[USER]

What are the ChooseFI opinions on pet insurance?
We had a dog pass from cancer at 5 yo, leading me to go the insurance route on our next two pups which we have now.

It’s worked out thus far in that our vet costs exceeded the premium for the majority of the years on the policy.

As our dogs get older, though, the rates are getting harder to stomach. Our older dog is 7.5 yo and the updated premium for next year is $75/mo.

The younger one is turning 4 and costs around $40/mo.

Both are super mutts — border collie/aussie/etc farm mixes that should live long lives.

I’ve heard the advice to put the money in an HYS account instead of pay to an insurer.

Any advice on the inflection point there when it comes to premiums?

[Brendan]

My wife works in veterinary medicine. After the stories I’ve heard, I would never consider adopting another pet without insurance.

Plain and simple, it’s an essential fixed cost that comes with having fur babies.

The premiums will feel high and may not price out for several pets over their life, but all it takes is one serious issue or chronic condition for one pet to force a massive expense or heart-rending decision to choose money over your companion.

That’s extremely likely over time and will eventually tip the costs in your favor.

As far as I’m concerned, the emotional stress of that decision isn’t worth trying to min-max things here.

[Beth]

As someone who has shelled out tens of thousands of dollars for chemo, mris, etc. for my last dog I will never be without insurance again.

The peace of mind is invaluable.

If your own veterinarian has pet insurance that should tell you something.

[Elizabeth]

I went with an insurer that doesn’t raise the premiums based on age (just inflation). I’ve been really happy with that model – I pay the same for my 10 year old cat with cancer as I do for my 2 year old cats.

Having treated 2 cats with cancer in the past 5 years (where it costs $2500 just to get the diagnosis), I don’t see myself self-insuring any time in the near future.

I use Trupanion.

[Leanne]

I’m a vet, and don’t carry it, but don’t think it’s a bad idea.
I also wouldn’t mind spending $10,000 out of pocket for my dog.

However, the insurance companies are covering less and less (no surprise there) so I would do thorough research about your policies.

I also tell people to choose their breeds very carefully, as some are much more prone to health problems.

Yours sound like a good choice!

[Allison]

Long and short of it is my beloved chiweenie has last 2 years of life cost us $40k+ without insurance.

And yes, we had the conversations that we’d never spend that which is incredibly easy to say when you aren’t dealing with it in the moment. We had the money.

Many people do not have the money.

All of my pets now have insurance.

I consider it a requirement. Insurance and an emergency fund.

[Alicia]

I’ve had many dogs in my adult life. I used to have pet insurance but actually ran the numbers on 2 dogs that I had at the same time with pet insurance, and I lost money on the pet insurance.

Since then, I’ve self-insured.

My last dog to pass cost about $10,000 just in the last six months of life (she passed from lymphoma at age 9) so that’s what I have set aside.

If you don’t currently have $10,000 to spend, ideally per dog, then you probably need to keep the pet insurance.

[Karolina]

Any insurance is like cassino is a chance game…you betting on needing the funds..they, the house, are betting (supported by their research) that most people will put in more than they pay out.

Like in cassino in majority of cases the house wins or they be out of money.

So, it boils down to your risk tolerance and ability to save on your own.

[Rick]

If you are anywhere after the beginning of your fire journey and you need pet insurance, my option is you do not need a dog/pet.

Put $10k into an account and add the previously paid pet insurance premiums to it monthly.

Pay expenses out of it. Top it up if you need to.

If you can’t do that, you aren’t financially ready for a pet.
Or, very small sample size here so keep that in mind, stop getting designer dogs with designer dog issues.

Rescue mutts instead, they seem healthier stock to me, give them a great life, be honest and kind when their life has declined beyond a happy life, grieve, and do it again.

[Michelle]

I fell for it for a while. It turned out the premiums were crazy high for any amount of reimbursement we might have gotten.

For most fi people it is pointless as we can certainly afford emergencies out of our EF

[Dawn]

Some vets offer programs for things like shots and teeth cleaning. Some might even offer their own type of insurance

[Cindy]

We never had insurance on our pets. Our last dog had cancer twice, first time at 9 was about $2k surgery at university vet college.

Second time was she was 14 and we chose to leave her alone and she passed 1 month before turning 15.

Our daughters both have pet insurance on their 5 year old dogs. I believe they pay $30 month.

Have never needed it yet, but neither wants to ever say no to helping their pets because of financial difficulty….

One daughter a teacher so has no disposable income in a HCOLA area.

[Meghan]

I don’t do pet insurance but I have a sinking fund to cover emergencies instead.

[Hannah]

Just like with anything else, ultimately it’s about what value you put on them.

Not saying that to be a douche cause nobody likes thinking about it because we’re talking about a living thing.

But the answer is different for different people, and that’s okay.

If the answer for you is “invaluable”, I would encourage pet insurance.

If the answer is “$2000 would probably be my limit in a year” then it would make more sense to have a separate fund instead of insurance.

Pet insurance is similar to other insurance in that it’s biggest benefit lies in the worst-case scenarios.

If the mental safety of having that is invaluable then do it.

Some companies just have ‘Accident/Injury’ coverage which is less expensive than a plan that covers chronic disease coverage.

I tend to choose insurance for the prime years and often teeter off as they get older and I’m less willing to drop $10K on them if something major were to happen.

There’s no right or wrong answer here. It’s what works for you and your family.

[Author]

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