5 Ways To Save on Pet Insurance
Pet veterinary care, especially in an emergency, can be incredibly expensive and disrupt any budget. According to WebMD, an emergency vet visit can cost thousands of dollars. Basic blood work can cost $80 to $200, X-rays or ultrasounds can cost $150 to $600, and emergency surgery can cost $2,000 to $5,000. That’s not even accounting for hospitalization, medications and other diagnostics your pet might need.
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Fortunately, pet health insurance can help cover some of these costs so you can get your pet the care they need. But pet health insurance premiums can also quickly add up, especially if you have multiple pets. Here are some tips that can help you save on your pet insurance costs while still getting the protection you need.
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Carefully Choose Your Policy
According to Dr. Liza Cahn, small animal veterinarian at Embrace Pet Insurance, you can choose from different types of pet health insurance policies depending on the coverage you want. Comprehensive coverage for accidents and illnesses reimburses pet owners for a portion of related expenses, like diagnostic and surgery costs. Some policies even help cover routine wellness care costs, like wellness exams and vaccinations.
“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,” Cahn explained.
When you shop for pet insurance, think about what type of and how much coverage you need. If you’re worried about big, unexpected emergency expenses, an accident and illness policy can give you peace of mind. Alternatively, a wellness plan may help keep your routine veterinary care costs down.
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Enroll Your Pet Early
You can get maximum value from your pet insurance policy by signing your pet up for insurance when they’re still young. “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,” said Eliana Sagarin, pet product communications lead at Lemonade.
Preexisting conditions are those that exist before you enroll your pet in a health insurance policy. Most pet insurance plans don’t cover preexisting conditions, so that could get costly.
Additionally, by enrolling your pet early, you may be able to secure a lower premium than your pet would qualify for once they’re older.
Customize Your Policy
Many pet insurance providers offer the ability to customize your policy, so you can potentially save money on your coverage. Sagarin explained that Lemonade offers $100, $250, $500 and $750 deductible options, as well as annual limits 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 keep your premiums lower, but make sure that you’re prepared to pay that deductible if you need to file a claim. If you choose a policy with a higher deductible, it’s a good idea to set some 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 comfortably afford to pay for your pet insurance as you explore the different options.
Take Advantage of Discounts
As you shop for pet insurance, ask each company about any available discounts. Cahn explained that Embrace Pet Insurance offers a 10% multi-pet discount, as well as additional savings for USAA members and military families.
According to Sagarin, Lemonade offers numerous discounts, including a multi-pet discount, an annual discount if you pay for a full year of coverage at once, 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, saving you extra money on your pet insurance. Just keep in mind that discounts may change over time, so you’ll want to carefully monitor your premiums.
It’s also helpful to periodically check in with your pet insurance company to see if they’ve started to offer any new discounts, or if you may have become eligible for additional discounts since you first enrolled your pet.
Shop Around
Just like when you buy health or homeowners insurance, shopping around and comparing insurance quotes may help you save money on your pet insurance. Take your time and explore the different policies and insurance providers available.
As you start to narrow down your search, get quotes from the top providers that you’re most interested in. To get a quote, you’ll need to provide some basic information about your pet, like their age, breed, gender and any preexisting conditions. You’ll also need to provide your name, address and contact information.
Once you have your quotes, compare not only the premiums but also the coverage limits, what each policy covers and excludes, and any other important factors, like your deductible. Comparing the quotes may help you not only save money but also find the policy that provides the best coverage for you and your pet’s needs.
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This article originally appeared on GOBankingRates.com: 5 Ways To Save on Pet Insurance
