How to save money on pet insurance

Written by

Edited by

Published on February 03, 2025 | 5 min read

Bankrate is always editorially independent. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . Our is to ensure everything we publish is objective, accurate and trustworthy.

Photo by Hunter Newton; Illustration by Hunter Newton/Bankrate

Pet insurance can offer valuable peace of mind, helping you cover the cost of unexpected vet bills and ensuring your furkid gets the care it needs. However, like any form of insurance, premiums can add up. It’s essential to find ways to save money on pet insurance without compromising your pet’s health.

In this guide, we’ll explore seven tips to help you maximize the value of pet insurance while keeping costs under control. From choosing a cheap pet insurance plan to leveraging discounts and enrolling early, these strategies will empower you to make informed decisions that protect your pet and your wallet. Whether you are a first-time pet insurance buyer or looking to adjust an existing policy, we’ll guide you toward affordable and effective coverage.

1. Choose a more affordable plan type

Selecting the right type of pet insurance plan is one of the most effective ways to save money while ensuring your pet is protected. Most providers offer three types of plans:

Accident-only policies cover injuries caused by accidents, such as broken bones or poisoning. These are the cheapest pet insurance options but offer limited coverage.
An accident and illness plan includes coverage for injuries and illnesses, including conditions such as cancer, diabetes or skin issues like eczema. These plans provide more comprehensive protection but come with higher premiums.
Wellness plans focus on routine care, including vaccinations, dental cleanings and preventive treatments. Pet parents usually purchase these as an add-on to another policy, which can significantly increase your overall insurance costs.

For those looking to manage accidents and potential chronic illnesses, an accident and illness plan offers broader coverage at a moderate cost. However, If your pet is generally healthy and your primary concern is the hefty cost of vet bills for treating unexpected injuries or mishaps, an accident-only policy can be an effective way to save money on pet insurance.

2. Opt for less expensive plan features

Pet insurance providers typically offer customization options to help pet parents tailor their coverage and premiums. You can often reduce your monthly premiums by adjusting certain elements of your policy’s coverage.

Lower reimbursement rates

When choosing a pet insurance plan, you can usually select the percentage of vet bills the insurance will cover, known as the reimbursement rate. Typical options include 70 percent, 80 percent or 90 percent reimbursement.

Opting for a lower reimbursement rate means your insurer will pay less of your vet bills. However, your monthly premiums will also be lower. This trade-off may be worth it if you want to keep your premiums manageable and can afford a higher share of the vet bill out of pocket.

Higher deductibles

Another way to reduce pet insurance costs is by choosing a higher deductible — the amount you must pay out of pocket before your insurance begins to cover expenses. Plans with higher deductibles typically come with lower monthly premiums.

If your pet is generally healthy and you don’t anticipate frequent visits to the vet, selecting a higher deductible can help you save on insurance costs while still providing coverage for major expenses.

Lower annual limits

Most pet insurance plans have limits on how much they will pay out each policy year. Choosing a lower annual limit can significantly reduce your premiums. However, if your pet requires extensive or costly treatment, you may pay more out of pocket once you have reached the limit.

This option might be suitable if you’re comfortable covering extra costs or your pet is unlikely to need expensive care is relatively low.

3. Check for discounts

Many pet insurance providers offer discounts to lower your premiums. Types of discounts available can include:

Multi-pet discounts: Insurers like ASPCA, Embrace, Figo, Hartville and Spot include multi-pet discounts for insuring more than one animal, reducing the overall cost.
Annual payment discounts: Companies like Lemonade give discounts for paying your premium annually instead of monthly.
Volunteer discounts: MetLife offers savings for pet parents who sign up online, as well as for owners, staff and volunteers at animal care facilities.
Military members and veterans: Many in surers also offer discounts for military members and veterans.
Employer discounts: Check with your employer to see whether employee benefits programs are available for pet insurance.

It’s worth asking your insurer about any available discounts that can reduce your insurance costs. Many discounts can even be stacked to offer greater savings.

4. Ask your vet for advice

Your veterinarian can be a valuable resource to help you select the right pet insurance plan. They can provide insights into the most common health issues for your pet’s breed or age, helping you choose a plan that covers what your furry friend is most likely to need.

Additionally, the vet may know which pet insurance companies have the best reputation for processing claims efficiently and covering necessary treatments. That way, you can make a more informed decision that balances cost with appropriate coverage.

5. Shop around

As with any purchase, shopping around is crucial to finding the best deal. Pet insurance providers vary widely in pricing, coverage options and customer service.

Getting quotes from multiple insurers allows you to compare the cost and what you’re getting for your money. Most insurance companies have online quote tools to help you calculate your potential premium costs in just a few minutes.

Look for a plan that offers the coverage your pet needs at a price that fits your budget. Don’t be afraid to switch providers if you find a better deal elsewhere.

6. Compare projected costs

As your pet ages, pet insurance premiums typically increase, reflecting the higher likelihood of age-related illnesses and injuries. To save money on pet insurance long term, it’s essential to compare projected costs for coverage over your pet’s lifetime.

When shopping for a policy, consider how premiums, deductibles and reimbursement rates may change as your pet grows older. By evaluating these factors up front, you can choose a plan that remains affordable while providing the necessary coverage for your pet’s evolving health needs.

7. Enroll early

Finally, enrolling your pet in an insurance plan early in their life can save you money long term. Younger animals typically cost less to insure. Additionally, pets are less likely to have pre-existing conditions when they’re young, so your plan will cover more treatments and conditions.

By enrolling early, you can take advantage of lower rates and ensure comprehensive coverage throughout your pet’s life. Most pet insurance providers will allow you to upgrade your policy if you feel the need as your pet ages.

Next steps

Saving money on pet insurance need not mean sacrificing your pet’s health or well-being. By selecting a plan type that fits your budget, adjusting plan features like deductibles and reimbursement rates, and taking advantage of available discounts, you can find affordable coverage that meets your pet’s needs. Consulting with your veterinarian, shopping around for the best rates, enrolling early and considering long-term costs are additional strategies to keep premiums manageable while ensuring your furry companion gets quality care.

The next steps are simple: Assess your pet’s specific needs, compare quotes from multiple insurers and determine the most cost-effective plan. Don’t forget to ask about discounts and consult your vet for advice tailored to your pet. Following these steps will help you secure the best value for your pet insurance, providing you with peace of mind and financial protection for years to come.

Frequently asked questions

You can lower your premium by opting for a plan with a higher deductible, lower reimbursement rate and/or lower annual limit. These changes will reduce your monthly costs while providing coverage for significant expenses. However, you will need to pay more out of pocket if your pet’s care exceeds the annual limit.
While pet insurance premiums are generally higher for older pets, it can still be worthwhile, especially if your pet is healthy enough to qualify for coverage. Insurance can help manage the cost of age-related illnesses and accidents. However, it’s vital to read the policy carefully, as some plans have age limits or exclusions for pre-existing conditions.
You can switch providers instead of renewing your coverage. However, a new insurance provider may consider any conditions diagnosed under your current plan as pre-existing and, therefore, not eligible for coverage. It’s essential to weigh the benefits of lower premiums against the risk of reduced coverage for existing conditions. Many plans also include waiting periods before coverage kicks in.
Ask your vet about common health issues for your pet’s breed or age, as this can help you choose a plan with appropriate coverage. Your vet may also have experience with different insurance providers and be able to recommend companies with good reputations for processing claims and covering necessary treatments.