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I had pet insurance for my previous dog, a senior, and while the peace of mind was nice, I’m not sure it was financially the best decision. Over 10 years, I paid around $50 per month, totaling roughly $6,000 in premiums. He only had a couple of minor issues that were covered, with reimbursements totaling maybe $1,000 after deductibles. Looking back, putting that $6,000 into a savings account would have likely covered those costs and left me with extra.
I have a French Bulldog, and for me, pet insurance is a must. I pay about $60 a month, which is $720 a year, but my breed is prone to health issues. In one year alone, I spent around $3,000 at the vet for various issues, and after my deductible, my insurance reimbursed me about $2,500. Without insurance, I would have had to pay that entire amount out of pocket, so it has definitely saved me money.
Personally, I decided against pet insurance and instead put $50 a month into a savings account specifically for my dog’s expenses. Over the past few years, I’ve had a few unexpected vet visits, but even with a couple of incidents that cost around $500-$800 each time, my savings have been sufficient. For me, the $600 per year I would have spent on premiums has remained in my account, and I haven’t had a major issue that would have made insurance clearly beneficial.
I’ve had pet insurance for my dog for 3.5 years, and it has definitely been worth it for me. In the first year, he ate something he shouldn’t have, leading to a $3,000 emergency vet bill, and my insurance covered 80% of that. Then, six months later, he was diagnosed with Addison’s disease, requiring lifelong medication. My insurance continues to cover those medications, and overall, I estimate I’ve saved well over $10,000 thanks to having insurance.
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