We have a rescue dog that is a breed known for some issues, so between his “unknown” past and his breed risk it was $60 a month for decent coverage through various companies. For the life of our dog, we would pay close to $8K for this coverage. Instead, we decided to squirrel away some money each month that we could use for any type of emergency. Of course, two years in and he required major back surgery that was about $6K, so insurance would havr taken the sting out of that!
Essentially, insurance takes some tough decisions out of your hands and acts as a saving mechanism if you do have to use it. Of course, if you don’t use it that money is gone. We’re the type of people that are good at saving, so for us it made more sense to just put the potential premium payments into a seperate savings account. However, I have lots of friends that aren’t savers or would have trouble coming up with a big lump sum payment, so insurance makes sense for them. The big thing I found was it was difficult to compare the insurance company policies apple to apple, so make sure you understand the details of all the policies you look at.
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