There are more ways to find the cheapest pet insurance than just shopping around for the lowest premiums. We surveyed 1,000 pet owners with pet insurance to learn more about how much pet insurance costs, what customers look for in a policy and how to save money.
Here we offer tips and tricks to lower your monthly premium without reducing the peace of mind that your furry friend is covered in case of unexpected veterinary care.
Consult a veterinarian about what plan your pet needs
Your veterinarian can help you determine which affordable pet insurance plan best fits your pet’s needs without breaking your budget. For example, a veterinarian can help you determine the common conditions your pet’s breed faces and make sure they are included in the plan you purchase.
Insure your pet early
No pet insurer will cover pre-existing conditions that are injuries or illnesses noticed by a vet before your cover starts. Insuring your pet at an early age is the best way to maximize your coverage and avoid denied claims.
Our 2022 Pet Insurance Survey found that 77% of pet owners insured their pets before the age of two, but we recommend insuring your pet even earlier if possible. For example, Fetch offers the advantage of allowing coverage to start when your pet is just six weeks old – usually before many health problems arise.
Consider a contingency-only plan
According to the North American Pet Health Insurance Association (NAPHIA) 2022 State of the Industry Report, you can expect to pay $29 a month for dogs and $11 for cats with accident-only coverage. This amounts to a monthly savings of around $20 for dogs and $9 for cats compared to accident and sickness cover.
Although accident-only plans have limited coverage, they are ideal for the needs and budgets of some pet owners. For example, if you have a vaccinated indoor cat, you may not be as concerned about the possibility of disease. An accident-only plan will still cover accidental injuries from chewing on ropes, falling from a height, eating poisonous houseplants and more at a lower cost.
Adjust coverage levels
Most pet insurers allow you to customize components of your policy, allowing you to adjust the amount of coverage you receive and the cost. Here are the main components of pet insurance policies and how they affect the bottom line:
- Deductible: This is the amount you are responsible for before your coverage goes into effect.
- Annual coverage limit: This is the maximum amount your pet insurer will reimburse you annually for unexpected veterinary fees. Choosing a higher coverage limit will also increase your premium.
- Recovery Rate: This is the percentage of each covered claim that the insurer will pay after your deductible is met. It usually ranges from 70% to 90%.
When customizing your coverage, be careful not to make changes that will drastically limit the effectiveness of your coverage.
“Keep in mind that a lower level of cover means a lower premium, but it also means less protection for your pet and more out-of-pocket costs if your pet becomes ill or injured,said Becky Simmonds, professional dog trainer and behaviorist at Breed Advisor.
View available discounts
Whether you have multiple furry friends or a history of military service, you can save money on pet insurance by choosing a discount provider that fits your situation. The following are common pet insurance discounts:
- Annual payment discount: Some providers, such as Pets Best, will reduce the price of your plan if you pay for a full year rather than quarterly or monthly.
- Bundle discount: If an insurance company offers several lines of insurance, they may offer a discount for purchasing more than one. For example, Lemonade provides a 10% discount when you bundle its pet insurance with one of its renters or homeowners insurance policies.
- Employee discount: You may get a discount if you work for a company that offers pet insurance through your chosen provider. For example, Embrace Pet Insurance offers a 10% discount to employees of companies that offer its policies as a voluntary benefit.
- Military discount: Some pet insurance companies offer discounts for military members.
- Multi-pet discount: One of the most common discounts, this lowers the total cost of your multi-pet enrollment plan.
- Discount for sterilization or castration: Spaying or neutering your cat or dog may result in a discount with some providers.
Compare offers for similar plans
Each pet insurance plan will have different costs, coverage options, and features, so it’s important to take your time and research which provider is best for you. We recommend that you get a quote from at least three of the pet insurance providers on this list.
In addition to price, consider other features that may be important to you, such as a mobile app, a 24-hour veterinary emergency line, or a robust wellness plan. Dr. Jamie Wittenberg, Veterinary Director of Senior Tail Waggers, emphasized the importance of learning the finer details of each policy.
“Understanding what is and isn’t covered, claims procedures and turnaround times, and reimbursement policies are especially important.” Wittenberg said.
