Follow the steps below to find the cheapest pet insurance that's right for you.
Discuss pet insurance plans with your veterinarian
Use your veterinarian as a source of information to pinpoint the best coverage. Discuss the potential health problems of your pet's breed before purchasing insurance.
“It's important to point out that some pet breeds are more susceptible to certain genetic conditions than others. For this reason, your veterinarian should consider the value of covering your pet before it becomes ill. “We can identify certain health problems,” says Dr. Randy Aronson, veterinary advisor for Better Pets, a site that provides pet health advice.
Compare pet insurance plans
The amount you pay for pet insurance varies widely depending on the insurance company. The best way to find the right price is to compare pet insurance quotes from several different insurance companies to find an affordable pet insurance policy.
Be sure to compare plans with similar insurance details, including coverage limits, reimbursement levels, and deductibles. That way, you will be comparing costs in an apples-to-apples manner. However, please note that coverage features may still vary. For example, not all insurance companies offer his 24/7 veterinarian telemedicine line or cover alternative treatments.
While finding low-cost pet insurance may be your goal, focusing solely on price is a mistake. Other factors such as waiting periods should be considered. Some pet insurance companies have extended waiting periods, such as 6 to 12 months, for orthopedic conditions such as cruciate ligament tears. However, you can find pet insurance with no waiting period for orthopedic conditions, such as ASPCA, ManyPets, Pumpkin, Spot, and Trupanion.
Purchase accident-specific insurance
Accident and illness pet insurance is usually the most expensive because it covers a variety of issues, including broken bones, torn ligaments, genetic conditions, cancer, emergency visits, hospitalizations, and prescription drugs.
However, if you are comfortable taking on more financial risk, you may be able to save money by choosing pet health insurance with less coverage.
For example, some pet insurance companies also offer accident-only insurance that only covers accident-related expenses, such as broken bones or if your pet swallows something it shouldn't. Because accident-only plans are less comprehensive, they cost less than accident-and-illness plans, reducing coverage costs.
Please note that if you purchase accident-only insurance, medical expenses related to illness will not be covered.
Adjust deductibles, refunds, and coverage levels
The details and terms of your insurance policy will affect the cost you pay for coverage. When purchasing insurance, you typically have the following options:
- Deductible. The amount (such as $200 or $500) that you must pay each year before your pet's veterinary costs will be covered by insurance.
- Redemption level. After your deductible is paid, your insurance company will reimburse you for a portion of your veterinary fees. For example, let's say you choose a plan that reimburses him for 90% of his veterinarian fees.
- coverage cap. Many pet insurance companies give you the option of choosing an annual coverage limit. This means you will only be reimbursed for veterinary fees up to a certain amount, such as $5,000 each year. Some pet insurance companies, such as Spot and Pets Best, offer unlimited annual coverage.
Here's how to save money on pet insurance.
- Choose a lower redemption rate, such as 70%.
- Choose a higher deductible, such as $500.
- Lower your annual coverage limit, such as choosing $10,000 instead of unlimited coverage.
You can save money on pet insurance by lowering your deductible, reimbursement amount, and coverage level, but you'll end up paying more out-of-pocket for veterinary costs.
Ask for discounts on pet insurance
Pet insurance discounts are a great way to save money on your insurance premium. Here's what to look for:
- Multi-pet discount. You can usually save money by insuring multiple pets.
- Discounts on spay/neuter surgeries. If your pet is spayed or neutered, you may be eligible for savings.
- Annual salary discount. Some insurance companies offer discounts to customers who pay their annual premiums in one lump sum.
- Employee discount. Some employers offer pet insurance as a benefit, with discounts ranging from 5% to 10%.
- military discount. If you are a military member or veteran, you may be eligible for a discount.
Buy coverage now
The sooner you get pet insurance, the better, says Aronson.
For example, if your pet develops a disease such as heart disease or arthritis before you take out pet insurance, it will be considered a pre-existing condition and excluded from coverage. This means that you will have to pay all costs associated with this condition out-of-pocket.
