Deductible Math Is Backwards
I thought lower deductibles were always better. Turns out, the monthly premium difference usually costs more than the deductible difference.
As the Cornell University College of Veterinary Medicine points out, pre-existing condition exclusions remain the most common source of claim denials in pet insurance.
Annual vs Per-Incident Gets Confusing
My policy has an annual deductible. I pay $500 once per year, then insurance covers everything else at 90%. Some policies have per-incident deductibles where you pay $500 for each separate problem. Annual is usually better if your pet has multiple issues.
Higher Deductibles = Lower Premiums
Charlie's policy with a $100 deductible cost $90/month. The same policy with a $500 deductible was $60/month. That's $360 per year in savings. Even if he needs treatment every year, I come out ahead financially.
According to the Cornell University College of Veterinary Medicine, the average pet owner spends hundreds to thousands on unplanned veterinary bills annually.
Emergency Fund vs Low Deductible
I realized I was paying extra monthly premiums to avoid a one-time $500 expense. It made more sense to keep that $500 in savings and take the higher deductible. The monthly savings go into an emergency fund for vet bills.