Pet Insurance: Is it worth it?

Recent events made me think of getting a pet insurance. I was pretty emotional at that time and I was regretting the fact that I canceled the health insurance that I got for my fur baby in the first place.

Having a pet is pretty costly. I learned this the hard way when we got her. Funny thing is, the biggest expense is not her, but cost of vet visit and recently her emergency vet visit.

After calming down a bit, I calculated the cost of health insurance this year (we still have 1 week to go as of today, so this might change a bit) and if it’s worth it even for this situation. It turned out that not having a health insurance still saves us about $200 in total cost since we still need to pay the deductible and monthly premiums. At the same time, insurance will not really cost the routine checkups which I expect to pay every month.

An article published by consumer reports suggested that pet policies are not worth the cost for a generally healthy animal. This is what I’ve read when I canceled her insurance, after 6 months. A logical person will obviously self insured, which is what I did and put the money aside for any future expense. Even if I paid the 6 months premium, I actually still came ahead without the insurance. I am glad I can pay for the emergency vet visit, but it made me think how many people will take debts for their pet.

Having a pet changed my life. I know it is just a dog, but I cannot imagine being put in a situation where I need to choose whether to put her down or cover the cost. Realistically, accidents do happen and I cannot predict her health in the future.


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