Trying to make a decision and the math is harder than I expected.
I have a healthy 2-yr-old mid-size mixed breed. No pre-existing conditions. Got quotes from 4 insurers ranging from $42/mo (basic accident-only) to $78/mo (full + wellness + dental). Annual deductibles $200-500, reimbursement 70-90%.
If I just take $80/mo and put it in a savings account, that’s $960/yr. By the time he’s 12, that’s $9,600 saved up. Most regular vet visits feel like they fit in that budget.
But then I read about ACL surgery quotes of $5-7k, cancer treatment at $10k+, foreign body surgeries at $3-5k. Those are catastrophic numbers that would wipe out a savings account.
For people who have insurance — has it actually paid out for you? Or is this a case of paying premiums for a decade and never claiming?
4 years in with Trupanion on my Lab mix. Premiums went from $52/mo to $71/mo over those years (typical age-based bumps). Two big claims:
- TPLO at age 5 — total $6,200, reimbursed $5,400 (90%, $200 deductible)
- Foreign body surgery at age 7 (ate a sock) — $3,800, reimbursed $3,400
Net out: I’ve paid in about $2,900 in premiums, reimbursed about $8,800. So clearly positive for me. But that's because she had big events. If she'd been healthy I would have lost about $2,900.
The way I think about it: insurance isn’t a savings plan, it's catastrophic loss protection. If you can absorb a $10k surprise vet bill without panic, skip the insurance and self-insure. If you can't, the insurance is the safety net.
One thing that gets overlooked — pre-existing conditions clauses. The cheap policy at 2yo gets MORE expensive the longer you wait (age + new conditions both get excluded after they manifest). If you wait until 8yo to insure and he’s already on joint supplements, no insurer will cover orthopedic issues.
So the ‘start young when healthy’ argument has teeth even if you don’t claim for years.