I Might Never Use My Pet Insurance, but I'm Glad I Have It for This Reason – The Motley Fool

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by Maurie Backman | Published on July 24, 2022
Image source: Getty Images
It's an investment I don't regret making.
When my family adopted our 70-pound dog about two years ago, we knew there was a chance he would come with some health issues. Since we got him from a rescue, it was conceivable that he hadn’t always had the best care earlier on in his life.
We brought our dog to the vet within days of welcoming him into our home, and we were thrilled when he got a clean bill of health. As such, we didn’t rush to put pet insurance in place, even though we intended to.
Shortly thereafter, my dog started limping and showing signs of being in pain. After some very costly diagnostic tests, we learned that he had a form of arthritis that’s common in larger dogs. And these days, his condition is thankfully managed through a combination of walks and medication.
That diagnosis was a wakeup call for us, though, and we rushed to get pet insurance right after it. Even though we knew the arthritis wouldn’t be covered as a pre-existing condition, we still wanted the protection that came with having a policy.
Meanwhile, fast forward to now, and we’ve yet to have our pet insurance pick up the tab for our dog’s care. But I’m still happy we have our policy. In fact, I’ll be thrilled to keep that policy on hand for many years only to never have to use it.
Many people buy term life insurance with the hope of not passing away and having their loved ones collect a death benefit. Well, I take a similar approach to having pet insurance.

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I want a policy in place in case my dog gets injured, falls ill, or needs expensive surgery. But I’m obviously hoping none of those things happen. Instead, I’ll be thrilled if all he needs through the years is routine medical care and treatment for his arthritis, which, as mentioned, my plan won’t cover anyway.
Of course, I am aware that as dogs age, health issues tend to come up. That’s what happened with our previous dog — he developed diabetes, kidney stones, and other issues after he turned 10. But now that I have pet insurance, I get some peace of mind from knowing that if my current dog needs a $7,000 surgery, I won’t have to cover that cost on my own.
Some people will argue that if they were to take the money they pay for pet insurance premiums and save it instead, they’d be able to cover costly pet care over time. That logic is understandable, and if you’re a disciplined saver, you may decide to go that route.
But the way I see it, a pet can get injured at any time. Certain health issues may be more likely with age, but an injury can happen to a senior dog as well as a young puppy — there’s no way to know. And so to me, pet insurance is something worth paying for — even if I never end up getting paid a dime from my policy.
Maurie Backman writes about current events affecting small businesses for The Ascent and The Motley Fool.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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