How to Save Money on Pet Insurance
Owning a pet is a joyful experience, but it also comes with financial responsibilities. Veterinary care, particularly in emergencies, can be incredibly expensive. This can disrupt any budget.
According to WebMD, an emergency vet visit can easily cost thousands of dollars. Basic blood work can range from $80 to $200, X-rays or ultrasounds from $150 to $600, and emergency surgery can run $2,000 to $5,000. This doesn’t even factor in hospitalization, medications, and other diagnostic procedures your pet might need. Pet health insurance can help cover these costs, ensuring your pet receives the care they deserve. However, premiums can also quickly add up, especially for multiple pets. Here are some key strategies to help you save on your pet insurance costs while ensuring your furry friend is protected.
Carefully Choose Your Policy
Dr. Liza Cahn, a small animal veterinarian at Embrace Pet Insurance, explains that pet owners have different policy options depending on their desired coverage. Comprehensive accident and illness coverage reimburses pet owners for related expenses, such as diagnostic procedures and surgery. Some policies also help with routine wellness care costs, including wellness exams and vaccinations. She says, “This allows pet parents and veterinarians to focus on a pet’s health and provide the best possible care without the added stress or constraints of unexpected costs.”
When shopping for pet insurance, consider what kind and how much coverage you need. An accident and illness policy can provide peace of mind if you’re concerned about significant, unforeseen emergency expenses. Alternatively, a wellness plan might help you keep your routine veterinary care costs down.
Enroll Your Pet Early
Enrolling your pet in insurance when they’re young maximizes the value of your policy. Eliana Sagarin, pet product communications lead at Lemonade, notes that, “By signing up your pet for pet insurance as early as possible, your insurance will be able to help you cover more of their treatments down the line, because [fewer] conditions will be considered ‘pre-existing’ and will therefore be eligible for coverage.” Preexisting conditions are those that exist before you enroll your pet in a health insurance policy. Because most pet insurance plans don’t cover such conditions, it can get costly. Moreover, enrolling early may help you secure a lower premium than your pet might qualify for once they’re older.
Customize Your Policy
Many pet insurance providers offer the option to customize your policy, which is another way to save money on your coverage. Sagarin explained that Lemonade offers deductible options ranging from $100 to $750, as well as annual limits of up to $100,000. “We encourage pet parents to find the plan that works best for their needs and their budget,” she said. “If you have an indoor cat, for example, you might find that a $5,000 or $10,000 annual limit is more than enough to keep your pet covered ‘just in case.’” Choosing a higher deductible can help lower premiums but make sure you’re prepared to pay that deductible if you need to file a claim. You will need to set money aside in a savings account just for your pet’s emergency vet care. You can also keep your premiums lower by choosing lower coverage limits. Think about what you can afford to pay when exploring the various options.
Take Advantage of Discounts
As you shop for pet insurance, ask about any discounts each company offers. Cahn noted that Embrace Pet Insurance offers both a 10% multi-pet discount and additional savings for USAA members and military families. According to Sagarin, Lemonade provides a variety of discounts, including a multi-pet discount, an annual discount for paying for a full year of coverage upfront, and a bundle discount for bundling pet insurance with renters, homeowners, car or life insurance.
Pet insurance providers may allow you to combine discounts up to a certain amount, offering extra savings. Keep in mind that discounts can change, so it’s worthwhile to monitor your premiums and check with your insurance company to see if any new discounts are available, or if you may now be eligible.
Shop Around
As with health or homeowners insurance, comparing insurance quotes may help you save money on pet insurance. Invest time exploring the various policies and providers available. As you narrow your search, get quotes from the top providers that interest you the most. Provide some basic information about your pet, such as their age, breed, gender, and any preexisting conditions to get a quote. You’ll also need to give your name, address, and contact information.
Once the quotes are ready, compare not only the premiums but also the coverage limits, what each policy covers and excludes, and any other vital factors, such as your deductible. Comparing quotes can help you save and find the best policy for you and your pet’s needs.
