Some factors that affect pet health insurance rates are not easy to change, such as the zip code where you and your pet live. It makes it smart to take advantage of the conditions you can control to get a lower cost policy from a pet insurance company.
The steps below are all proven to reduce pet insurance premiums, which cost an average of $50 for a dog and $30 for a cat. In fact, some of them involve pets you already own, and therefore won’t help current owners – except perhaps to consider fur purchases in the future. Others include exploring ways to save on your pet’s medical care.
The rest are policy features you’ll want to consider individually to find the balance that suits your budget and pet ownership style—like the annual deductible you can pay and the amount of each pet’s bill and each pet’s payment you receive. After that it was paid. Together, these seven activities can help you significantly reduce your pet’s insurance costs.
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Cat insurance can be less expensive than dog insurance
If you are buying a pet and are open to a cat or dog, you can save significantly on insurance by opting for a cat.
When Money surveyed premiums from five companies for both breeds, dogs cost an average of $250 a year for popular comprehensive (accident and illness) plans, and the gap was similar for policies that included health coverage. Although dogs live only a few years on average, you can easily spend $1,500 more over their lifetime to insure a dog than a cat. Dogs cost more to insure than cats, partly because data shows they need care more often than cats, and when they do, it’s more expensive.
Adopting a mixed breed pet is inexpensive.
Mutts are less likely to suffer from hereditary, congenital or chronic diseases than other breeds of both dogs and cats. example, A 15-year dog study He found that mixed animals were significantly less likely to develop 10 out of 24 diseases.
For example, dog breeds that tend to be brachycephalic (such as French and British Bulldogs, Pugs, Boston Terriers, Lhasa Apsos, Cavalier King Charles Spaniels, and others) have trouble breathing and have to work harder to cool down their body temperature. These species suffer disproportionately from brain disorders, skin cancer, fungal skin disease, infertility and back problems.
Certain cat breeds are more prone to certain conditions than the general cat population. For example, purebred Abyssinians and Siamese, among other breeds, often suffer from amyloidosis, which is when certain proteins in the cat’s blood cause liver and kidney problems.
Even if you have a pet with the problem, chances are it won’t develop a hereditary condition. But that translates into higher premiums if you have relatively high probability and high costs. (For example, a soft palate incision for a brachycephalic dog can cost up to $1,500 alone, and may be just one of many procedures the animal may need.)
When Funds conducted a premium study of five dog breeds, it cost an average of $679 a year to insure a French bulldog, $162 more than a golden retriever. (In between, in ascending order of premium: Labradors, German Shepherds and English Bulldogs.)
Those monthly premium differences can easily run into a thousand dollars or more over a dog’s lifetime. And they may get a higher price for the dog itself than for the dead one.
However, if you decide to buy a purebred pet, use a list like the Humane Society Veterinary Association’s to research the most common conditions for the breed that interests you. Then introduce yourself with information, including from Other veterinary sources And insurers, what those conditions might cost to treat.
Consider how many risks to insure
Chances are you’ll want a “comprehensive” policy that covers accident and illness – as most pet parents do. But you can save an average of nearly $400 a year on dog insurance and more than $200 a year to insure a cat with an accident-only plan rather than a comprehensive plan. Of course, accident-only coverage does not cover illness. (Sickness-only plans are, alas, rare for those who don’t have them.)
A better savings strategy may be to resist adding health coverage to your policy. Even comprehensive plans do not cover routine and preventive care such as vaccinations, tick and flea treatment, etc.; Those generally require health drivers from additional costs. While the additional cost is usually much less than the premium for the overall plan, so is the return, which for most pets is only a few hundred dollars a year. If you drop this coverage, you can always put your premium dollars into a fund to cover the cost of health vet visits and accident and illness coverage.
How to pay less for pet insurance
Shop around: Evaluate your options
When looking to buy pet insurance, shopping locally can result in significant savings. In our survey of insurance costs, premiums for comparable coverage ranged from $380 per year for dogs to $167 per year for cats.
