Savings account vs insurance policy...?

[Poppins2016]

Has anyone directed money into a savings account instead of taking out insurance policies? Any regrets?

I have 3 cats and 3 policies (one of which now costs £100 a month, mostly because that cat is 13). I think we've probably spent well over ten thousand pounds on insurance over the lifetime of our cats, and only received a thousand or two (maximum) back in claims for minor injuries, so it currently feels like rather bad value... It also irritates me that many minor things simply aren't worth claiming for, either due to excess deductions or wanting to avoid premium increases as a result of claiming.

I'm considering paying into a savings account dedicated to the cats, instead of paying into an insurance policy. I wouldn't stop the policies until we have a decent "cushion" built up as I'm well aware that you never know what's around the corner... but I still have a nagging feeling ("what if").

I'd be interested to hear your thoughts, pros and cons etc..? Thanks!

I think you are being ripped off at £100 a month. Try waggel or animal friends for the older cat. Pet treatment can go up to £100s quickly so would need at least £1000, or £3000 per animal to be comfortable. It also includes legal fees for if your animal attacks someone but that's more important for dogs than cats

I certainly feel like we're being ripped off at £100 a month! However, we've done comparison quotes for the same level of cover elsewhere and they're all about the same price... we could have renewed at a slightly lower cost elsewhere, however my cat needed surgery to remove a dodgy looking mass of scar tissue just before the renewal date in November and I needed to ensure continuation of cover if it turns out to be cancerous.

If we go ahead, I think I'd plan to have at least £5,000 accessible before we stop paying into an official policy.... then to pay in about £150 a month (replacing insurance premiums) until there's a decent contingency...

I took out insurance at £18 a month for Finlay (September 2023) and after 2 payments claimed over £6000, this year it went up to £43 a month and have since claimed another £2500 - im dreading premiums next year but could not have afforded to pay for his treatment otherwise
Even £100 a month would be worth it when 2 nights in veterinary hospital with drugs etc was around £1000

It's this scenario that gives me a nagging feeling... I know I've been lucky to have only ever claimed under £2,000 maximum total for all 3 cats (ages 13, 9, 7)!

The older cat I would pay into savings because I absolutely would not be spending £££ if they become unwell, it would definitely be a conservative/palliative approach based on quality of life.

Younger cats I think a basic insurance policy is useful.

We have insurance for our younger cats but not our oldest - they wanted £80 a month with a £120 excess per claim - it was crazy. We cancelled and pay for anything he needs direct - it's saved us a fortune.

Ignore this. 13 isn't any age for a cat, my lovely boy cat lived until he was nearly 23.

Thank you. I am certainly hoping/expecting(!) for him to live another decade... he is the loveliest, loyal companion (cat who sometimes seems to think he's a dog...) I certainly have no intention of actioning conservative/palliative care based on costs... I'd only ever take that route if it's in his best interests and the humane thing to do.

I was paying £136 a month at one point for two cats. But since the late Magic & Maia had run up bills of over £20k I didn't mind. I would never have been able to put away enough money to giver their bills.

Our insurance proved to be worth it when our cat had cancer, treatment and tests cost over £4k, she went on to live for another 8 years and had a couple more overnight trips to the animal hospital with viral infections that insurance covered costing £1k each time. Most recently covered the cost of biopsy and euthanasia when she had terminal cancer.

It depends how good you are at saving and how unlucky your pet is with their health.

In our case it was worth it, but I know other pet owners who have paid into it every month and never had to make a claim, or worse the insurance excluded the most likely thing to go wrong (friend had pug and French bulldog and both had breathing/soft palette problems that insurance wouldn't cover).

We have the same dilemma at the moment. 2 cats aged 5. One of our cats developed an issue that can be recurrent, at a cost of £1k per treatment. In between he is fine - healthy and happy. At renewal his insurance has rocketed to 80£ pm. I can't face a lifetime of this, but also don't dare not insure as costs are so expensive (and for him could never not treat, as he's fine in-between bouts).

It's absurd how much vet costs have increased over the last 5-10 years. Some huge profits are being made somewhere but it seems a near Monopoly. I read somewhere that trading standards are looking into prices, but not heard an outcome yet.

Sorry op - no advice either way but you have my solidarity!

Buy insurance for the first 12 months - that’s when most long term / expensive conditions requiring regular treatment are likely to show up and, if they do, keep your insurance going. If the cat is generally healthy for the first year then switch to a savings buffer.