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Discussion Starter #1
I'm considering terminating my pet insurance because my Labrador is now 15 years old and it is unlikely that I will need it - or so I think. I would not put my dog through any "heroic" measures at this stage in her life. The only thing that I've claimed over the past 2 years is for meloxicam, an anti-inflammatory for her arthritis. The monthly fee is 60$ CDN and the annual deductible per illness per year is $500CDN. The coverage is 70% (co-insurance 70%:20%). The coinsurance percentage can decrease if the insurance company feels you have made many claims or costs have been high.

Should I put aside the money for her in a savings account or should I continue with $720CDN/year with the above deductible/co-insurance coverage.

Any thoughts?
 

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Do you mean that they can lower your coverage if you use your insurance? I wouldn't buy insurance like that. With the coverage you mention, you would need to have about $1528 in vet bills to break even assuming I did the math right. I figured that after you paid the $500 deductible, you needed $1028 more covered at 70% to reach the $720 premiums. If they can change your coverage, then it could take more.
 

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Discussion Starter #3
I've had this policy for years - since 1998, I think. Since Jess turned 7 some years ago, the premium increased every year. This month is the anniversary of the policy and the premium jumped from 45 to 60$ - that's quite a jump. Your math is not far off. It just doesn't make sense to keep it up anymore.
 
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