Gambling

[K10]

Originally, I was on my computer to pay bills.

My first dog's pet insurance is due for renewal. This is how this distraction began.

When I got pet insurance, I was almost immediately glad that I did, because it turned out that we needed to spend some money on x-rays and an orthopedic specialist. So, the first year, I knew that it paid off. The second year, we had an emergency surgery, so I knew it paid off to have it that year as well. This year was great, so I wasn't sure whether I had paid more for the non-reimbursed part of the vet bills + the premiums for insurance. So, I decided to do the math. Turns out that the insurance has paid $800 more for dog #1 than I have paid in co-insurance, deductible, and policy premiums over the years that I have had it (even including the premium for this year which hasn't technically started yet.)

HOWEVER....

When we adopted dog #2, we started a policy just for her. Next month is time for her renewal, so I'm not including the premium for this year, because I don't know what it is yet. Dog #2 has never, ever, even once had a need to use her insurance. So we knew, for her personally, we were spending more on premiums than we were gaining in reimbursement. BUT... for a little while, we knew that because of what was spent on dog #1, we were still coming out ahead. Again, after this year, not sure about that. So, I decided to do some more math. Turns out that between both dogs, we have actually spent almost $250 more than we would have spent if we didn't have pet insurance. And, next month will be around another $500-600 more.

So, pet insurance is officially in the lead this year.

Of course, it I cancel it, then I increase the odds that I'll need it for something, right?

Also, I did many steps and calculations to get to this point... then realized that I could have found the same answer with far less calculations.

[SunDance]

I've had insurance for myself ever since I started working back in 1973....and not one of those years has seen me use as much in benefits as my premium has been. Even my husband's greater bill occurrence hasn't topped our combined premium amount.

I don't have pet insurance but some years I would have benefitted from it (not, so far, with these two).


But ya never know...

[K10]

Hmm, health insurance I definitely have been better off having than would be if I didn't. Car insurance though... definitely have paid more in premiums than what I would have paid for without, but still pretty scary to think about not having it if something ever should happen.

I need a crystal ball.

[CraftHer]

When SnapV posted a few months ago the Koopa has chewed and swallowed and tennis ball, we looked at getting pet insurance. We talked to our vet and he said none of his patients have pet insurance. We looked into premiums and the coverage. We decided to put more into our savings instead of pet insurance. And never give Mocha tennis balls

[shelly]

We have insurance on 2 of 3 dogs. We didn't get it on the first dog - our Lab thinking we didn't need it. After a $5,000+ TPLO experience we wish we would have. Now on an older dog with existing issues it's more expensive and they won't cover TPLO for the other side. Pet insurance isn't like people insurance. You have to pay the bill upfront and be reimbursed so in many respects you need both the savings and insurance.

[K10]

I have a credit card that I keep just for pet emergencies. That way I can use the card, then pay it off when I get the reimbursement without having to dip into my savings account.

[POPTOP]

If I could afford pet insurance for the seniors I certainly would get it; the premiums are way too high. Instead, I have a doggy savings account and twice a month the bank transfers a certain amount to that account.

Only thing I can say, as they get older the changes of problems increase.

I've never had to claim anything on my auto insurance. Personal medical insurance, between the primary and secondary, have never had to pay medical bills in years. That includes last year's kidney stone incident with a 4 day hospitalization and two lithotripsies. The bills were huge.

Insurance is just that, to insure you against a catastrophic incident that could financially wipe you out. To me it's worth the money for the safety net.