Why I Don't Have Pet Insurance

Wednesday, December 11, 2024

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Pet expenses can be scary.  I had a big bill before for Grace (rest her soul) and I was so unprepared that I had to crowd fund to afford it.  By the way, I discuss it in an article with the Seattle Times! When I got Grace in 2007 it was before pet insurance was even really a thing.  But also, when it did become a thing I did a lot of research and I learned it really wasn't for me.
Conditions and Age of Dogs
Originally, when pet insurance became a thing all my dogs were well over 5 years old and so most things were going to be pre-existing conditions or genetic things that aren't covered.  Now, even with my new wolfpack, I still opted to not get them pet insurance because the only issues they've had in the last 4 years is genetic things or conditions not covered by insurance like luxating patella.  The 2 that have that condition aren't bothered by it (it's very common in small breeds like Chihuahuas) and there's no need to do anything anyways. Although I do have them on Wuffes Joint Supplement. If you use that link, you can get 58% and a free gift (value of $45) if you purchase a double subscription! Regardless of what insurance does or doesn't cover - my decision to make my own pet fund and throw money into it every paycheck over the last decade, means that I can use that money whenever and however I want. There's no one there to tell me otherwise. 

Risk
For risk I look at the history of all 7 dogs I've owned thus far.  Aside from routine check ups, a spay/neuter, and  a couple dental cleanings, there is no major medical costs. Daisy has never needed anything besides a dental and a spay so far at age 4.  Layla did have an allergic reaction to a spider bite but it was only $300 and I had money to cover that and it's never happened again.  Tuco hasn't needed anything besides a neuter.  Those types of regular things are generally not covered.  And because I'm putting money away every paycheck and with any extra money I get here and there, there is plenty of money to tap into should a rare emergency occur. My dogs don't typicall get in risky situations. I walk them a couple blocks on a leash.  They don't free roam outdoors in fields, etc.  They don't go every I go in the car and risk running loose and getting hit. 

Monthly Cost
I really just weigh out the fact that if I get pet insurance I am paying into it for 3 dogs every single month and I still would have to get the approval of the insurance company to use it someday. With my vet fund, I have that money going into the pot and it's there for me to use (and it accrues a little interest since it's in a money market!) So for me it's a no brainer. Besides, if I had have to pay into it every month for 3 dogs it would take away from the money I can dump into the vet fund.
I do think that pet insurance is a great thing especially for people that aren't very good at budgeting (I am just obsessive about it because I love being organized) but also if your dog and you have a different lifestyle and risks, it may make more sense for you to get it.

So what if you want to have a pet savings account like I did? Well, I do have a post about how to make a pet fund but I'll highlight a few things below. 

First, decide how much your pets cost you. This is the most important part because this is how you figure out what to save.  Check receipts for supplies and vet care for the last year for each dog.  If you don't have those - try to estimate costs...by the way....ALWAYS overestimate. Add in a cushion to cover emergencies. This could be $500 or $5,000. Up to you! 

The total you get will be a good estimate of how much you need in a year.  So divide that number by 12 to see how much it is every month.  You should aim to save that much money every month in your pet fund. 

Now you need a place to stash it. This can be an extra share in your bank account (I have one named PET FUND) or a cash envelope.  Whatever works for you is what you should do.  

When saving for your pet fund, always make sure to put extra money you get from working overtime, a cash gift, etc. into that fund as well. A tax return is a really good way to put a big chunk of money in immediately in addition to what you contribute from your paycheck.

Do you set money aside for your pets?

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