Care Credit vs Pet Insurance?

Hello, 

Ontario SPCA Coverage for Life Pet Insurance program looks amazing. For my 8 month old cat I can pay $41.15 a month for unlimited vet coverage or $29.82 for 10,000 for insurance for one year for my cat. I was looking for the 10,000 coverage because it is under 30.00 and my vet visit alone is 50.00. 

My cat recently tore out one claw coming down a tree and I know the vet bill will come over 100.00. When I got my kitten from kijiji he has ear mites and I had to take him to the vet and that was over 90.00. I'm a student and I only work part time with rent and car payments I have to make sure I eat lol. 

Please any comments would be appreciated pet insurance sounds amazing. 

What is the difference from pet insurance and care credit?

Do you know anything about the Ontario SPCA pet insurance program. 

Quote: http://www.ospcainsurance.ca

Thank you!

With pet insurance you have to pay the bill then submit the claim for reimbursement.  The care credit works like a credit card.  Of course with the care credit you have to pay back the money with interest.  With pet insurance, especially a very comprehensive one like this, you are in essence pre-paying for vet care.  The same with any insurance it just depends on the health of your pet whether it's a good deal of not.  If you are fortunate and have very few health problems with the pet it turns out to not be such a good deal.  If you are less fortunate and have a number of large bills then it's a good deal.

I think it depends on the coverage. Most do not cover routine exams or dentals. It sounds like your cat is allowed outdoors unsupervised? If so, I would consider insurance since he is more at risk for injury. The other alternative is to take whatever the monthly payments would be and put that money away each month into a savings account. If you need it, it will be there, but if you don't, it's still yours. The savings would not be enough obviously to cover something major like cancer treatment and major surgery but should handle most incidents. It's really a matter of how much risk you are willing/able to handle.