When we first talked about getting a cat, RD and I were pretty much both on the same page when it came to pet insurance – we didn’t need it. He grew up in a house that always had a cat, and his parents never bought insurance. My sister has had two cats, and she also hasn’t bought insurance.
So it was settled! No insurance. But once we got our little furball home, I started to do my own research into pet insurance when I got paranoid about every little thing that seemed off, and all of a sudden I wasn’t so sure. After all, we have insurance for our own lives, for our condo, for our car, doesn’t it make sense to also insure the newest member of our family?
your thoughts on pet insurance for a cat? I thought I wouldn’t get it, but after doing some research, now I’m torn.
— Krystal Yee (@krystalatwork) October 10, 2017
How pet insurance works
Like insurance for your own health, pet insurance will help you with some of the costs of keeping your pet healthy. There are quite a few different companies, levels of coverage, deductible amounts, and monthly premiums.
And then figuring out what you’re actually covered for can be really confusing. Some plans only cover basic scenarios (like accidents and injuries), some only cover accidents, some cover genetic conditions, and some even cover teeth cleaning and vet check-ups.
Most plans have a deductible (the three companies I looked at had annual deductibles of $200-250), and many of the insurance plans do not fully cover your expenses. Some have a dollar limit per claim, others will pay you back a percentage of the total cost, and almost all of them require you to pay up front, and receive reimbursement afterwards.
How much does pet insurance cost?
I got quotes from 3 different companies, and the price ranged from $28-$42/month for a 3 year old female Siamese mixed on plans with around a $200 deductible, 80% coverage (up to $2,500-5,000 per incident).
I was able to get my insurance quote to as low as $21 by getting rid of dental coverage and lowering cover to $1,000 per incident. For fully loaded insurance packages, I was looking in the $65-70 range, which would then start to affect my monthly budget.
Pet emergency fund
Most people who offered alternative options to pet insurance advised me to self-insure by setting aside the money I would have spent on insurance, into some sort of pet emergency fund. Thankfully we are good savers, but it would take quite a while to “save up” for a crazy $5,000 vet bill if we were only putting aside $50/month. But then again, a vet bill like that doesn’t happen to most people.
Is pet insurance worth it?
Well it’s probably worth it if you use it, but a waste of money if you don’t. :) I decided against getting pet insurance for Zoey based on a couple of key factors:
- We are good savers with a healthy joint savings account (as well as our own personal savings).
- Zoey will be fed high quality food and will always be an indoor cat.
- No insurance company I found covers all of the costs. For example, the quote I got from Petsecure ($28.57/month) offered a $200 deductible, and 80% coverage up to a maximum of $2,500 per accident. So for that $5,000 vet bill, I’d still be out of pocket $2,700 plus all of the monthly premiums I’ve paid. And that’s only if I were covered for the full 80% (the fine print reads that co-pay amounts may be changed from the standard 20% to a maximum of 50%). That made it really hard to justify.
However, if you do end up wanting to set up pet insurance for your little one, it’s best to start early. Get your pet insurance sooner rather than later, because the older your pet gets, the more expensive the monthly premiums will be. Plus, there’ll be a much higher chance that you wouldn’t even get coverage because your illnesses could be “pre-existing.”
Do you have pet insurance (and would you recommend it)?
Have you ever had to make a claim?
September was expensive, but I’m happy to report that I came in under budget. I went over in a few categories, but thankfully coming in well below my budgeted Travel amount helped me out this month.
Overall for our Portugal trip, I had budgeted $5,400 for the two of us, but we actually ended up spending $4,576:
- Flights (Vancouver-Azores, Azores-Lisbon, Lisbon-Vancouver) – $2,450 budgeted / $2,424 paid
- Accommodation (14 nights) – $1,200 budgeted / $1,113 paid
- Food – $1,000 budgeted / $787.41 paid
- Car rental (7 days + gas) – $450 budgeted / FREE
- Transportation – $100 budgeted / $81.59 paid
- Miscellaneous – $200 budgeted / $170.22 paid
Ending up $824 under budget was due in large part because we ended up using $655 in credit card rewards, but even without those credits, we would have still come in under budget so I’m pretty pleased about that.
Other than that, it was a pretty normal month!
- Cell Phone – I ended up buying an international package for my phone while we were away, because I knew we’d need it for navigation, calling our AirBnB hosts, checking into flights, and just keeping in contact with friends and family. The package was $90 and obviously much more expensive than if I had gotten a local SIM card, but having my phone number available in case of a work or personal emergency was enough of a reason to just go with what Rogers had available.
