Changing my mind about pet insurance
After I wrote my blog post earlier this month about if you have pet insurance for your cat or dog, I really started to think about what having insurance meant. My reasons for not getting insurance were because RD and I are excellent savers, I am giving Zoey the highest quality food, and the fact that no insurance company really covers everything (in fact, a lot of them seemed a bit sketchy).
But RD and I continued to talk about insurance. He was willing to spend money on emergencies and vet care should anything arise, but he wanted to have a limit to how much we would spend if she got really, really sick. I totally understood where he was coming from, but I’ve become a bit obsessed with my cat in the month we’ve had her. And I absolutely did not want a limit because I didn’t want to have to make that kind of choice. It would be too hard for me to put a dollar value on an animal’s life (especially one I love). If I had the money to pay for her to get better, I wanted to spend it, no matter the cost. Even if it got out of hand. Which, financially, is not logical. But emotionally, I couldn’t have it any other way. This is my first pet, and she’s had a hard enough life as it is … I didn’t want to potentially have to put her down over $10,000, or a few expensive years of vet bills for ongoing issues, or whatever the amount might be. RD agreed, and we (fairly quickly) changed our minds and ended up buying pet insurance.
It was $292 to insure her for the year (we split the cost). The insurance includes a $250 deductible, $15,000 annual coverage, and 90% reimbursement. None of the online reviews of pet insurance companies were spectacular, but I ended up going with Petplan. It got decent ratings, and came recommended by my cousin (who works at an emergency vet hospital) and a few other friends who had used them and claimed successfully.
It’s interesting how quickly I changed my mind about pet insurance, and I think it was writing the blog post about not getting insurance that tipped me over into wanting to get it. :) I know our rates will go up as she gets older, but right now it’s worth it to me. We might decide later on that it’s not, but I think it’ll just become an annual expense for us. Hopefully we never have to use it, but it gives me the peace of mind knowing that we have it (along with our savings) should anything come up in the future.
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.