How to save on pet insurance

ByDaniel Bortz

Kiplinger’s Personal Finance

Veterinary care— especially emergency care— can be expensive.

Overnight hospitalization for a pet costs between $600 and $1,700 on average, according to EmergencyVetsUSA, a national database of emergency veterinarians. That doesn’t include emergency surgery, which can set you back asmuch as $5,000, the site says, though even higher emergency bills aren’t unheard of.

"If the cost of an emergency veterinary visit or serious illnesswould be a financial strain, consider investing in pet health insurance while your pet is healthy," says Lori Bierbrier, senior medical director at theASPCA.

Pet insurance can help offset emergency veterinary bills, with some insurance plans also covering routine care.

There are three main types of pet insurance policies: accident-only, accident and illness, andwellness.

The average monthly premium for an accident-and-illness plan is $49 for dogs and $29 for cats, according to 2021 data collected by theNorth American PetHealth Insurance Association. Wellness plans cost more because they tend to cover preventive care that keeps your pet healthy, such as vaccinations; you can buy one as a stand-alone policy or as an add-on to an accident-and-illness policy.

Use these tips to help nab a lower pet insurance premium.

Getanaccident-onlyplan. The average premium for an accident-only plan is $20 a month for dogs and $11 a month for cats— less than half the cost of an accident-and-illness plan. Accident-only policies typically cover "poisonings, snake bites, lacerations, dog bites, and when dogs and cats eat something they shouldn’t," saysWendyHauser, a veterinarian and president of Denver-based PeakVeterinary Consulting.

Chooseahigherdeductible. Before your pet insurance coverage kicks in, you’ll have to meet your plan’s deductible, "just like with other insurance policies," says Colin Lalley, an insurance expert at Policygenius, an insurance marketplace.

Generally, a higher deductible equals a lower premium. But be aware that some pet insurance policies have annual deductibles, while others have per-incident deductibles, Lalley says.

Purchaseinsuranceearly. Pet insurance premiumsare less expensivewhenyou enroll your pet at a young age, says Jenna Stregowski, pet health and behavior editor atDailyPaws, an advicewebsite for pet owners. Another reason to enroll early: Older pets with preexisting conditions may not be able to get coverage, she says.

Comparisonshop. Get quotes frommultiple providers to find the best rate. You can use a comparison tool such as Pawlicy Advisor, Policygenius or Pet Insurance Quotes to get offers fromproviders. Check out ratings and reviews fromcustomers, and pay particularly close attention to howwell a provider processes claims.

Lookfordiscounts. Some pet insurance providers offer lower rates for military, seniors and peoplewhoadopted a pet.

And youmay qualify for a lower rate by insuring more than one pet with the same company or by bundling pet insurance with your homeor car insurance. Nationwide and Progressive, for example, offer existing customers a5% discount on pet insurance.

THODONAL/DREAMSTIME