- Household – As I mentioned in my post yesterday, we spent much more than we thought we would on our adopted cat. But it’s all been worth it so far.
- Car & Transportation – I ended up renewing my driver’s license a month earlier because I had a day off and couldn’t think of anywhere I’d rather be than waiting in an ICBC line-up. :) Just kidding, it wasn’t that bad.
- Gifts – I bought a few small things on Etsy for part of a Christmas gift.
- Miscellaneous – I had to buy a new MacBook Pro cord because I lost mine during our trip. :(
Income & Savings:
I only saved 20% of my income this month because of our Portugal trip as well as having to pay for our Christmas flight up north.
My overall net worth increased 1.70%.
September 2017 Goals:
- Post once a week to GMBMFB. FAIL. I really had good intentions, but not having access to my computer for half the month made it difficult. Also, I spent the last week of September playing with the cat. :)
- 15,000 steps per day. CHECK! On average I walked 16,432 steps per day.
- Focus on healthy eating. CHECK! I did my fair share of pastries, but I also really cut back on chocolate and chips, and only had a little bit of alcohol while we were on vacation. I also cut out dessert most evenings – not that I eat dessert often, but when you’re out at restaurants or on vacation it’s easy to indulge on stuff like that.
- Say yes when traveling. CHECK. Maybe I should have asked RD his opinion before I give myself a check mark on this one. :) But I think I was more easy going, looser on our itinerary, and willing to adapt more than I usually am. I got flustered a few times, but did pretty well for myself. I think.
It has been a long time since I’ve been able to set aside some time to write on this blog. I had such good intentions of posting while we were on vacation, but near the beginning of the trip I lost my MacBook Pro power cord, and then decided to suffer without a computer until we got back to Vancouver. And then when we got back, we ended up adopting the most adorable cat and I lost track of time. I know, excuses, excuses. :)
First, I want to introduce you to the newest member of our family, and tomorrow I’ll have my September Goals recap.
This beautiful girl is named Zoey, and we got her from the SPCA last week. She is approximately 3 years old, and came to the shelter as a stray – so we don’t know anything about her past. We originally went to the Maple Ridge branch of the SPCA because we were interested in a couple of other cats, but ended up falling in love with Zoey.
She was super frightened at the shelter, and wouldn’t come out of her cage. Eventually we were able to feed her a couple of treats, but we didn’t see more than her small little head poking out of the blankets. We decided to put in an application for her anyway because I had already fallen in love, and two days later she became ours. She was so scared during the car ride home, so when we got her to the condo I was really surprised that she just walked out of her carrier and started to explore our bedroom (which we used as her safe room for the first two days we had her). She was very timid and frightened of every new noise, and would constantly hide under the blankets or cower in a corner if she felt scared. She barely ate the first few days, and the look of horror on her face when she realized we were putting her back in her carrier for a vet visit – well that was pretty heartbreaking.
Five days later, she now has access to the entire condo and she has also made huge improvements. She can be ridiculously affectionate at times, but like any other cat, she has her grumpy moments. But she is never aggressive, never scratches or hisses, and really doesn’t make much sound at all. She’s also eating better too, but there’s still a lot of work to do. Based on what we’ve seen (not that we’re experts or anything), we think that she was a house cat at some point, and then ended up on the streets as a stray. The vet told us that she’s in good health, but needs to gain some weight. We’ll also have to take her into get some shots later this month.
I thought I knew how much start-up costs would be for our cat, but I underestimated for sure. Here’s how much we’ve spent so far:
- $205.00 – adoption fee from SPCA (includes a free check-up with a vet).
- $236.75 – initial cost of cat stuff (litter box, litter, litter locker, wet and dry food, food dishes, a couple of toys, cat bed, brush, treats, fish oil, and a scratching post).
- $15.75 – pain medication after being spayed.
Moving forward, I anticipate her monthly costs to be around $50-60/month for her food, litter, and treats. This will come out of our shared household budget. I’m still trying to figure out which food she likes the best (the pet store near our house gave me a ton of samples to try out), and what the most cost-effective (and convenient) way would be to get her ongoing supplies. I think it’s Amazon, but I could be wrong?
Anyway, I’ll try really hard not to turn my blog and social media accounts into one big catfest, but no promises. :)