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Dave Says: How About Pet Insurance?

April 26, 2011

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What do you think about having pet insurance?

Dear Dave,

What’s your take on having pet insurance while building wealth in order to avoid being sidetracked by pet-related emergencies?

Anonymous

Dear Anonymous,

We have three dogs in the Ramsey household, and my wife and I love those guys a lot. They’re almost like little hairy children to us both. However, we do not have pet insurance on any of them. You might be thinking that we’ve got plenty of money and don’t have to worry about that kind of thing. But even if we weren’t financially blessed it’s just not something we would do. Instead, we’d figure a reasonable amount for pet care into our budget.

Now, don’t misunderstand what I’m saying. Reasonable expenditures to fix a sick or injured pet are absolutely fine. It’s the kind of thing anyone with a heart should want to do for a pet. But ridiculous amounts of money spent on an animal—many times spent selfishly on the part of the human because they’re so emotionally attached to the animal—can be cruel, inhumane, and financially disastrous.

I’m not going to be mad at you if you have $2 million sitting in the bank and you decide to spend $10,000 to keep your dog alive. But pet insurance? Really? I don’t think so.

—Dave

* For more financial help, please visit daveramsey.com.

Comments 3 comments

klvn said...

12:55 PM
on Apr 26, 2011

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Dave, When you become a pet owner then it is your responsibility to take care of that pet, especially if that pet develops cancer or some other disease. If you can't afford to do that then you should seriously rethink pet ownership. Animals are too often thought of as disposable, and shame on you for your statement "But ridiculous amounts of money spent on an animal—many times spent selfishly on the part of the human because they’re so emotionally attached to the animal—can be cruel, inhumane, and financially disastrous." we should be emotionally attached to our pets, they are also god's creation and play a vital role in peoples lives whether they are working for a living or just a couch potato.

colco62 said...

10:52 PM
on Apr 26, 2011

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"The greatness of a nation and its moral pro gress can be measured by the way in which its animals are raised. To my mind, the life of a lamb is no less precious than that of a human being".-Mahatma Gandi. Buy the insurance.

brindle1012 said...

01:49 PM
on Apr 27, 2011

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Thank you dave. I'm sorry, but pet insuranceis not in my budget. We have a sweet dog that we love and she is most definitely part of the family- but no pet insurance. I've owned enough pets from my childhood to now that I could have been financially bankrupt a few times over if I took the stance to "fix them no matter the cost". We share our lives together and they are incredibly loved (and spoiled)but I don't feel that I have to have pet insurance to be a good pet owner.
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