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How To Find Affordable Pet Insurance

How To Find Affordable Pet Insurance
How To Find Affordable Pet Insurance

You would probably spend any amount necessary on your pet should it become sick or injured. This is because pets have more or less become like part of our families.

To mitigate the possibility of spending thousands of dollars in such a situation, pet insurance is your best bet.

Below are a few tips on finding the best coverage at an affordable price.

Identify the Right Type of Pet Insurance

Take your time to decide on what you want a policy to cover. They mostly cover illness and accidents.

It includes broken bones, surgeries, and hospitalizations as well.

We also have accident-only plans, but for financial protection, you might prefer an illness and accident plan.

“Although price is an important factor when considering coverage options, there is no point in paying for coverage that isn’t going to work.

You want to strike a balance between having a plan that will cover all of the things that your pet is going to be susceptible to going forward at a price that you can afford,” says Alex Stone, founder of pet insurance comparison site PetInsurer.com.

Wellness add-ons cover flea control, annual physical exams, vaccinations, and other preventive care. You should ask about them if you want preventive care coverage.

The only way to get the best value for your money is to go in for the best coverage.

Compare Pet Insurance Plans

There are a whole lot of comparison sites that you could access to see pricing and detailed plans as opposed to moving from site to site in the past.

Always make sure you check the waiting periods for illness and accidents and especially for issues such as cruciate ligament problems.

Scrutinize the customer reviews on the comparison sites.

Lower Your Pet Insurance Reimbursements

Pet insurers use two main factors in determining rates for policyholders i.e. Pet-focused characteristics and based factors like:

  • Reimbursement percentage
  • Deductible
  • Annual coverage limit
  • Coverage add-ons

The Pet insurance will cost less when you:

  • Lower your reimbursement percentage
  • Increase your deductible
  • Reduce the maximum annual coverage limit.

If you decrease the amount your insurer will pay, just be prepared for higher out-of-pocket expenses i.e. if you have a claim.

Buy A Pet Accident Only or Emergency Plan

For those with a limited budget and also owners of older pets, Accident-only pet insurance would be the alternative.

Accident-only plans would reimburse for a part of treatment costs if your pet ingests a foreign object or gets hit by a vehicle.

Accident only plans exclude the following coverage:

  • Chronic Conditions
  • Dental illness
  • Breed-specific conditions
  • Illness
  • Cancer

There is also the pet care membership plan which is a subscription plan that covers expenses resulting from life-threatening conditions or emergencies.

You can only use this once a year as it is solely meant for emergencies. It can cover up to six pets.

Get A Routine Wellness Plan

Adding a routine wellness policy will cost you more on a monthly basis but will save you a lot of money on preventive care for your pet.

It covers unpredictable injuries and sickness. This saves you a lot of money.

Review the Pet Insurance Policy With Your Veterinarian

To make sure you don’t pay for coverage you do not need or over-insure, it is best to discuss your options with your veterinarian to help you select the best coverage.

“It’s important to point out that some pet breeds are more susceptible to certain hereditary conditions than others.

Because of this, your veterinarian can identify some health concerns worth covering before your pet becomes affected,” says Dr. Randy Aronson, a vet advisor at betterpet.

Buy Pet Insurance Right Away

“The sooner you enroll your pet, the better. This is because when your pet is young and healthy, they are less likely to show signs of pre-existing conditions or other health issues, which can limit your coverage,” says Aronson.

Ask About Pet Insurance Discounts

Some Pet Insurance discounts include:

  • Military Discount: You are eligible for discounts with some insurance companies when you have served in the Air Force, Coast Guard, or Army.
  • Annual Pay Discount: When you always pay your annual premiums upfront, it can reduce the cost.
  • Employee Discount: Some employers offer pet insurance as a voluntary benefit and you may get discounted coverage.
  • Multi-Pet Discount: This is for pet owners who want to insure more than one pet.

Some insurance companies have creative ways to save.  The Embrace Pet Insurance Company offers a diminishing deductible for healthy pets. You get a $50 reduction off your deductible each year that you don’t submit an accident or illness claim.

What do you think?

Written by Gustavo Franko

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