Pet insurance is something all parents should invest in; however, it is generally expensive. For a policy with $5,000 annual coverage, a $250 deductible, and an 80% reimbursement level, pet parents tend to spend approximately $5 per month on dog premiums and about $25 per month on cats. While there is no free pet insurance, fortunately, those from low-income families can follow some tips and tricks to minimize these expenses.
Choosing insurance policies with a high deductible
A pet insurance deductible is the amount that individuals must pay to pet care specialists before they can start receiving reimbursement for their bills. The higher the deductible for a given policy, the lower its monthly premium. Conversely, the lower the deductible, the higher a policy’s premiums and insurance coverage for pet care activities are. For example, if individuals choose a lower deductible of $200, they can expect a higher premium than a higher deductible of $750. Choosing a policy with a higher deductible to save on insurance premiums is typically based on the assumption that a fit pet will not require frequent visits to the veterinarian throughout the year.
Often, pet parents choose deductible amounts based on two main factors: the physical condition of their beloved companion and their budget. Deductible amounts can significantly impact a pet parent’s budget, as they greatly influence the overall premium costs.
Enrolling pets early on for insurance
When young, pets tend to be in their best shape. This means that younger pets present a somewhat reduced risk to insurance providers. They are less likely to need visits to pet care specialists. This is why the insurance premium for younger pets is typically lower. A huge mistake pet parents make is to purchase insurance policies when their animal is old. In these cases, insurance companies assess a higher risk of claims, resulting in increased premium rates for older pets. For this reason, buying insurance when a pet is young and fit is the smartest choice for pet owners, as it can lead to significant savings each year.
Shopping around before choosing an insurance provider
There are more than a dozen insurance providers out there. Every company aims to attract the maximum number of customers possible and capture a large part of the market pie. Pet parents can identify and take advantage of this competition to get the best deals for themselves. In that case, they should research all insurance providers, their pros and cons, USPs, and differences from competitors.
After evaluating these factors, individuals should ask friends and family about their experiences with specific insurance providers. Additionally, checking online reviews and ratings from previous clients can offer valuable insights into the quality of a company’s services.
These aspects are crucial to consider during the research phase of purchasing insurance policies. Many pet parents make the mistake of purchasing policies without thoroughly looking into them. This oversight can lead to increased pet care expenses each year.
Comparing total projected costs
Most pet parents, or insurance buyers in general, heavily focus on premium rates when buying policies. By doing so, they overlook that other costs are also involved in purchasing and continuing pet insurance policies. They should not focus solely on premium rates during enrollment when looking for cheap insurance policies. Premiums tend to increase with time as a pet gets older. So, a premium plan that is affordable today may not be so affordable ten years down the line.
For this reason, it is beneficial for policy buyers to estimate and gauge the price of a policy over the entirety of its duration. This lets them know more accurately the money they will spend on their policy. Accordingly, they can lower their pet care expenses by doing so.
Using employer-sponsored pet insurance benefits
A lot of employers often provide various benefits to retain their employees. One such benefit is employer-sponsored pet insurance, which many companies include in their employee benefits package. This allows pet parents to save money and ease the financial stress related to pet care. Additionally, this is a great option for those with multiple pets. Insurance for multiple pets can be even more expensive, so it is best if employees enroll in company insurance. In some instances, employers offer this insurance at no additional cost to their workers. Having said that, it is important to note that the value of these policies is included in each employee’s overall compensation package.
Asking for discounts
Pet insurance providers are likely to provide discounts to their customers based on a few specific conditions. For example, those who pay their premiums upfront instead of monthly will likely get a discount on the premium payments. Apart from that, active military members or veterans are usually eligible for reduced premium rates. For that reason, pet parents need to actively inquire and look out for discounts and price cuts when they buy pet insurance online or through a customer service desk at a local insurance provider’s store. This can help them save a lot of money in the long run. Not only that, but another tried-and-tested way to save money on pet insurance is to look for assistance programs that lower the costs of premiums.