How can I save money on pet insurance? Pet insurance is a great way to prepare for unexpected vet bills and protect your pet’s health. It can cover costs for accidents, illnesses, and sometimes even routine care.
But while it gives peace of mind, it can also be expensive; especially if you don’t know what to look for.
Many pet owners pay too much because they pick the first plan they see or buy more coverage than they really need. Others skip pet insurance altogether, thinking it’s not worth the cost.
But the truth is, you don’t have to choose between saving money and getting good care for your pet. With the right steps, you can do both.
This article will show you simple ways to lower your pet insurance costs. Whether you’re a new pet owner or just looking to cut costs, these tips can help you save without sacrificing care.
Ways To Save Money On Pet Insurance
Pet insurance doesn’t have to break the bank. Whether you just got a pet or you’re looking to cut the cost of your current plan, there are smart ways to save money without losing important coverage.
Below are five easy and practical steps you can take to keep your pet protected and your budget in check.
Look For Discounts
Many insurance companies offer discounts that can lower your monthly payments. For example, if you have more than one pet, some companies; like Embrace, ASPCA, Figo, and Hartville, give you a discount for insuring multiple pets at once.
Other insurers, like Lemonade, offer a price break if you pay for the whole year instead of paying month by month. Some companies, including MetLife, even offer deals for signing up online.
If you’re a veteran or get insurance through your job, you might also qualify for special savings. Always ask about available discounts before choosing a plan.
Pick A Plan That Fits Your Needs
Not all pet insurance plans are the same. Choosing the right type of plan can make a big difference in what you pay. There are three common types:
- Accident and illness plans cover a wide range of health issues but tend to be the most expensive.
- Accident-only plans are cheaper and only cover injuries from things like falls or poisoning.
- Wellness plans cover routine care like shots and teeth cleaning.
If your pet is generally healthy, you may not need a full accident and illness plan. Going for a simpler plan can help you save while still getting the protection you need.
Compare Plans from Different Companies
Just like shopping for anything else, it pays to compare before you buy. Pet insurance prices and benefits vary from one company to another. Some may charge more for the same coverage or offer fewer benefits for the same price.
To find the best deal, get quotes from a few different insurers. You can use online tools to compare rates, coverage, and customer reviews in just a few minutes. Taking time to shop around can lead to real savings.
Adjust The Coverage Options
Most pet insurance plans let you customize certain parts of your coverage. Changing a few settings can help lower your monthly premium. Here’s how:
- Reimbursement Rate: This is the percentage of the vet bill the insurance will pay. Lower rates (like 70%) cost less than higher ones (like 90%).
- Deductible: Choosing a higher deductible means you’ll pay more out of pocket before the insurance starts to help, but your monthly cost will be lower.
- Annual Limit: Some plans cap how much they’ll pay each year. A lower yearly limit usually means lower premiums.
By making small changes in these areas, you can design a plan that fits your budget better.
Ask Your Vet For Advice
Your vet knows your pet’s health better than anyone. They can help you choose a plan based on your pet’s needs, age, and medical history.
Vets may also know which insurance companies their clients are happiest with, giving you extra guidance before you decide.
Frequently Asked Question
Can I Lower My Premium Without Losing Coverage?
Yes, you can. Reducing your reimbursement rate, increasing your deductible, or choosing a lower annual limit are all ways to lower your premium while keeping the core coverage in place.
These changes help make the plan more affordable, especially if your pet doesn’t need frequent care.
Can I Switch To Another Insurance Company?
You can change your insurance provider if you find a better deal. However, keep in mind that any health issue already diagnosed under your current plan will likely be seen as a pre-existing condition and won’t be covered by the new company.
So, before switching, compare the savings to the possible risks, especially if your pet has ongoing health concerns.
