How to get cheap pet insurance, according to veterinarians

Approximately 60 million American households own pets, according to the U.S. Census Bureau. Within those households, pets are eating up an increasing share of income. Pet expenditures totaled $57.8 billion in 2013, but the Bureau of Labor Statistics reports they increased 77.9% in eight years, hitting $102.8 billion in 2021. 

While pet owners face many expenses, vet bills are often one of the biggest.  Routine care averages $225 for dogs and $160 for cats according to the ASPCA, not including preventative medication. Expenses are much higher if there are problems, and more than 40% of pet owners report that costs prevented them from getting care. 

For families concerned about covering vet bills, buying full-coverage pet insurance may be well worth the price. Insurance policies for both dogs and cats have become more popular and more widely available, with policies reimbursing pet owners for part or all of the care their animal receives. However, not all policies are created equal, with three options available including:

• Accident-only, which had an average annual premium of $122.19 for cats and $200.58 for dogs in 2022, according to the North American Pet Health Insurance Association. 
• Accident and illness, which had average annual premiums of $387.01 for cats and $640.04 for dogs.
• Comprehensive plans with wellness coverage, which charged average annual premiums of $613.67 for cats and $1,134.29. 

If you're interested in getting any of these types of insurance, these tips will help you find the most affordable coverage offering the protection your pet deserves. 

Start comparing your best pet insurance options and get coverage today.

Buy coverage as soon as possible

If you want your pet insurance to be as affordable as possible, time is of the essence.

"Obtain the insurance as early as possible before your pet has any conditions that might be considered pre-existing," says Dr. Ali Mason, regional director of operations at DVM and Thrive Pet Healthcare. 

Dr Matthew McCarthy, a veterinarian and the founder and owner of Juniper Valley Animal Hospital also warns that any medical issues could result in your pet being considered to have a pre-existing condition, which could make it impossible to get coverage for that health issue and make buying any policy "markedly more expensive."

Buying a policy as soon as possible also benefits you for another reason. "Younger dogs will have lower premiums," says Dr Sandi Norman, DVM and part-time General Practice Director at Noah's Animal Hospitals. "Rates go up as your pet ages."

If you want to be especially proactive, it may be worth researching insurance costs before choosing a pet to bring into your family. "Certain breeds have higher rates because they inherently have more health issues such as brachycephalic breeds, like bulldogs, or boxers," Dr. Norman advises. 

Choosing one of the cheapest dog breeds to insure or cheapest cat breeds to insure won't just help you reduce insurance premiums, but can also help you find a companion that's less likely to have expensive medical issues.

Don't risk letting your pet go uninsured. Compare your policy options today.

Consider an accident-only policy

Not all pet insurance policies are created equal, and one surefire way to overpay is to buy the wrong kind of coverage.

"Pet owners should ask themselves what they need a pet insurance policy to cover," says Dr. Wendy Hauser, DVM and special advisor at ASPCA Pet Health Insurance. Dr. Hauser explains there are all-inclusive policies covering preventative or routine care as well as accidents and illnesses, but they tend to be more expensive.

Paying extra for a policy that covers routine services may not be the right choice for most families. "When looking for affordable insurance coverage, I recommend pet owners focus on emergency and illness coverage," Dr. Mason says. 

Accident and illness policies won't pay for things like yearly exams, or vaccines — but they'll help cover larger and less predictable expenses. "It's always best to save for routine visits and have insurance ready for unexpected emergencies or illnesses," according to Dr. Mason. 

Dr. Norman notes that accident and illness policies are very popular because they provide a good balance between protection and affordability. "Many pet owners chose to have coverage just for emergencies and surgeries while paying for routine wellness on their own. That will make their premium less than a full coverage policy," she sayd. 

If an accident and illness policy still costs too much, there's also another option. 

"If the monthly premium for a comprehensive policy is out of reach, pet owners can consider accident-only plans," Dr. Hauser says, pointing out that some insurance is still better than none at all. 

According to Dr. Hauser, accident-only policies cover things like poisonings, foreign body ingestion, lacerations, broken teeth, being attacked by other animals and hit by cars. "They're often highly cost-effective for pet owners and help to cover the most unexpected and unpredictable health needs of pets."

Consider a high deductible policy 

When shopping around for a policy, your deductible is another factor with a big impact on premiums. 

"Pet Insurance always has a deductible, which you will be responsible for out of pocket," Dr. Norman explains. The deductible could be per incident or per year, but the higher it is, the lower your premiums will be.

"Talk to the insurance companies about raising deductibles for a lower monthly payment to avoid breaking the bank each month." Dr. Mason says. 

Just be sure that you can afford to cover the deductible, as you'll have to pay it out-of-pocket when you make a claim. 

Find out how much premiums can change from year to year 

You don't just want your insurance to be affordable when you buy it — you'll want it to remain affordable for the long-run.

Dr. Mason says that it's best to stick with the same coverage once you've signed up. "You don't want to bounce around to different plans throughout your pet's life since pre-existing conditions will not be covered when the plan is switched," she says. Because of that, she says it's important to ask the insurance companies how much premiums will change from one year to the next and what factors they consider when making that decision. 

Dr. McCarthy also warns that some pet insurers have increased premiums at a rate well above the inflation rate and says that some companies have even dropped pets from coverage without justification.  

You want to make certain you can trust your insurer, so always ask about their policies for premium increases and policy renewals. Research carefully to find a reputable insurer so you won't have to worry about losing coverage. 

Shop around for coverage

Finally, the last key step — and the most important — is to shop around carefully to find the right coverage.

"There are a lot of choices for pet insurance available," Dr. Hauser says. "It pays to spend some time on provider websites to learn about policy selections." She suggests reviewing sample policies on the website to understand coverages and exclusions and looking at factors including:

• What percent of care the policy reimburses
• Deductible levels
• Waiting periods
• Annual and per-incident maximums

Reading customer reviews of different insurers can also help you find the right company to meet your needs. 

The bottom line

Pet insurance can make the difference between being able to afford your animal's care and not, so it's worth looking into your options. There are affordable solutions for most pet parents, and buying the right policy from a trusted company may just save your pet's life someday.