Should I get Pet Insurance
Pet Insurance exists because companies can make a lot of money from it. You pay them about $50 a month (as an example) - per pet - in the chance that you may need an expensive operation. The problem is that they have various deductibles, only cover some treatments, and you will often have to fight with them to get paid. And if you don't ever need that insurance - the money is gone.
I believe the best solution for people who would consider this, is to put aside that $50 per month - per pet - into an interest earning account. If you don't have the self-discipline to do that - you can have your bank automatically deduct it and transfer it so that you don't have to do anything. Remember, if you sign up for insurance - you will have to make your monthly payments. After saving your money, if you do have an expensive operation - you have some money put aside for it ... and can use ALL of it without having to fight for it. But if you don't need it - you can put that money into an RRSP, pay down debt, buy something as a special treat to yourself, or give the money to a Godly cause like fighting poverty. Real poverty - where thousands of children are literally starving to death every day.
Just as a personal example, my first dog was with me for 17 years. She didn't need any operations. Had I been paying for insurance every month @ $50 per month ... I would have paid $10,200 for nothing. Had I been putting the money aside instead, I would have $10,200 in the bank. This does not include compounded interest which could have even doubled this amount.
I know someone that had been paying insurance for years, and when she needed to have an expensive operation, there was a high deductible, and they only covered certain parts of the operation. So she had to pay a lot of money anyway.
Insurance companies do whatever they can to not pay out on claims. Their best work is done on the fine print. Check out all of the details before signing up for any plan.
Make sure you know someone who has experience with the company you are considering...
Read MoreI believe the best solution for people who would consider this, is to put aside that $50 per month - per pet - into an interest earning account. If you don't have the self-discipline to do that - you can have your bank automatically deduct it and transfer it so that you don't have to do anything. Remember, if you sign up for insurance - you will have to make your monthly payments. After saving your money, if you do have an expensive operation - you have some money put aside for it ... and can use ALL of it without having to fight for it. But if you don't need it - you can put that money into an RRSP, pay down debt, buy something as a special treat to yourself, or give the money to a Godly cause like fighting poverty. Real poverty - where thousands of children are literally starving to death every day.
Just as a personal example, my first dog was with me for 17 years. She didn't need any operations. Had I been paying for insurance every month @ $50 per month ... I would have paid $10,200 for nothing. Had I been putting the money aside instead, I would have $10,200 in the bank. This does not include compounded interest which could have even doubled this amount.
I know someone that had been paying insurance for years, and when she needed to have an expensive operation, there was a high deductible, and they only covered certain parts of the operation. So she had to pay a lot of money anyway.
Insurance companies do whatever they can to not pay out on claims. Their best work is done on the fine print. Check out all of the details before signing up for any plan.
Make sure you know someone who has experience with the company you are considering...