There are more ways to find the cheapest pet insurance than simply shopping around for the lowest premium. We surveyed 1,000 pet owners with pet insurance to learn more about how much pet insurance costs, what customers look for in a policy and how to save money
Here, we offer tips and tricks for lowering your monthly premium without compromising the peace of mind that your furry friend is covered in the event of unexpected veterinary care.
Consult a Veterinarian on Which Plan Your Pet Needs
Your veterinarian can help you determine which pet insurance plan best fits your pet’s needs without breaking your budget. For example, a veterinarian can help you identify common conditions your pet’s breed faces and ensure they are covered in the plan you purchase.
Insure Your Pet Early
No pet insurer will cover pre-existing conditions, which are injuries or illnesses noticed by a vet before your coverage begins. Insuring your pet at an early age is the best way to maximize your coverage and avoid denied claims.
Our 2022 pet insurance survey showed that 77% of pet owners insured their pets before the age of two, but we recommend insuring your pet even earlier if possible. For example, Fetch offers an advantage by allowing coverage to begin when your pet is just six weeks old — usually before many health issues appear.
Consider an Accident-Only Plan
According to the North American Pet Health Insurance Association’s (NAPHIA) 2022 State of the Industry Report, you can expect to pay $29 monthly for dogs and $11 for cats with accident-only coverage. That equates to a monthly savings of about $20 for dogs and $9 for cats compared to accident and illness coverage.
While accident-only plans have limited coverage, they are ideal for some pet owners’ needs and budgets. For example, if you have a vaccinated indoor cat, you may be less concerned about the possibility of getting sick. An accidental plan will still cover accidental injuries from chewing, falling from height, eating poisonous house plants and more at a lower cost.
Adjust Coverage Levels
Most pet insurers allow you to customize parts of your policy, allowing you to adjust the amount of coverage you receive and the cost. Here are the main components of pet insurance policies and how they affect your bottom line:
- deductible: This is the amount you are responsible for before your coverage begins.
- Annual coverage limit: This is the maximum amount the pet insurer will reimburse you annually for unexpected veterinary fees. Choosing a higher coverage limit will also increase your premium.
- Reimbursement rate: This is the percentage of each covered claim that the insurer will pay after meeting your deductible. It usually ranges from 70% to 90%.
When customizing your coverage, remember not to make changes that would severely limit the effectiveness of your coverage.
“Remember that a lower level of coverage means a lower premium, but it also means less protection for your pet and more costs if your pet gets sick or injured,” says Becky Simmonds, professional dog trainer and behaviorist at Breed Advisor.
Check Available Discounts
Whether you have lots of furry friends or a history of military service, you can save money on pet insurance by choosing a provider with discounts that match your situation. The following are common pet insurance discounts:
- Annual payment discount: Some providers, like Pets Best, will reduce the cost of your plan if you pay for a full year instead of quarterly or monthly.
- Bundle discount: If an insurance company offers multiple lines of insurance, it may offer a discount for purchasing more than one. For example, Lemonade gives a 10% discount when you bundle its pet insurance with one of its renters or homeowners insurance policies.
- Employee discount: You may be able to get a discount if you work with a company that offers pet insurance through your chosen provider. For example, Embrace Pet Insurance offers a 10% discount to employees of companies that offer its policies as a voluntary benefit.
- Military discount: Some pet insurance companies offer discounts for members of the military.
- Multiple discount: One of the most common discounts, it lowers your total plan cost for enrolling multiple pets.
- Spay or neuter discount: Spaying or neutering your cat or dog may trigger a discount with some providers.
Compare Quotes for Similar Plans
Each pet insurance plan will have different costs, coverage options and features, so it’s important to take your time and research which provider is the best fit for you. We recommend that you get a quote from at least three of the pet insurance providers on this list.
In addition to price, consider other features that may be important to you, such as a mobile app, a 24/7 emergency vet line, or a great wellness plan. Dr. Jamie Whittenburg, veterinary director with Senior Tail Waggers, emphasized the importance of learning about the details of each policy.
“Understanding what is and isn’t covered, claims procedures and turnaround times, and reimbursement policies are especially important,” Whittenburg said.
