Don’t let worries about veterinary bills and other costs deter you from acquiring a pet. Pet insurance can provide you some peace of mind and shield you from having to spend hefty sums of money out of pocket for a little monthly charge.
There are numerous ways to lower your monthly payments if money is a key worry while still keeping your dog or cat adequately insured in case of an emergency. All you need to do is know what to look for and where to look.
There are many opportunities to save, regardless of whether you have pets before or not. Check out what some of the best pet insurance providers have to offer to get started.
Three strategies to reduce the cost of pet insurance
Follow these three steps as you become familiar with some of the top pet insurance providers to be sure you’re getting the best deals.
1. Compare Prices
Comparing pet insurance providers and plans is the first and most obvious step to do in order to better understand starting costs. According to estimates from pet insurance provider Fetch by The Dodo, the average monthly cost for dogs is $35, while the average monthly cost for cats is $25.
But depending on factors like age, breed, location, and more, that number may change. Premiums for breeds with a higher risk of health issues will cost more.
For instance, because Brachycephalic Airway Obstruction Syndrome (BAOS) is more common in certain dog breeds, such as English Bulldogs, French Bulldogs, Pugs, and others, they are more expensive to insure. According to a recent Money.com poll, French Bulldogs cost about $163 more annually than Golden Retrievers do.
The same holds true for many cat breeds, however, the expense is not quite as high as it is for canines. For instance, the annual cost of a Maine Coon was $36.84 higher than that of an Exotic Shorthair. (Based on their health problems, these are some of the most expensive dog and cat breeds to insure.)
Additionally, there are other insurance options available, ranging from a simple plan that only covers accidents to a comprehensive plan that includes coverage for prescription drugs or surgical operations. An accident-only coverage, which covers emergency vet visits for broken bones, cuts, swallowed objects, toxic ingestions, and more, may be a better option if you want to take the more affordable route.
2. Seek Discounts
Cheap pet insurance is available. There are many strategies to reduce spending, one of which is to keep an eye out for deals and discounts.
To get a whole view of what the company has to offer, constantly check for bargains published on company websites as discounts and offers differ per supplier. While the majority of these discounts are for monthly savings of approximately 10% and some are only valid for a year, hey, every penny counts!
Some pet insurance companies provide the following standard discounts:
- Senior discounts (AARP members)
- Support, comfort and therapy pets
- Shelter and rescue adopters
- Working in certain industries (like veterinarians and staff)
- Multi-pet discounts
- Bundling discounts
- Veterans and active military (and their families)
3. Think About Selecting A Higher Deductible
A greater deductible will ensure a cheaper premium if you can afford it, which can save you money over time. Just keep in mind that you’ll need to make additional out-of-pocket payments before your insurance provider pays the amount. When choosing a deductible, consider how much you could actually afford to spend if your pet became ill. Avoid spending more than you can afford.
“The lower your deductible, the more quickly you may pay it off and receive reimbursement. A lesser deductible, meanwhile, may also result in a higher premium. Your premium will be lower with a greater deductible because it will take longer to get reimbursed “On its website, Fetch by The Dodo says.
A recent Money.com research found that choosing a $200 deductible as opposed to a $500 one results in pet owners paying an extra $20 per month on average. That translates to an annual savings of around $250. According to a Money.com price analysis, those savings can almost quadruple if you go for a $1,000 deductible.