Self-insurance is where, instead of paying premiums, you regularly put money into a pet fund. So if your doggie gets poorly, there's money to pay for it.
To earn some interest, put money in an easy access savings account each month to pay for any potential pet emergency. Of course, if there are no problems, you get to keep the cash. However, there are two big dangers to consider:
The problem strikes before you've built up cash: Self-insurance relies on having enough cash to hand when the vet needs paying so expensive treatment could mean you either go into debt or face the sad choice of putting the pet down. Another option is to go for a policy with a high excess then save to cover anything that costs less than that.
You get sued: Dogs aren't covered for public liability without insurance, so if Fido causes a car accident, and the drivers sue, you'll be liable for the cost. This may be covered on your home insurance but quadruple check this before taking the risk. Cats are considered 'free spirits' by law courts and so, as an owner, you're not legally responsible for their actions.
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