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Experiences with having savings instead of pet insurance?

Discussion in 'General Health' started by angelnov90gmail.com, Aug 11, 2019.

  1. angelnov90gmail.com

    angelnov90gmail.com Forums Regular

    May 24, 2019

    For people who don't have pet health insurance now or at some point didn't, did you regret it? I'm reading the posts here about it and reviewing the different insurance companies like Health Paws and Trupanion but I'm still on the fence about getting it.

    I guess my Shelte, who's turning 6 months on the 14th, may still injure himself even though I crate him and keep a close eye on him when's running around. He came from a reputable breeder who had tests done on all her dogs but I didn't request any copies. Vet gave him a clean of health which is why I lean towards to just havings savings or Trupanion when something does occur.

    I have savings that can cover an emergency depending on how serious it is. Still don't know if I will have him go to agility courses when he turns one.

    I know one of the perks is a peace of mind but I'm curious to know the experiences of people who now or at some point didn't have it. Does anyone regret it? It's harder to find a good policy once they're older/


    P.S. I appreciate how helpful everyone is on this forum!
    ghggp likes this.
  2. Ann

    Ann Moderator

    Feb 25, 2008
    Western Connecticut
    My rule is to always take insurance for the first year of a puppy's life. It's the best decision I ever made in several cases, and choosing the wrong company the worst decision when I used Healthy Paws which cited an unprinted loophole to deny $3000 worth of coverage on an issue that their website listed as included.

    Savings are great, but when it's an ongoing expense such as a year of testing to diagnose something like a skin allergy, you're very glad you have it. I took a higher deductible on Flurry but blew through that in a few months of tests. Once she was finally diagnosed, the allergy serum she needs is $250 a vial, and Trupanion pays 90 percent of that in 24 hours of my filing the claim. She is two now but I won't be dropping her policy any time soon.

    With six, I can't afford to insure all of them, but my theory is that having insurance until their first birthday is worth it to make sure there are no ongoing health problems.
    ghggp and Hanne like this.
  3. SheepOfBlue

    SheepOfBlue Premium Member

    Oct 15, 2009
    Insurance of all forms is risk mitigation. Factor in your personal ability to self insure and the payoff vs the premium.

    Reality is insurance makes a profit (as it needs to) so if you can self insure the odds are in your favor (as it is for them). If you are the unlucky one you take the hit though. If you are the lucky one you profit making it easier to self insure in the future. OF course if you cannot self insure the decision gets harder.
  4. Cindy

    Cindy Premium Member

    May 19, 2008
    San Francisco Bay Area, CA
    Gavin was insured for his first year. Pet Insurance wasn't as plentiful or comprehensive 13 years ago as it is now. I have spent over $15-20k on vet bills for him including: cancer, surgery, radiation, diagnosis and unsuccessful rehab for a groin pull. The cancer stuff happened at then end of one year and beginning of another, so depending on the policy and how it was written I might have had to pay 2 full deductibles if I had insurance. So if you balance out the cost of 13 years of premiums, I may have saved some money but I may not considering the rate of growth of said premium invested every year in the stock market.

    I did have to pay the bulk of that money up front for radiation treatment and vets often require upfront payment on things (emergency stuff that can run 10K, and require a credit card with a high enough limit). I did use care credit and that gave me 6 months to pay it off. But you can only do the 6 months to pay for 1 Vet Bill (not ongoing bills). I had the vet set up one bill for Gavin's month long treatment to qualify (they normally billed weekly) and paid anything else that came up on my own.

    After the cancer, Gavin would be too expensive to insure. Although at 14 I wouldn't put him through anything invasive anyway.
    ghggp likes this.
  5. Shelby's mom

    Shelby's mom Forums Enthusiast

    Jan 4, 2012
    We do not have insurance, but we do make sure we have enough resources available to cover any unexpected issues. When we looked at insurance we figured it was better for us to put that money aside in a savings acccount, if we needed it he money was there.
    Wendy C likes this.
  6. take4roll10

    take4roll10 Moderator

    Aug 31, 2009
    New York
    We have Trupanion. Have it since my dog was a few weeks old. She is 10 now and I still have it. Unfortunately, my dog suffers from several unexpected health issues. So I am very glad I have insurance.

    Insurance is something that you don't want to get your monies worth. If you're being reimbursed more than what you pay, then your dog is probably not well. That's how I look at it. I'm happy to pay more than I get back because then I have a healthy dog.
    ghggp, RikyR, Ann and 1 other person like this.
  7. RikyR

    RikyR Premium Member

    Nov 27, 2013
    Baton Rouge LA
    For me it is peace of mind, worth every penny. I have Embrace, I like their vanishing deductible. $50 bucks a year if you do not make a claim. If I can keep Zulu healthy for couple of more years, I will have a zero deductible when the time comes.
    take4roll10 and Ann like this.
  8. ghggp

    ghggp Moderator

    Aug 28, 2011
    Grosse Pointe, Michigan
    I never had pet insurance my whole life! I have had 6 rescues and 3 breeder dogs!

    I had a great job and could always afford the best medical care for them! However, now that I am semi retired I decided to go with Trupanion for my new pup. I have yet to file a claim. But, as others have commented... it is peace of mind!
    take4roll10 and Ann like this.
  9. angelnov90gmail.com

    angelnov90gmail.com Forums Regular

    May 24, 2019
    Thanks everyone! Still mulling it.
  10. ghggp

    ghggp Moderator

    Aug 28, 2011
    Grosse Pointe, Michigan
    Years ago, when I was a kid, pet insurance did not exist! Heck, they would just say... it is just a pet!

    Now that human quality health care is available for our pets the costs can be exhorbeftent. Just coming off the loss of three in a row that passed and had extensive medical needs... it was necessary to consider pet insurance at this time.

    I always thought it was a scam! Just have enough money in reserve and you will be fine. Now I know better... with multiple dogs I needed a backup plan!

    Personal choice for sure..,
    Shelby's mom and RikyR like this.

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