Anyone else cancel pet insurance after realizing it's not worth it?

I recently decided to cancel my pet insurance with Trupanion because they raised the premiums on my 6-year-old cat. They said it was due to ‘miscalculating’ projections in my state, but the new rate was just too much. When I did the math, if my cat lives until 20, I’d end up paying almost $30,000 in premiums. That’s assuming no further increases and also doesn’t factor in the risk of them denying a claim. My cat has FLUTD, so I’ve had to deal with emergencies before, and the cost wasn’t as bad when averaged out over time. But with the insurance, it felt like they could always find a way to avoid paying out.

I originally got the insurance because of some pricey ER bills a few years ago, but comparing those to what I’d spend on premiums, it didn’t make sense. Now, I’m wondering if companies like Trupanion just expect people not to think about the long-term costs or the risks of claim denials. At some point, it seemed smarter to save money or rely on credit instead.

If you’re worried about unexpected vet bills, why not put the money you’d spend on insurance premiums into a savings account instead? That way, you’ll have a backup fund just in case.

Blake said:
If you’re worried about unexpected vet bills, why not put the money you’d spend on insurance premiums into a savings account instead? That way, you’ll have a backup fund just in case.

That’s exactly what I’m doing now. The downside is if there’s a major problem with my cat in the short term, I might not have saved enough yet. But it still seems more reliable than betting on the insurance to pay up when I need it.

I’d suggest getting a regular credit card, not one specifically for pets because those tend to have crazy interest rates. Something like a basic card from Capital One could be useful for vet emergencies. You could also put aside some money each month to help pay off any future vet bills.

My daughter gets discounted pet insurance through her job, so she pays about $150 per month for all of her pets. She still keeps a credit card just in case because most insurances expect you to pay upfront and then they reimburse you.

@Haze
I actually already have a regular credit card set aside for pet emergencies, along with a small savings account for it. It just seemed like the insurance wasn’t worth the cost in the long run.

That’s a great job perk your daughter has!

@Bay
Yeah, she’s a vet tech, so she gets to do a lot of the basic stuff herself and can even ask her boss for advice for free. That probably makes her pets less risky to insure, which might be why she gets the discount.

@Haze
You might want to look into Care Credit. It’s a card you can use for other things too, like optometrist visits, dental care, and even some drugstores. Many places offer interest-free periods if you pay within a certain timeframe, so it can be a flexible option for vet bills.

@Eli
We tried Care Credit, but it ended up messing with my daughter’s credit score. Even though she always paid off the bills quickly, they reported her payments as late, which hurt her credit. She switched to a few other regular cards, and now her score is much higher. It could have been a one-time issue, but she decided not to risk it again.

The whole point of pet insurance is to help you out when a big vet bill pops up, not to save you money over 10 years. Insurance companies have to make a profit, so of course it will cost more over time than what you might actually need to spend.

My cat is still young, only 2, and I don’t have a lot of extra cash lying around. If she suddenly had an emergency, like breaking a leg, I’d be stuck with a huge bill I couldn’t cover. So, I decided to insure her, and I made sure to pick a company that works directly with my vet so I don’t have to pay upfront. Not every vet does that, so it’s important to check beforehand.

If you have enough saved to handle big vet bills, then maybe you don’t need insurance. But for those who don’t, it’s worth having.

@Reese
I get that, but my issue is that pet insurance can often be denied for really vague reasons, making it feel like a gamble. The costs also rise quickly, and the premiums can end up being as high as an emergency visit.

With human health insurance, it makes more sense because even years of premiums can’t compare to the cost of an ER visit. It’s not the same with pets. Plus, when the premiums get really high, if you can afford to pay them, you probably have other options available too.

From my experience with expensive vet bills, I always keep my pets insured. Putting aside $80 a month doesn’t add up to much at the end of the year, especially if something serious happens. Vet care can get really pricey, and having insurance is just peace of mind for me.

@Dezi
I used to feel the same way, but then my premiums shot up to nearly $200 a month. At that point, it stopped making sense. If the cost was still around $80, I’d probably stick with it too.