How to save money on pet insurance

Pet insurance covers the cost of unexpected vet treatments should your pet become ill or injured. How much you pay for your pet insurance policy varies depending on a number of factors including the type of pet you have, your pet's age, its breed and where you live. More information on the cost of pet insurance and what affects the cost of pet insurance can be found in our article, 'How much does pet insurance cost?'

In this article, we look at ways that you can save money on your pet insurance policy and what to do if you're struggling to afford your pet.

How to save money on pet insurance

Pet insurance is an essential part of caring for your pet as it can help to cover the financial cost should your pet fall ill. However, pet insurance can be expensive and how much you pay for your pet insurance can vary depending on a number of factors which we share in our article, '7 factors that affect the cost of pet insurance'.

Below we share some tips on how to save money on your pet insurance policy. For more information on pet insurance and the best policies for your pet, read our article 'Best pet insurance in the UK'.

Do your research

Thoroughly research pet insurance before deciding to take out a policy as the cheapest pet insurance policy may not always be the best for your pet. Some cheaper policies, such as accident only pet insurance may not offer the cover that you require. Find out more in our articles, 'What are the different types of pet insurance?' and '5 reasons why cheap pet insurance is not always the best'.

Shop around

One of the quickest ways to save money on pet insurance is by shopping around. Use a comparison site such as MoneySuperMarket* to compare multiple pet insurance providers at once. Remember to compare like-for-like policies however to ensure you are getting the best deal. It is worth bearing in mind that when you switch providers there can be a waiting period where your pet will not be insured. This can be up to 14 days but varies per provider so is something you should check before purchasing your new policy. There are providers such as M&S pet insurance and Tesco Pet insurance who do not impose this waiting period if you are switching from another insurer.

Increase the policy excess

The policy excess is the compulsory amount payable by the policyholder in the event of a claim and the policy excess amount is likely to impact the cost of your pet insurance policy. Usually, the higher your policy excess the lower your insurance premium. As this is the amount payable when you make a claim, you need to ensure it is affordable. It is also worth considering that your pet insurance policy excess is likely to increase as your pet ages.

Consider a co-payment

Many insurance providers offer an optional voluntary co-payment which can lower your insurance premium. However this does mean you will need to pay more when you make a claim. The co-payment is a set percentage of the claim amount, which is paid in addition to your excess. For example, if you have a £100 excess and a 10% co-payment and you have a £1000 claim, you will have to pay £190 towards that claim. Petgevity* and Scratch & Patch are two insurance companies who offer an optional co-payment.

Earn cashback

You can get rewarded for purchasing a pet insurance policy via certain cashback sites such as TopCashback* and Quidco. Alternatively, the pet insurance provider ManyPets offers a Moneyback pet insurance add-on that repays part of your policy for every year that you do not make a claim.

Neuter your pet

Neutering your pet can save money on your pet insurance policy as your pet is less likely to develop certain health conditions and is also less likely to stray. If you are worried about being able to afford to neuter your pet, there are a number of charities such as Cats Protection that can help.

Ensure your pet is microchipped

Microchipping your pet can save you money on your pet insurance as it is easier to find your pet if it is lost or stolen. This is because a pet's microchip number is registered to a database and when the pet is found, the microchip can be scanned so that the pet can be identified. Keeping your microchip details up to date is essential to help being reunited with a lost or stolen pet. It is a legal requirement to have your dog microchipped by the time they are 8 weeks old and to have your cat microchipped by the time they are 20 weeks old, failure to do so may result in a £500 fine and could possibly invalidate parts of your pet insurance policy. There are a number of microchip companies that meet government standards including Petlog and PETtrac, and there is a full list of the accepted microchip databases on their website.

Buy pet insurance early

If you purchase a lifetime pet insurance policy when your pet is young, you are likely to be covered should your pet develop any illnesses later in life. It can be cheaper to insure your pet when they are young and healthy before they have developed any conditions because as your pet gets older, your pet insurance is also likely to increase as you are more likely to claim on your policy. Compare the best lifetime pet insurance here.

Get a multi-pet discount

If you have more than one pet you may be able to benefit from a multi-pet discount. A number of pet insurance providers usually offer discounts for more than one pet, for example, Admiral pet insurance offers a 15% discount and Petplan offers a £12 per pet discount.

What to do if you're struggling to afford your pet

If you are struggling to pay for your pet and the things it needs you can try the following to get help:

• Speak to your pet insurance provider - If you are having problems affording your pet insurance policy but are reluctant to cancel, speak to your pet insurance provider to see if you can have a temporary reduction on your premiums or if there is another policy that may be cheaper and more suitable at this time. If you owe money on your policy, speak to your provider to see if you can set up an affordable repayment plan. If you are unable to afford your pet insurance or your pet's veterinary treatment you may benefit from discounted treatment.
• Subsidised veterinary treatment - Pet charities such as the Blue Cross, RSPCA, PDSA, Dogs Trust and Cats Protection can help towards the cost of vet treatment and routine pet care. You may also be eligible for help towards pet microchipping, neutering and vaccinations. You can contact the charities for more information on eligibility and how to get financial help.
• Pet food bank - If you're unable to afford food for your pet, you may be able to visit a pet food bank. Blue Cross and the RSPCA have pet food bank tools that help you to locate your nearest pet food bank. You could also write on local Facebook groups to see if there is any help in your local area.

 

 

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