Owning an animal is one of the greatest joys in life. As pet owners though, one of the first things you will want to get sorted is pet insurance.
Similar to health insurance for humans, pet insurance actually provides you with financial support when the most unexpected things happen to your pet—whether that be illness or an accident. Regardless of what unexpected thing happens, having pet insurance allows you to get them the medical care they need regardless of how expensive it is or what future treatments could also be required.
Pet insurance is basically like a pet savings account, but it kicks in fast and you can utilize the benefits regardless of the number of premium payments you have already done. This means that if your pet needs an x-ray, requires surgery, or got into your box of chocolates, you can simply say yes to any medical care or procedures required. It allows you to stay calm when you see the medical bills because you know that your insurance provider will help with a large percentage of these costs.
Your pet is priceless and you should never have to choose between them and money. But with pet insurance also comes expenses that you will need to budget for. However, we have rounded up numerous ways to actually save money on your pet insurance so that your premium payments are not nearly as much as you once may have thought.
1. Know What Your Coverage Actually Covers
First and foremost, the biggest way to save money on your pet insurance is to actually know what your pet insurance covers. There are generally two types of coverage options. The first is going to cover any accident or illness-related costs. The second cover wellness exams, vaccinations and a proactive healthcare approach.
While the latter option usually tends to be a bit more pricey in terms of your monthly premium payments, in the long run, you can end up saving a lot of money on pet insurance and medical expenses in general.
2. Select a Bigger Deductible Option
When you sign up for pet insurance, you get to actually decide how much of a deductible you pay. In general, we recommend paying a bit bigger of a deductible as this actually will help save you more money in the long run. The reason is that it means if your deductible is around $200 and your pet’s medical bill is $1,000, you only need to cover the $200 before your insurance plan kicks in and covers the rest.
3. Pick a Low Reimbursement Option
Another important factor to consider when trying to save money on your pet insurance is to decide upon your reimbursement percentage. This is basically stating the total amount of medical bills your insurance provider will cover for your pet. In general, you can choose for them to cover between 70% to 100% of the bills. The lower the reimbursement option, the lower your insurance policy is going to be.
4. Do One Annual Payment
While it may seem like more money upfront, paying for one annual payment versus a monthly or quarterly payment on your insurance plan is always going to be cheaper. Investing upfront will result in the overall sum being cheaper than if you paid a portion of that over time. In fact, some insurance providers offer extra special rates if you pay for a full year in advance. That is why you should consider taking the hit once—especially if your savings account already allows you to do that.
5. Compare Insurance Plans and Providers
Every pet insurance provider offers different plans for different rates. It is important to take the time to do your homework upfront and see which one can offer the most value to your specific pet. This is because each pet will have its own unique set of healthcare needs and different providers will offer different solutions.
So make sure to ask for quotes and read the fine print about what your pet insurance will actually cover. Comparing a few will help you easily determine the right option and the option that will ultimately save you the most money.
6. Assess the Actual Coverage Needed
As we mentioned earlier, the type of coverage that you sign your pet up for will ultimately determine the amount of money you need to pay into your premium payment. So if you are wanting to save money, truly assess the current health situation of your pet and the types of treatments they will need for the next period of your insurance plan.
If they are generally in great health, you likely do not need all the bells and whistles of all the add-ons. But remember that accident