Being a pet parent can be very pricey and costs just keep on rising. My Tesco pet insurance renewal for two dogs has just come in at double what it was last year taking it up to an eye watering annual payment of £1299.31. Even half this amount £650 is more than I pay for car insurance. Here’s how I intend to save money and reduce that appallingly high pet insurance premium.
Pic Credit: Janet Gow Photography
Compare pet insurance premiums
The number of companies offering pet insurance can make comparisons difficult so using a comparison site is a good idea when sourcing the best cover for your pet. Savings on insurance costs can be made by opting for multi pet policies if you have more than one pet. Adjusting the excess and amount of cover can also help to reduce sky high premiums.
Make sure you look at the whole list of suggested policies on comparison sites. The cheapest deals are not always at the top of the search results. You may need to scroll down the list to find the best deals depending on how results are ranked.
Alternatively, not renewing your current policy and sourcing a new policy with the same company instead can result in a lower premium. Consider this option carefully if your pet has pre-existing conditions as these tend to be excluded from new policies. You can also switch mid policy but this is likely to incur a fee.
Check the small print
Read the small print carefully. If something is too good to be true then it usually is so ensure you check what is (not) included in your policy before you sign on the dotted line. This can make all the difference if you need to make a claim. If you are unsure about the cover being offered then contact the provider directly to clarify. Nothing is ever as clear cut as it looks so it’s important to check the policy is comprehensive and fit for purpose.
Double check before clicking submit. It’s worth checking your preferences when sourcing insurance quotes as excesses or monthly versus annual payments can impact on premiums. Watch out also for any tick boxes covering unwanted extras, which may inadvertently be selected.
Consider other options
Taking out insurance for your precious pets is always advisable but if taking out an insurance policy is not a possibility, consider setting up a dedicated pet savings plan to squirrel away ad hoc funds just in case they are needed.
Pay using a 0% credit card and set up regular repayments or look into a payment plan as a budgeting tool to spread payments.
Ask if your local practice is registered with a credit loan company. For example, Carefree Credit loans are interest fee, low-cost payment options for eligible pet owners. Payments are collected by direct debit over a period ranging from 6 months to 3 years at an affordable rate.
Depending on the ailment and specified treatment, obtain a prescription from your vet and pick up medications at a high street pharmacy or online pharmacists for pets. Look out for the Veterinary Medicines Directorate accredited retailer badge to check that the company is registered to dispense prescriptions for pets gov.uk/check-animal-medicine-seller-accredited
Finding the right insurance policy can be very challenging. I hope these tips help you save money on the best pet insurance for rabbits, cats and dogs. Please let me know your tips and savings in the comments.
