Is Pet Insurance a Waste of Money? Here’s What I Learned After 11 Years
Should you buy pet insurance?
It’s a great question, and unfortunately, there’s no easy answer. I’ve asked myself this same question multiple times over the 11 years I’ve had my adorable, squishy-faced dog—and at different points, I’ve come to different conclusions.
Let me take you through my journey—why I first skipped pet insurance, the unexpected costs I faced, and what finally changed my mind.
Why I Originally Decided Not to Get Pet Insurance
When I first got my dog as a puppy, I researched pet insurance options and ultimately decided against it.
At the time, I had just graduated from college, money was tighter, and pet insurance felt like an unnecessary expense. I did the math and reasoned that insurance was a guaranteed cost, while unexpected vet bills would only be expenses if they happened. I figured I could save money by hoping my dog stayed healthy.
For a while, this logic worked. But then… life happened.
The Unexpected Vet Bills Started Adding Up
As my dog got older, he developed health issues, including:
✔ Multiple surgeries to remove mast cell tumors
✔ Prescription food for chronic itching
✔ Other medical surprises (because dogs love to keep us on our toes)
Over 11 years, I’ve spent more than $10,000 on my dog’s medical care—more than I’ve spent on my own healthcare! And every time a major expense came up, I found myself wishing I had pet insurance.
But here’s the tricky part: Once your pet develops health issues, insurance won’t cover them since they’re now pre-existing conditions. So every time I re-evaluated pet insurance, it didn’t seem worth it—because if my dog had another mast cell tumor, I knew insurance wouldn’t cover it.
And yet… I found myself thinking this way multiple times, each time something new came up.
Why I Finally Decided to Get Pet Insurance
What ultimately changed my mind wasn’t just the financial aspect—it was peace of mind.
Last year, my parents' dog needed emergency surgery, and the bill came out to $8,000. Thankfully, my parents could afford it. But it made me realize that for many people, this would be a devastating financial decision.
I didn’t want to be in a situation where I had to choose between my dog’s life and my ability to pay the bill.
That’s when I realized: Pet insurance isn’t just about saving money—it’s about ensuring that I never have to put a price tag on my dog’s health.
Will I ultimately save money on pet insurance? Maybe, maybe not. But honestly, I hope it’s a bad investment—because that would mean my dog stays healthy and never needs it.
What I’m really paying for is peace of mind—knowing that if my dog ever needs expensive treatment, I won’t have to hesitate. And for me, that’s worth it.
What I’ve Seen with My Financial Coaching Clients
I’ve seen firsthand how unexpected expenses—whether for pets or other emergencies—can cause financial stress, which is why I always encourage my clients to plan ahead. Here are two recent scenarios I’ve seen:
📌 Client #1: Their pet had a major medical emergency, and they had to put the entire vet bill on a credit card because they didn’t have savings. Years later, they’re still paying it off—and it’s even caused some tension in their relationship. One person in the couple even questioned whether they should have saved the pet given their financial situation.
📌 Client #2: Their pet needed expensive medical care, but they had pet insurance. Their policy didn’t cover everything, but it did make a big dent in the $3,000 vet bill. Even with insurance, they’re feeling financially stressed about having to dip into savings—but they’re still relieved they have some coverage and have savings to cover the remainder.
These stories aren’t unusual. Vet bills can be expensive, and they often pop up at the worst times.
Regardless of Your Decision, Make Sure You Save
While we all hope our pets stay healthy forever, that’s unfortunately not reality. Whether or not you decide to get pet insurance, I highly recommend setting aside money for your pet’s medical expenses—because you’ll need it at some point.
Personally, I have a high-yield savings account specifically for my dog’s vet bills. I set aside money regularly so that when unexpected expenses come up, I’m prepared.
How to Choose the Right Pet Insurance
If you decide to get pet insurance, here are some things to consider:
✔ Coverage Type: Some policies cover accidents only, while others include illnesses and/or wellness care. Choose what fits your needs and budget.
✔ Deductible: Higher deductibles mean lower monthly premiums but more out-of-pocket costs when you file a claim.
✔ Coinsurance: This determines what percentage of the bill you’ll be reimbursed for after you hit your deductible.
✔ Annual Coverage Limits: Some policies cap coverage at a certain dollar amount per year—make sure it’s high enough to cover major medical expenses.
✔ Pre-Existing Conditions: Most insurers won’t cover conditions your pet had before getting insured, so early enrollment is ideal.
✔ Comparing Plans: Prices and coverage vary significantly by company. I recommend comparing quotes from multiple insurers, reading reviews, and tailoring your coverage to your budget.
🔗 Here’s a helpful article that compares a few pet insurance companies.
Final Thoughts: Is Pet Insurance Worth It?
It depends (I know, not what you wanted to hear). If you’re financially able to cover large vet bills, you may not need it. But if an unexpected $2,000 vet bill would cause financial stress, pet insurance might be a good investment—not just financially, but emotionally.
For me, the decision came down to this: I never want to hesitate on my dog’s medical care because of money.
Regardless of what you choose, consider setting aside money every month for future vet bills. Future-you (and your pet!) will thank you.
What About You?
📢 I’d love to hear your experience—do you have pet insurance, or do you prefer saving for vet bills another way? Drop a comment and let’s discuss!