Many insurers, including Money’s First Choices for Pet Insurance, allow you to get personalized quotes. Another option is to use an aggregator like 365 Pet Insurance, which offers pet insurance for many companies like TruPayon, Lemonade, and Spot.
After collecting several premiums, consult the sample policies that companies post on their websites detailing the scope of coverage. Most companies offer the same coverage with plans that have the same coverage, but what they include in each – and this translates into higher or lower prices.
Choose a large discount
Like other types of insurance, pet policies allow you to choose between options that determine how much annual care costs you will bear. It pays to adjust these to reach a balance of low premiums and adequate coverage that works for your priorities and budget.
The deductible will determine the amount you have to cover each year before your pet insurance plan starts. While deductibles can range from $100 to $1,000, according to the National Association of Insurance Commissioners, in 2019, the most common deductible options are $250, $500, or $750.
Lower deductibles trigger higher premiums, while higher deductibles lower costs. When we examined the impact of different deductibles on comprehensive policies for both dogs and cats, we found that choosing a $500 deductible over a $200 deductible would save you at least $200 a year. With an even higher deductible, the savings more than double; A policy with a $1,000 deductible is $450 less per year than a policy with a $200 deductible.
Be low in repayment amount and annual limit
The deductible that applies to your budget will also affect the percentage of the bill your policy pays. Instead of paying vets directly, insurers pay you a percentage of your vet bills (after deductibles are covered). Companies typically allow you to choose between 70%, 80% and 90% of the payout.
Surprisingly, choosing a lower rate of return reduces the premium – although slightly, as a rule, rather than changing the amount of the deductible. Our price survey found annual savings of around $50 for an additional 10% fee you forgot to pay. That is, moving from 90% to 80% will save you about $50, and choosing 70% instead of 90% will save you about $100 a year.
Now consider an additional cost variable for your pet insurance: the upper limit of total annual expenses you want the policy to cover. We found that doubling the annual limit from $5,000, the popular amount, to $10,000 would increase premiums by more than $60 per year. Adding an additional $20,000 of coverage adds the same, for a total of $130 for a $30,000 limit increase from $5,000.
When determining the best limit for you, keep in mind that a portion of that cost—typically between 10% and 30%—will be at the level of compensation you choose. If your pet requires expensive procedures, don’t raise your limit unless you are willing and able to pay four figures as a co-pay. For example, an $8,000 bill for cancer treatment requires a $2,400 co-pay.
Look for discounts
Like other insurers, pet insurance companies offer a variety of discounts. For example, depending on the insurer, you can get up to 10% off by insuring more than one pet. Companies may offer military discounts, discounts for paying your annual policy upfront. A few, like Embrace, offer annual deductibles for claims exemptions. Sometimes a number of these offers can be combined, allowing you to apply and benefit from more than one.
You can save with options like pet insurance or medical finance cards like Care Credit. Although none of these offer pet insurance, they help keep costs down.
Pet insurance is an investment that gives you the peace of mind of knowing you won’t have to cover expensive veterinary bills on your own. Keeping these seven tips in mind will help you find a policy that meets your pet’s needs at a lower cost.
Cat and Dog Insurance FAQs
What services are not covered by pet insurance?
Although what is covered by your policy can affect whether you buy expensive or cheap pet insurance, there are many common exclusions. Generally, pet insurance policies do not cover preventative care such as exams, vaccinations, lab work or flea/tick prevention. Pre-existing conditions such as hip dysplasia and genetic issues are generally excluded from coverage. Most policies have a waiting period between the time you sign up and when coverage begins, typically between 10 and 30 days.
Other things that pet insurance does not cover are birth or pregnancy, death of a pet, theft of a pet, preventable conditions, cosmetic procedures and behavioral treatments. When considering how to file a claim, check with your provider to find out what services are covered.How can pet insurance reduce your pet expenses?
What factors affect pet insurance deductibles?
There are many factors that affect deductibles for dog and cat insurance policies. These include your pet’s age, your pet’s breed, the level of coverage and any optional extras you choose, the premium you choose, how much regular care is required, available discounts, the annual limit of your policy, your billing schedule and where you live.