Owning a pet is one of the most exciting ways you can brighten and add joy to your life. But it can also be expensive. Whether you’re a dog person, cat person, or if you just like whatever furry friend catches your eye, it’s important to know how to protect your pet.
This is where pet insurance comes in handy. Just like car insurance or health insurance, pet insurance helps pay for costs related to keeping your pet happy and healthy. How can you get your dogs and cats the pet insurance they deserve this year? This guide breaks down what you need to know.
5 Tips On How To Save Money On Pet Insurance
It’s no secret that insurance can be expensive, and pet insurance is no exception. Finding your furry friend the best pet insurance is important, but it’s also important to save money. Here are a few tips that can help you save money on pet insurance while still getting the coverage your furry BFF need.
#1 Quote Several Pet Insurance Companies
The overall best way to save money on pet insurance is to simply explore all of your options. Shop around with at least four or five different pet insurance companies to compare rates, benefits, and more.
While shopping around, ask your insurance agents which discounts are available to you or how you can save on your insurance policy. Some companies offer discounts for paying the annual premium upfront, which could help reduce the overall cost significantly.
By exploring your options, you truly get a sense of which insurance policy will offer your pet the best protection and you the most peace of mind.
#2 Weigh the Cost & Benefits
While shopping around for different pet insurance policies, there’s more to consider than just the cost. Be sure to weigh the cost with the benefits. If a plan is more affordable, check to see what the benefits are so your pet still receives the coverage they need.
If a plan is more expensive, it should include more benefits to balance out the policy. Be sure to weigh both the costs and the benefits when looking at a policy. What costs are involved in pet insurance? Let’s break it down:
Premium: The premium costs are the upfront costs you pay each month or each year for your pet insurance policy. Premiums are set in place to secure your insurance coverage. Some policies allow you to pay the premium monthly or annually, depending on your preferences.
Deductible: The deductible cost is the amount of money you’ll pay upfront before your insurance coverage kicks in. For instance, if your dog eats a non-food item and needs emergency surgery, your insurance policy may cover up to $5,000.
However, you may have a deductible of $100 that you will pay upfront before the insurance coverage kicks in. You can change your deductible based on what you want your premium to be. If you choose a higher deductible, you’ll pay a lower premium, whereas if you pay a lower deductible, you’ll have a higher premium.
Copay: Insurance copays are the amount of money you pay along with services. If your dog or cat is headed to their annual check-up at the veterinarians, you’ll likely have to pay a copay alongside your coverage. Copays range from $10 to $50, depending on the type of policy and coverage you receive.
Limits: The last factor to consider are the insurance limits. The limits on your insurance policy are the limit to how much insurance will pay before you have to cover the rest out-of-pocket. If your pet gets into an accident and needs an expensive procedure, insurance may only cover up to $3,000. If the procedure surpasses this amount, you’ll be responsible for the remaining amount.
#3 Ask For a Lower Reimbursement Plan
Many pet owners don’t realize they can ask their insurance company for a lower reimbursement plan. A lower reimbursement plan means you’ll receive less money back from the insurance company for services rendered.
For example, if you have a $100 deductible and your pet needs surgery that costs $1,500, you would normally receive $1,400 in reimbursements from the insurance company. However, if you ask for a lower reimbursement plan, you may only receive $1,000 in reimbursements, meaning you’ll have to pay $500 out-of-pocket for the surgery.
#4 Choose a Higher Annual Deductible
Most pet owners have the option to choose a higher deductible. A higher annual deductible means you’ll pay more money upfront for your policy, but it also means your premium will be lower.
For example, if you have a $500 deductible and a $10 monthly premium, you’ll pay $620 per year for your policy. After this annual limit is where the pet health insurance will start to cover the pet care costs.
According to the National Association of Insurance Commissioners, in 2019, most deductible options ranged from $250 to $750 per year. As pet parents, you are responsible for paying for your pet’s health care, including their prescription medications.
#5 Make annual payments
Pet insurance costs can average anywhere from $240 to $700 dollars annually just for the policy expenses without taking into consideration the deductible or any other incidentals.
The pet insurer will offer a slight discount for those who choose to pay their premiums in a lump sum as opposed to monthly, but it may not be significant enough to justify the hassle of coming up with that much money at once.
Some pet insurance companies also offer additional discounts for multiple pets on a policy. Be sure to ask your insurer about such discounts. You can end up saving money if you use a licensed insurance agency to search for several coverage options.
What To Look For In Pet Insurance Plans
What should you look for in a pet insurance policy to find the one that your pet deserves? Let’s take a closer look below.
Accident and Illness Coverage
Accident and illness coverage is an important aspect of pet insurance. While this is a pretty standard type of coverage for most pet insurance policies, it’s still important to look for. If your dog eats a non-food object, breaks a leg, or has another type of accident, the best pet insurance policies will help cover emergency care, surgery, rehabilitation, and recovery costs.
Keep in mind that accident-only policies will not cover any serious illnesses your pet may develop, like cancer or heart disease. If you want coverage for illnesses, make sure to choose a policy that includes both accident and illness coverage.
Coverage for Disease, Sickness, and Medical Conditions
In addition to accidents and injuries, it’s important to find a policy that covers disease, sickness, and medical conditions. If your dog is at a higher risk for developing a certain disease, it’s especially important to look at this part of your pet insurance policy.
