Review pet insurance with your veterinarian
Use your veterinarian as a resource to identify the best coverage. Before purchasing a policy, discuss your pet’s potential health problems.
“It’s important to note that some breeds of pets are more prone to certain genetic conditions than others. Because of this, your vet can identify certain health risks that your pet needs to cover before they get hurt,” said Dr. Randy Aronson, consultant veterinarian at Beaverpet, Pet Safety. A site with advice about.
Compare pet insurance plans
The price you pay for pet insurance can vary greatly from one insurance company to another. That’s why it’s smart to compare pet insurance quotes from different insurers.
Try to compare plans with similar policy details, such as coverage limits, payment levels and deductibles. Keep in mind that cover features may still vary. For example, not all plans include a 24/7 pet helpline, which can be useful for late-night pet illnesses.
And while your goal may be to find cheap pet insurance, don’t just focus on price. You’ll want to consider other factors such as wait times, 24/7 access to vet lines, and the ability to pay your vet directly.
“While price is an important factor when considering coverage options, there’s no point in paying for coverage that doesn’t work. You want to strike a balance between having a plan that covers everything your pet needs going forward at a price you can afford.” said Alex Stone, founder of petinsurance.com, a pet insurance comparison site.
Buy an accident-only policy
Accident and illness pet insurance policies are more expensive because they cover a variety of problems such as broken bones, torn ligaments, hereditary conditions, cancer, emergency room visits, hospitalizations, and prescription drugs.
But if you’re comfortable taking on more financial risk, you can save money by choosing a pet insurance policy that offers less coverage.
For example, some pet insurance companies offer accident-only policies that cover expenses related to an accident, such as a broken bone or your pet swallowing something it shouldn’t. Because accident-only plans aren’t comprehensive, they cost less than accident-and-illness plans, reducing your coverage costs.
Remember, if you buy an accident-only policy, you won’t be covered for medical bills related to illness.
Adjust your deductible, copay and coverage levels
The details and terms of your policy will affect the cost of your coverage. When purchasing a policy, you can typically choose:
Deductible. For any of your pets, such as $200 or $500, the amount you must pay each year before your pet bills coverage is paid.
return rate. After your deductible is paid, your insurance company will pay you a portion of your pet’s bills. For example, you can choose a plan that pays 90% of veterinary bills.
Cover containers. Many pet insurance companies give you the option to choose your annual coverage limit. That means you’ll be paying as much as $5,000 in vet bills each year. Some pet insurance companies, such as Spot and Pets Best, offer unlimited annual coverage.
Here are some ways to reduce your pet insurance costs
- Choose a lower payout percentage like 70%.
- Choose a higher deductible, such as $500.
- Reduce your annual coverage by opting for $10,000 instead of unlimited coverage.
While you may save money on your pet’s insurance costs while lowering your deductibles, copays, and coverage levels, you’ll have to pay more out-of-pocket for veterinary expenses.
Ask for pet insurance discounts
Pet insurance discounts are a great way to save on your premiums. Here are some to look for:
- Multi-level discount. You can usually get savings if you insure more than one pet.
- Spay/Neuter discount. If your pet has been spayed or neutered, you may qualify for savings.
- Annual fee discount. Some insurers offer discounts to customers who pay a lump sum annual premium.
- Employee discount. Some employers offer pet insurance as a perk, which can be anywhere from 5% to 10% off.
- Military discount. If you are a member of the military or a veteran, you may qualify for a discount.
Don’t wait to buy coverage
The sooner you buy pet insurance, the better, says Aronson.
For example, if your pet had a condition like heart disease or arthritis before you purchased pet insurance, it would be considered a pre-existing condition and would be excluded from coverage. This means that you will have to pay out of pocket for any costs associated with this condition.
Related: Pet insurance for pre-existing conditions