Introduction
We all want what’s best for our hairy, feathery or scaly friends. But c’mon, pet care can get expensive fast. And if you’ve ever been forced to rush your pet to the vet, you know how pricey those emergency visits can be. That’s where pet insurance steps into the fray.
But hold up! Pet insurance can be pricey, however. And you certainly don’t want to pay a large premium for a policy that hardly provides coverage at all. So, how do you find the right balance between cost and coverage without risking your pet’s health? Easy — you become clever about your choices.
Here’s how to get the most affordable pet insurance without skimping on coverage.
Choose a Higher Deductible
A deductible is the money you pay out-of-pocket before insurance kicks in on a covered expense. A higher deductible = lower monthly premium. If your pet is overall healthy and you can handle small vet bills on your own, consider a higher deductible to drop your costs down hundreds a year.
Tip: Consider your options for deductibles and do the math. Even upping your deductible by $100 can bring your premium down a ton of dollars.
Save More By Bundling Policies
Some pet insurance companies also offer discounts if you buy other insurance, like car or home insurance, from them. If you already have home, auto, or renters insurance, ask your provider whether it offers multi-policy discounts.
For example: Sarah, a dog mom in Texas, bundled her pet insurance policy with her home policy and received a 15% reduction to her premium. That’s more money for treats and toys!
Consider a Wellness Plan Add-On — But Only If It Saves You Money
Wellness plans usually cover preventive care such as vaccinations, yearly exams and flea prevention. Though these add-ons will increase your monthly payments, they can ultimately save you money — if used wisely.
How to decide: Review your pet’s yearly veterinary costs. If a wellness plan is less expensive than what you’d pay out-of-pocket, get it! If not, don’t take it and start stashing away money for those visits instead.
Shop Around and Compare Plans
And not all pet insurance policies are necessarily created equal. Some cover hereditary issues better than others, while some have lower premiums but limit reimbursement. Shop around — A Little Goes a Long Way
What to compare:
Monthly premiums
Deductibles and reimbursement rates
Coverage exclusions
Reviews from customers and the pace of claims approval
Online comparison tools allow you to receive multiple quotes in just a few minutes. The effort is worth it!
Get Your Pet Insured While They’re Young
Age is a big deal in insurance land. The younger your pet, the lower the premiums. If you adopt a puppy or kitten, insure them as soon as possible before any pre-existing conditions develop. And insurance companies charge a ton for older pets or pets with medical history.
Takeaway: If you wait too long, costs could be higher — or you may find yourself without coverage altogether.
Consider an Accident-Only Plan (If It Works for You)
Accident-only plans are a cheaper Alternative to traditional full coverage insurance. These policies pertain to accidents, such as broken bones or poisoning, but do not cover illnesses or routine check-ups.
Who it’s for: If your pet is young and healthy and you’re primarily concerned about accidents, this is a great way to save money. Just remember that, unlike with human health insurance, routine vet visits and treatments for illness won’t be covered.
Pay Yearly, Not Monthly
Oftentimes insurance companies will grant users discounts for paying for the entire year at one time, rather than monthly. This tiny toggle can save you 5-10% on your premium.
Quick math: If you’re paying a $40 monthly premium, that’s $480 for the year. But if you bought annually at a 10% discount, you’d only spend $432. That’s an easy $48 saved!
See if Your Workplace Offers Employer Benefits or Group Discounts
A few employers include pet insurance in their benefits package. Others work with insurance providers to offer group discount. If you belong to groups such as AAA, AARP or even some credit unions, see if they have pet insurance discounts.
Insider Tip: Certain shelters, breeders or adoption agencies offer limited-time insurance discounts when you adopt a pet, as well. Make use of these benefits!
Remain with the Same Insurance Company (Loyalty Does Pay—Sort Of)
Some insurers offer discounts or other perks — such as waived deductibles — to long-time customers after a number of years. If you find a better deal from a different provider, first check if your current insurer has any loyalty benefits that can help you save money now.
But be careful: Don’t stay with an overpriced plan just to get a small discount. If a different provider can give better cover for less, it’s worth switching.
Regularly Maintain Your Pet to Prevent Undesirable Claims
The best way to keep your insurance low is prevention. The more claims you file, the more likely it is that your premium will go up. Keep your pet healthy through a proper diet, regular exercise and routine vet visits.
Tip — Some pet insurers offer discounts for pets that have been spayed/neutered or meet other health-related criteria (e.g., are kept up to date on wellness check-ups, etc.).
Conclusion: Striking the Right Balance
Pet insurance doesn’t have to break the bank. A few simple steps, such as choosing the right deductible, bundling your policies, comparing prices, and keeping your pet healthy can lead to substantial savings without skimping on coverage.
The key? Be strategic. Know your pet’s actual requirements, consider your alternatives, and make well-considered choices. That upon securing peace of mind knowing that your furry friend is protected—and you’re not going broke.
So, what are you waiting for? Get your furry friend the coverage that they deserve and put some more money in your pocket. Because a happy pet and a happy wallet go hand in hand!
Have any tips of your own? Let me know your pet insurance money-saving hacks in the comments below!