Pet insurance is something that all pet owners should consider for their animals, and it is often discussed by your vet at primary vaccinations. However, some owners have concerns about the cost of their monthly premiums, and this can put them off taking out cover. In this blog, we’ll look at the ways you can try and reduce the cost of your pet insurance.
Table of contents
Breed
The breed of animal changes the cost of your premiums quite considerably. This information is not helpful if you have already bought your puppy or kitten. But may at least explain why there is a difference in cost between animals.
Some animals are statistically much more likely to make a claim on their insurance which can put monthly premiums up for this breed. For example, we know that brachycephalic dogs suffer from an array of health complaints. This means that dogs of this breed (bulldogs, pugs, French bulldogs etc) are much more likely to need to claim on their insurance than other types of dogs.
To cover their costs, insurance companies have more expensive monthly premiums for breeds like this. This can be off-putting to some owners; but when you factor the cost of insurance vs the likelihood that your dog is going to need to visit the vet, the insurance is still well worthwhile.
If you haven’t yet bought your pet, then think carefully about the health of the breed. If costs are an issue, then consider an animal with less genetic predispositions towards health issues which will bring your insurance premiums down considerably.
Type of policy
When looking at pet insurance, be aware that there are different types of policy. This will impact the amount you pay each month. Broadly speaking there are 4 types of insurance –
- Lifetime policies will cover a condition for the life of your animal. This gives you extra security if they develop a long-term health complaint like epilepsy or skin allergies. There can be variations in terms of how much money they will provide your pet for each condition on an annual basis. But this pot of money starts over again each policy year. This type of cover is the most comprehensive and will therefore carry higher monthly premiums.
- Time-limited policies will cover your dog’s health condition for a certain time period and then stop. This is often set at a year. This type of policy is fine for one-off accidents or illnesses. So, if your dog develops an issue with his skin, your insurance will pay out for a year but then exclude that complaint going forward.
- A money limited policy, whereby the insurance will pay out for your pet’s health condition up until a certain amount of money is spent and then stop. This amount depends on what you agreed to when you took out the insurance. Again, this may be enough for a one-off accident or illness, but may not be enough for long term ailments.
- Accident only cover will only cover sudden onset trauma, it won’t cover illnesses. Usually, this cover is time and money limited too. This tends to be the most basic and therefore cheapest type of insurance.
Obviously, it’s impossible to look into the future and guess what health conditions you may end up needing to claim for. Vet’s bills can vary across a wide range too, depending on the condition. Any of these policies is still better than no insurance. So you may want to look at the different types with your chosen provider and see what you can budget for.
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Comparing companies
An obvious way to save money is by comparing insurance companies. Using comparison websites can be a helpful way of doing this. Just make sure that you are comparing like for like and that you read the small print of each insurance company. For example, you may find that one company will cover you for dental treatment whereas another won’t, or that one is accident/emergency only cover whereas the other is more comprehensive. Just be clear about what you are signing up for.
Adjusting your excess
Your excess refers to the amount of money you have to pay towards your bill before your insurance company steps in. By offering to pay a larger excess in the event of a claim then you can reduce your monthly premiums. So, you could see if this is an option when deciding on your insurance cover.
Multi-pet discounts
Having all your pets with the same insurance company can help to reduce costs. Many providers offer a multi-pet discount. This can be around a 5-10% reduction, so make sure you factor this into your cost calculations.
Preventative treatments
By keeping your pet healthy in the first place, you can keep your costs down. A healthier pet is less likely to make a claim which can impact some people’s insurance premiums, depending on the type of policy you have taken out. Spaying or neutering your pet, making sure they are microchipped and keeping their vaccinations up to date will all help, and many insurance companies make these sorts of things a requirement when taking out their insurance anyway.
Conclusion
When choosing your pet insurance make sure you shop around and compare companies carefully. If one policy is significantly cheaper than another then question why that is and read the small print. Different types of policies exist for different budgets, so try and work out what you might be able to afford. Keeping your pet fit and well and choosing a breed that has good health traits will also keep the cost of your insurance down.
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