How About Pet Insurance?

A Twitter listener asks what Dave thinks about pet insurance while getting out of debt to avoid pet Murphy incidents. Dave thinks it's a waste of money.

QUESTION: A Twitter listener asks what Dave thinks about pet insurance while getting out of debt to avoid pet Murphy incidents. Dave thinks it’s a waste of money.

ANSWER: I have three dogs. These dogs are somewhat like children to us. We love our animals in the Ramsey family like most of you do. I don’t have pet insurance. A pet—as much as I love them—is not a human. As much as I love them, I’m not spending $10,000 on Maggie, and she’s one of my favorite dogs I’ve ever owned. She’s a dog.

I think reasonable expenditures to repair a broken pet are good. Ridiculous amounts of money spent on an animal—many times selfishly on the part of the human because we are so emotionally attached that we allow the animal to stay in pain—is inhumane and cruel and financially ridiculous. If you have $2 million and want to spend $10,000 to keep your dog alive, I’m not mad at you. But pet insurance? Really? No.