other cases. Either way, as long as our pets are being well taken care of, I’m happy!

By: Barry Choi

Barry Choi — Tue, 05 May 2015 13:42:02 +0000

In reply to Aleksandra Sagan.

Aleks,

My wife and I are in a similar situation, although she’s the one that wants a dog.

I don’t think I’ll buy pet insurance at all, but by hearing stories I may put aside some money in advance.

By: Aleksandra Sagan

Aleksandra Sagan — Tue, 05 May 2015 13:37:44 +0000

I would love to get a dog and have even crash tested our budgets to see if G and I could afford one. Unfortunately, we want the type of dog that really isn’t suited to an apartment, so we’ll have to wait a bit before we can get one.

However, pet insurance is definitely one of the costs I factored in during the crash test… I’m not sold on it being 100% worth it, but I’ve heard some horror stories. We had a friend who bought a dog and maybe two weeks into living with her, the puppy fractured a bone in the park… She was out a couple thousand dollars because she had neglected to buy pet insurance before bringing him home… I would be so scared of something similar happening to us.

By: Barry Choi

Barry Choi — Sat, 02 May 2015 00:10:52 +0000

In reply to Sean Cooper, Personal Finance Expert and Financial Journalist. Sean, That definitely seems to be the consensus.

By: Sean Cooper, Personal Finance Expert and Financial Journalist

Sean Cooper, Personal Finance Expert and Financial Journalist — Fri, 01 May 2015 23:22:36 +0000

Unless you have a breed of dog with a high likelihood of getting ill, you’re better off putting the pet insurance premiums in a savings account. People love their pets and are sometimes willing to pay anything to make them better.

By: Barry Choi

Barry Choi — Thu, 30 Apr 2015 16:53:28 +0000

In reply to anumyoon. Anum, Smart move, a pet savings account seems to be a much better use of your money.