How to save money on soaring pet insurance costs

Pet owners across the Island are facing sticker shock as pet insurance premiums continue their skyward climb.

This comes as a blow to many, like consumer expert Jane Hawkes, whose recent renewal quote for her two dogs came in at a staggering £1299.31 – more than double the previous year’s cost and exceeding what she pays for car insurance!

This isn’t an isolated case. The average pet insurance price has risen by 21% since February 2023, fueled by factors like rising veterinary costs and a surge in pet ownership. With a record 4.4 million pets now insured, according to the Association of British Insurers (ABI), insurance companies are paying out more than ever before, with claims exceeding £1 billion for the second consecutive year. While pet insurance offers peace of mind in case your furry friend needs medical attention, the ever-increasing cost is straining household budgets.

“Being a pet parent can be expensive,” says Jane, “and these rising costs are putting a strain on already stretched finances.”

But before you give up on pet insurance altogether, here are some tips from Jane on how to potentially save money:

Shop Around: Comparison websites are your friend! They can help you compare policies from numerous providers and find the best coverage for your pet. Consider multi-pet discounts if you have more than one furry friend. Remember, the cheapest option might not always be at the top of the search results – dig through the list to find the best deals.

Adjust Your Coverage: Be willing to tweak your policy to fit your budget. Increasing the excess (the amount you pay upfront before insurance kicks in) or choosing a lower level of coverage can reduce premiums.

Renegotiate, But With Caution: Don’t automatically renew with your current provider. Sometimes, getting a new quote from the same company can bring down the price. However, this option might not be viable if your pet has pre-existing conditions, which are often excluded from new policies.

Read the Fine Print: Don’t be fooled by seemingly low prices. Before signing on the dotted line, meticulously review what’s included and excluded in the policy. If anything seems unclear, reach out to the provider for clarification. Understanding the coverage is crucial to avoid disappointment when you need to make a claim.

Double-Check Everything: Before finalising your purchase, double-check your selections. Excess amounts, payment frequencies (monthly vs. annual) can all impact the final cost. Beware of pre-selected “extras” you might not want.

Consider Alternatives: While pet insurance is highly advisable, explore other options if it’s currently out of reach. Setting up a dedicated pet savings account allows you to build a fund for unexpected vet bills. You can also use a 0% credit card with a set repayment plan, spreading the cost over time.

Talk to Your Veterinarian: Some veterinary practices might offer financing options through companies like Carefree Credit, providing low-cost payment plans for pet treatments. Depending on the situation, getting a prescription from your vet and purchasing medication from a reputable online pharmacy (check the Veterinary Medicines Directorate accreditation) might save money compared to high-street pharmacies.

By exploring these options and being a savvy consumer, you can navigate the rising pet insurance costs and ensure you can provide the best possible care for your beloved pet.