Coverage for Preventative Treatments and Health Support
While coverage for accidents and medical treatments are standard for most pet insurance policies, coverage for preventative treatments and health support is a little harder to come by. However, it’s one of the best aspects of coverage to look for.
Preventative treatments help support your dog or cat’s health even when they’re in good shape. From testing to general wellness care, this is an excellent aspect of insurance to look for!
Is pet insurance worth it?
Pet insurance makes sense for those who can afford to pay a monthly premium and have a pet that is at risk for accidents or illnesses. The average pet owner spends around $1,000 per year on unexpected vet bills, which means that the annual deductible on most pet insurance policies would take more than two years to cover.
Is pet insurance worth it? For those who cannot afford to spend this much in monthly premiums or for those whose pet is not at risk for accidents or illnesses, pet insurance may not be the best option. However, as pet parents, you will be responsible for paying high veterinary bills in the event that your pet becomes sick or injured, so it is important to weigh all of your options.
When finding the right pet insurance policy for your furry friend, there are a few things you should keep in mind. First, you’ll want to ensure that the policy covers accidents and illnesses. Second, find out a healthy pet deductible according to what you can afford annually. Lastly, choose a lower reimbursement percentage that will better suit your needs.
Why should pet owners get a pet insurance plan?
Many pet owners are don’t actually know if they should purchase pet insurance for their furry friends. After all, it can be expensive, and most pet owners already have to pay high bills for pet care. The cost of pet insurance is well worth it, especially for those who have multiple pets.
With the right pet insurance, you can avoid having to come up with a large amount for an unexpected veterinary care visit. As a pet owner, you should consider the get at least an accident and illness coverage in case a tragedy does occur.
What is the cheapest pet insurance coverage?
The pet insurance cost can vary depending on the company you choose, your pet’s breed, age, and health history. However, most policies cost between $20 and $50 per month. You should also consider the annual deductible. The higher the deductible, the lower your monthly premium will be.
Usually, wellness coverage is one of the cheapest insurance coverages offered. However, this type of pet insurance covers only routine care and routine vet visits. When it comes time to choose a pet insurance policy, make sure you get a quote and compare the premiums, deductibles, and coverage between different companies.
Comprehensive coverage is the best pet health insurance policy. This type of pet insurance covers accidents, illnesses, and routine care. It is important to note that not all policies offer comprehensive coverage. Different pet insurance providers offer different levels of coverage, so it is important to read the fine print before you sign up.
How much should I insure my pet for?
Your pet’s age and breed are two important factors that insurance providers consider when calculating your premiums. The older your pet is, the higher your premiums will be. And if your pet is a certain breed, such as a Rottweiler or Pit Bull, your premiums will be much higher than if you have a mixed breed dog.
Most pet insurance providers also have a maximum amount that they will ensure your pet for. This means that if your pet for any reason becomes injured or ill and the costs exceed this amount, you will be responsible for the remaining veterinary care costs.
Even if you are only getting an accident-only policy, pet insurance is worth it. The average pet owner will spend more than $1,000 in veterinary bills in a year. A policy with a $100 deductible and 80% reimbursement would cost only $30 per month. The cost of pet insurance for the entire year will probably just represent a single vet bill.
If you have an active dog, getting accident-only coverage is important. Some policies are better for young and healthy pets, while others are geared toward older or sick pets. Also, find out the coverage options if you have a dog with pre-existing conditions.
One thing to remember is that pet insurance is not like human health insurance. You will not be reimbursed for the full amount of your vet bill. Your reimbursement percentage may vary anywhere from 50% to 90%, depending on the policy you choose.
Do pet owners need to know how their pet insurance work?
Pet ownership comes with responsibility. In the event that your pet becomes sick or injured, you will be responsible for paying high bills. Pet insurance can help you cover some, or even all, of these costs. Your dogs and cats will eventually need veterinary care.
Before choosing a pet insurance policy, it is important to understand how the policy works. Make sure you read the fine print and know what is covered and what is not. Also, find out what the reimbursement percentage is. This will help you determine how much of your vet bill the insurance company will reimburse.
It is important to have pet insurance whether your pet is young and healthy or old and sick. These bills can be expensive, and pet insurance can help you cover some of these costs. By understanding how pet insurance generally works, you can make an informed decision about whether this type of coverage is right for you and your pet.
Coverage that Keeps Your Pet Happy and Healthy
Know what’s right for your pet. No two pets are exactly the same, so it’s important to cater your insurance policy to your pet’s needs. If your pet’s breed is predisposed to certain health conditions or diseases, take this into account when looking for a policy.
If your pet is healthy and has never had any issues, you may not need as much coverage as another pet needs. As a pet parent, don’t be afraid to trust your instincts when it comes to what your furry friend needs.
Finding the best pet insurance policy can be a challenge. That’s why we made Pumpkin pet insurance. With coverage for accidents, illness, and even coverage in healthy times, you can enjoy peace of mind knowing your pet is happy and healthy. Pumpkin insurance services INC is known to give multiple pet discount options as a pet insurance provider.
Pumpkin insurance does not have an upper age limit and offers policies for most dogs and cats over eight weeks old. This brand is well known in the pet insurance industry for helping educate pet owners on their policies and what is needed in order to keep their furry friends healthy.
What does pet insurance cover? When it comes to choosing a pet insurance policy, it is important to remember that not all policies are the same. Make sure you read the fine print before signing up for a policy, so you know exactly what is covered.