8 Tips for Reducing Pet Insurance Cost

Pets are true members of a family. We give them love, care, attention, and never want something bad to happen to them. It is not uncommon for guardians to buy insurance for their furred friends to avoid huge veterinary expenses in case evil tidings strikes.

However, a policy for a little furry guy can cost ridiculously much. Here is a roundup of nifty tips for trimming pet insurance costs.

According to the North American Pet Health Insurance Association, an annual insurance accident and illness policy costs nearly $585.40 for a dog and $349.93 – for a cat. NAPHIA also says that pet health premiums in the USA tend to rise on average 22.1% every year. Things get worse (say, pricier) when you insure multiple cats and dogs or a more exotic or bigger animal. Still, these figures are not final and can grow exponentially, depending on numerous factors.

Things affecting pet insurance premiums

One of the biggest factors that will affect pet insurance charges is the type of coverage. Obviously, a comprehensive policy that will recoup medical expenses for accidents, diseases, and genetic conditions will cost you much more compared to a general policy that will only cover routine vet check-ups and vaccinations. Animal insurance schemes also vary drastically by carriers.

When applying for pet insurance, your options will typically include:

Comprehensive plan – covers medical expenses for a broad array of issues, such as accidents, surgeries, lab tests, illness therapy, and vaccination.

• Accident and illness plan – indemnifies veterinary bills for unforeseen incidents, including bone-breaking from an accident, toxic exposure, insect bites, and common illnesses like an ear infection. This plan may also pay for diagnostic tests, hospital stays, surgery, emergency vet care, and prescription drugs.
• Accident-only plan – offsets medical costs resulting only from an accident. Coverage may span lab tests, X-rays, hospitalization, surgery, emergency care, and prescriptions.
• Wellness plan – reimburses bills for wellness exams and tests as well as vaccination. Often a wellness policy first requires purchasing a medical plan for your animal.

The deductible size is another factor playing a role in the pet insurance costs. A deductible is a certain sum of money you will pay out of your wallet to the veterinary clinic before your policy kicks in. The higher deductible you choose the less premium you will ultimately pay.

Pet insurance plans are reimbursement-based, which means you generally will have to pay your pet's medical bills in full and then file a claim with your insurer. Reimbursement levels typically range from 70% to 90%.

Your premiums will be higher if you opt for a higher reimbursement level.

How it works:

Your accident pet insurance policy has a $500 deductible and 70% reimbursement. Your dog gets into an accident and requires a $1500 surgery. You will pay the entire $1500 to the veterinarian with your own money. Then you submit a compensation claim with your insurance company. The company will deduct $500 from the claim and indemnify 70% from the remaining $1000. Your compensation will finally be $700.

Your pet’s breed also matters.

Insurance costs can go up depending on your animal’s breed. It is known that particular species are more subject to illnesses, which may translate into more frequent vet visits and higher medical expenses. For instance, long-haired cats are susceptible to intestinal issues, while tiny dogs like toy terriers have quite fragile paws.

Felines are cheaper to insure than canines. And insurance for birds, reptiles, rabbits, and ferrets is cheaper than insurance for cats. Mixed-breed animals are usually cheaper to insure than purebred canines and felines.

Age is also critical.

Your pet’s age is also a factor that may drive insurance costs up. As your dear four-legged friend gets older, they may develop health conditions like poor sight or hearing issues, leading to higher insurance payments. An insurance company may even refuse your insurance application or decline the existing coverage once your domesticated animal reaches a certain age mark.

Chronic and hereditary conditions may take a toll on the price of pet insurance or even be a reason for refusing to offer coverage.

At last, your location and medium costs of veterinary services in your neighborhood can make a dent in your animal insurance bills.

Now when you know which factors can push pet insurance costs up, let’s look at the way to pull them down.

8 tips for decreasing pet insurance costs

Opt for a higher deductible

Choosing to pay more out of your pocket can lead to a dramatic reduction in your premium charges. Still, be realistic when determining the amount of deductible and make sure it will not ruin your bank when an insurable event occurs and you lodge a compensation claim.

Try not to agree on a percentage-based premium as well as the usual one-off payment. This can get very costly if you are claiming for prolonged or expensive treatments.

Consider a cheaper plan

Many people may think that a cheap policy will fail to provide an adequate level of coverage, but it is not often true. Pet insurance policies offer different levels of protection at different prices. The benefits offered by an expensive policy might be practically the same included in a cheaper plan, perhaps, with a few more perks. By buying an expensive policy for your furball, you may one day find yourself paying for the benefits you never use.

Look at your pet's specific needs, your financial situation, and then choose a pet insurance scheme that fits your life circumstances.

Find out whether your animal qualifies for free treatment

Treating an animal friend can be expensive, especially for low-income people, seniors, and individuals with disabilities. For such situations, there are charity organizations all around America, allowing you to treat your sick or injured furry darling for free or at a moderate cost. The Best Friends Resource Center is an online platform where you can find all the information on how to treat, care for, and educate your pet. The platform also offers an extensive list of state-specific, breed-specific, and disease-specific veterinary organizations that can help you when your pet needs medical attention, but you struggle to pay for the treatment.

Take proper care of your pet

Sticking to good care practices for your pet’s health can save you many dollars on vet’s bills.

• Try to have all the necessary vaccinations and annual boosters for your pet.
• Mind your pet’s diet and try to keep their nutrition well-balanced.
• Take measures to prevent your pet from pest infestation and protect against fleas and ticks.
• Regularly examine your animal companion for skin problems and dental issues.
• Some insurance companies give you a hefty discount if your pet has a microchip. It also provides more safety in the event your pet goes missing.

If you take seriously reducing the risk of your pet getting into a veterinary clinic, you will avoid paying a deductible and eventually prevent your premiums from a potential surge. You know the more compensation claims you file the riskier client you become in your carrier’s eyes.

Spaying or neutering can be an option

Neutering or spaying your furry buddy can potentially reduce your insurance bills. This measure will reduce your pet’s natural desire to stray, thus, reducing their chances to get injured or developing health conditions.

Ask for a multi-pet discount

Insuring several pets can cost you a small fortune, so never hesitate to ask a policy provider for a multiple pet discount. You can also get a discount if you already hold other policies from the same dealer, such as homeowner’s or car insurance.

Once you get a quote for multiple pets from a carrier, it's still worth comparing the offers. It may be cheaper for you to purchase separate policies from different insurance companies.

Never skip quotes comparing

The Internet brims with various platforms allowing you to compare apple-to-apple when you are seeking a pet insurance policy. But entering a small amount of information about you and your pet, you can get instant quotes from a wide range of underwriters, letting you pick the best offer.

Remember to be honest when shopping for a policy. If you know your pet may have a pre-existing medical condition or a family history of a particular disease, you must let the insurance company know. This can save you from rejecting your claim if the truth reveals.

Insure when they are young

Plans for younger animals are cheaper than for older ones. When you buy a policy for a puppy, you lock the same rate in for the puppy’s entire life, meaning the premiums will not rise as your dog grows older (provided, you never terminate this policy).