Something else to consider is that after a few claims, some companies will cease to cover a condition and some will increase premiums quite a bit. If you do go the insurance route, I've heard the best reviews about Trupanion and Embrace.

I've gone the savings account route. And I actually start it before I add a new dog. It's not going to cover something catastrophic, but it will cover a couple emergencies quite nicely.

Just wanted to add one more thing, for those reading who might now know. Even with insurance, you still have to come up with the money up front, and then the insurance company reimburses you.

So, you still have to have to pay your vet first.
There are pros and cons to insurance. On the pro side, it is nice to get reimbursed 80% or what ever the policy covers.

Consider the costs of CT scans, MRI's and even x-ray's. Common injuries such as torn ACL's and surgery etc.
I like knowing that I will be reimbursed back if I end up having to pay for something like this.

It may not seem like something to have for one dog, but in a multiple dog household, it sure helps.

I can only speak for my situation and of course everyone has to make their own decision on what is right for them. FWIW,
My insurance has not raised my rates and I have had numerous claims. It has covered meds and hydrotherapy for her FCE.

Certainly, insurance can be a gamble. It pays to do your research and ask lots of questions before actually making that decision.

But as Mara and others have pointed out, having a savings account is a sure way to know you have money set aside for vet costs.

Savings account would be ideal, but honestly, with the little amount I make as a student, it's not very realistic. Last month I spent $1300 on medical fees that would have been covered, if I had insurance. That's what got me started on thinking about getting one. I know he has two major pre-existing conditions, but at least everything else will be covered. Plus, there are some companies like Embrace that will cover curable pre-existing conditions if a period of 12 months has passed. The only issue with Embrace is that their premiums are very high.

I'm currently looking at Healthy Paws as it has the highest rating out of all other companies. Have you guys heard anything about them?

I truthfully think the best option is an empty credit card with a high limit. That way should anything happen, you can pay upfront. To me, the insurance is secondary, because as Joyce pointed out, you still have to pay upfront.

With Trupanion, they also require you to send complete medical records for every vet your pet has been to - of course this is a gimmick to see if they can get out of paying for your claim. On the plus side, the cost of the actual insurance when factored in with age of your dog is based on the average cost of veterinary care in your area - not the number of claims.

What kind of quotes have you been getting? Also, how old is your dog?

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I have to agree with Melissa, in that an empty high limit credit card would be ideal for special emergencies.
But I would also start a savings account that you use only for dog emergencies too, and the insurance policy would be last, as a reimbursement of your costs at the end.

This way all your bases are covered, and in the event something really costly happens you are prepared for it.
You never think it can happen until it does.

My Pet Plan policy costs about $500 a year. It has a $200 per incident deductible than everything is covered 100% up til $20k. There are other payouts (death of dog, vacation plan changes/boarding fee reimbursement, lost fees incurred, etc) that are included in this plan.

I look at this way: insurance is simply that - insurance; in hopes that you never have to use it, but if you do, you're covered. I figure for $700 a year, my dog is covered up to $20k, and if nothing happens I have peace of mind for $500/year. To me $700 is nothing when I have incurred $13k+ in vet costs in one year. Now anytime he looks like he's limping or I think he *may* have something going on - I rest assured that I have insurance and can afford anything that he needs to get well!

I just did a quote on Trupanion for Sasha and it would cost me $69.33 a month with a $500 deductible. I started a bank account a year before I was looking to get a dog and have $100 transfered over to it automatically every month. It's a little embarassing when the dog has more money in her account than I do in mine.

I will use the money in the account only for a true emergency. Things like food, spay surgery, rabies shot etc I pay for out of my regular budgeted money. As Sasha gets older I may consider getting insurance for her.

I use Care Credit at the vets office until my insurance policy pays me back, then I pay Care Credit off, minus the deductible and whatever they didn't cover. I've been very happy with Embrace over the past few years. They are a bit pricey, but seeing what they do cover Imo it's worth the extra few dollars. With the amount they covered after one minor accident, they covered their premiums for a year. Absolutely worth it.

Thanks for all the inputs guys! I actually ended up going with healthy paws. I'm sending in my vet history to see what things they won't cover. My premium is $50 per month, with a $50 deductible and 90% coverage. They also have no reimbursement caps, so that helps as well. I'm just worried that they're not going to cover a lot of things due to my dog's previous history.