Simply put, pet insurance offers a practical and affordable way for pet owners to safeguard their furry companions and their finances. By paying a small monthly fee to a provider, owners can obtain coverage for a vast array of illnesses, treatments, and veterinary visits. Although primarily designed for dogs and cats, certain exotic pets may also be eligible.
While pet insurance can be beneficial for pets of all ages, it does come at a cost. The price of coverage depends on various factors, including the breed, age, and health condition of the animal at the time of application. However, there are numerous ways for owners to find discounted pet insurance options, which they should explore when searching for suitable coverage.
Multi-pet Discounts
If you have multiple pets that need insurance, some providers may offer discounts for insuring more than one pet under the same policy. This can be a great way to save money if you have multiple furry friends living with you. Be sure to ask the insurance provider about their multi-pet discounts and how much you could save by insuring all your pets together.
Age-based Discounts
Some pet insurance providers may offer discounts based on the age of your pet. For example, they may offer lower premiums for younger pets or discounts for senior pets. This can be particularly beneficial if you have a puppy or kitten, as their insurance costs may be higher due to their higher risk of accidents and illnesses.
Upfront Discounts
One option for saving on pet insurance is to take advantage of upfront discounts. Some insurance providers will lower the total amount you have to pay if you choose to pay for a full year of coverage in advance. For example, if you typically pay $70 per month to insure your dog, that would amount to $840 for the year.
However, by paying upfront, you could potentially pay $800 or less for the same coverage. It’s important to note that not all insurance providers offer this discount, and the amount they deduct for upfront payment may vary. Nonetheless, it’s worth exploring this option, as it could result in significant savings if you maintain the policy throughout your pet’s lifetime.
Bundling Discounts
If you already have insurance policies with a certain provider, such as auto or homeowners insurance, they may offer a discount for bundling your policies together. This means that if you get pet insurance from the same provider, you could save money by bundling all your insurance policies with them. Ask the insurance provider if they offer any bundling discounts and how much you could save by combining your policies.
Membership Discounts
Certain organizations or affiliations may offer special discounts on pet insurance. For example, if you are a member of a professional association or a certain club, you may be eligible for discounted pet insurance rates. Check if your memberships or affiliations entitle you to any pet insurance discounts and make sure to inquire about them when speaking with insurance providers.
Veterinary practice Discounts
Some pet insurance providers have partnerships with specific veterinary practices. If you take your pet to one of these affiliated practices, you may be eligible for discounted insurance rates. This can be especially beneficial if you already have a preferred veterinary practice that you trust. Ask your veterinarian if they have any partnerships with insurance providers and if you could receive a discount by choosing a policy from their partner.
Military Member Discounts
Individuals who have served or are currently serving in the military, along with their families, may be eligible for discounted pet insurance from certain providers.
For example, Armed Forces Pet Insurance offers a 5% discount on policies sold through Embrace to former or active military personnel, while USAA extends potential savings of up to 25% on pet insurance for military members.
It’s important to note that the availability of these discounts can differ based on the state, and you might need to provide proof of military service to qualify for these savings.
Other Ways to Save on Pet Insurance
Saving on pet insurance is a smart financial strategy for pet owners. While it’s essential to provide proper healthcare for your furry friend, it’s also important to find ways to reduce the cost of pet insurance. Here are some tips on how to save on pet insurance:
Compare Pet Insurance Plans: Take the time to research various pet insurance providers. See how the reimbursement rates match up among providers. Do the same with the accident and illness cover and also the premiums. Look for providers that offer customizable plans, allowing you to select coverage that suits your pet’s needs while avoiding unnecessary add-ons.
Start Pet Insurance Early: It’s always recommended to get pet insurance when your pet is young and healthy. Insuring them from an early age helps avoid pre-existing conditions that might come up in the future. Starting early ensures that the premiums are lower, and you have a wider range of coverage options to choose from. The older your pet, the more expensive insurance might be.
Consider Annual Payments: Some pet insurance providers offer discounts if you pay your premiums annually instead of monthly. While the upfront cost may be higher, it can save you money in the long run.
Increase the Deductible: Opting for a higher deductible means you’ll have a lower monthly premium. However, keep in mind that you’ll have to pay more out of pocket before the insurance coverage kicks in. Evaluate your pet’s overall health and potential medical expenses to decide on a deductible that makes financial sense for your situation.
Choose a Lower Reimbursement Percentage: Similar to increasing the deductible, selecting a lower reimbursement percentage can help reduce your monthly premiums. Keep in mind that while your pet’s medical costs may be covered, you’ll still be responsible for paying a higher percentage out of pocket.
Bundle Policies: If you have multiple pets or already have insurance policies with a specific provider, see if they offer bundle discounts. Combining policies may result in reduced premiums.
Maintain Preventive Care: Many pet insurance plans offer optional preventive care coverage. While this adds to the premiums, it can help cover essential preventive treatments like vaccinations, flea and tick control, or routine check-ups. However, if you can afford to pay for such routine expenses out of pocket, you may consider skipping this coverage.
Lifetime Coverage Vs. Annual Coverage: Lifetime coverage provides insurance protection throughout your pet’s lifetime, allowing you to manage any chronic conditions or illnesses that may develop.
However, it can be more costly. Annual coverage, on the other hand, is generally less expensive but only covers a specific period. Weigh the benefits and cost differences to determine which option suits your pet’s needs and your budget.
Referral Programs: Certain companies have referral programs where you can save or earn rewards for getting another pet insured. Trupanion, for instance, offers a $25 gift card per referral, up to $100 annually. Some also offer discounts with a vet’s referral code.
Conclusion
It’s important to remember that not all pet insurance providers offer these discounts, and the availability and amount of discounts may vary. Therefore, it’s crucial to ask specific questions to each insurance provider you are considering before making a decision. Doing so can help you save money and ensure that you are getting the best possible coverage for your beloved pet.
