How much money is a realistic "pot" before cancelling insurance?

[LibidinousTurkey]

Insurance for three dogs and one cat comes to about £120 a month 🙀
A recent claim for a minor injury totalled £209, with a grand total of £42 coming back to me We have just worked out that this one policy alone costs over £350 a year.

Previously we have always kept insurance going due to the fear of large bills and I have always been a firm believer in it. However we have been fortunate to hardly need to claim over the past few years and when we have done it has always amounted to no more than £250 before deductions, therefore within the limits of a CC or our disposable income.

So my thinking is that I squirrel away X amount as a buffer and then cancel the policies. I then set up a standing order for the monthly amount to go to a dedicated savings account. My question is, what should X be and ultimately what would be a comfortable pot to be sitting on?

Tbh at those ages I would stick with insurance.

The thing is... Would you be able to afford things like a cruciate repair? That's the best part of 2 grand, but is completely worth doing in almost all cases - you're usually looking at a completely normal lifespan and quality of life after it.

Or ongoing medication for a sudden mild heart condition, or painkillers for arthritis? NSAIDs are cheap enough, but, it's not uncommon for dogs to not tolerate them.

I pay about £120 a month in insurance for one dog, who can't have NSAIDs, his painkillers cost more than his insurance though.

We're at the no more big interventions stage with him, because it wouldn't be fair on him...but that doesn't mean his medical care is cheap, expensive doesn't always mean invasive.

Not sure there's a reasonable sized pot big enough to make me feel comfortable cancelling my pet insurance. You never know what might happen and I wouldn't want to have to make the decision to have my dog pts because the cost of treatment was more than I could afford.

Towards the end of their lives my two cats were both on daily medication that went on for several years, especially in the case of the female who lived to a happy 19 and half.

Insurance company paid out without any quibbles month after month.

Dogs tend to be more expensive.

I'd never have an uninsured pet. Treatment can run into thousands of ££££

My old Jack russell was insured and in her whole life I never claimed once, she used to put her back out now and then but taking into account the excess it was never worth claiming.
My other old boy who died a month ago at almost 17 had cushings since he was 8 (not covered) and at the beginning of this year was diagnosed with heart disease. I made two claims for him one for approx£500 (castration due to lump found when he was 12 ) and another earlier this year for £1700 which they declined and I had to complain and get the vet to contact them before they paid out. Of course then almost everything possible was excluded from the policy so I cancelled it. Just before he died I was spending £200 per month on meds which luckily I could afford, but this year I had spent almost £1000 on meds etc. I'd still do it all again though as he was a lovely old boy
I'm not sure I would have insurance for my next one or not, if I didnt though I think I'd put a fairly decent amount away each month just in case I got a big vet bill.

Shop around for pet insurance, mine went down by half on previous year

DDog 1 died of cancer in the Spring, but not before she'd had a very expensive operation and tests which we would never have been able to afford without insurance. Then DDog2 had a stroke in September, spent the night in hospital and again had a huge bill - another insurance claim. Other posters are right, for peace of mind you'd need thousands.

Just to add, what makes me furious is that I have to pay up front and then claim. I can't think of any other insurance that works that way round. Thank god for a credit card to pay the vet immediately!

My insurance covers only vet's fees, which is all I need. They pay the vets direct so I don't have to pay then reclaim. Just as well when dog's accident cost £4500+ These things usually occur over a bank holiday.

Lara - it's not the insurance that works like that, it's up to the vet whether they accept insurance forms as payment or not. Some vets do, some only certain policies and some don't at all.