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Keep these in mind as you take steps to secure pet insurance.
Key Point
- Pet insurance is an important thing to have because it can save you from devastating veterinary bills.
- If you’ve never purchased pet insurance before, there are a few things to keep in mind when considering your options.
- We recommend asking your employer about discounts and looking for quotes from various insurance companies.
We often hear that pet insurance is a rip-off. Between the high premiums and the number of things these policies don’t cover, you might think it makes no sense to buy pet insurance.
But in reality, pet insurance can be a financial lifeline if your animal gets injured or becomes seriously ill, requiring thousands of dollars in medical bills. Therefore, it is recommended that you take out insurance to prevent yourself from suddenly getting caught up in a shockingly high bill.
If you’ve never owned a pet before or purchased pet insurance, setting up a policy can seem daunting. Here’s how to get through the process without breaking a sweat.
1. Check if your employer offers special discounts
Just as some employers offer perks like cell phone plan discounts and gym memberships, some companies offer pet insurance discounts as workplace benefits. Check your employee manual to see if pet insurance is listed as an eligible benefit (or ask your benefits representative if discounted insurance is being considered). You may be able to get a quality plan at a much lower price than usual.
2. Shop with different insurance companies
Just as each auto and homeowners insurance company charges its own premium rate, pet insurance companies also determine their costs individually. It is a good idea to shop around for pet insurance quotes before signing up with any one company. You may find that one company offers much better rates than another. Alternatively, you can find two pet insurance companies that charge similar rates, but one of them offers far better coverage for your money.
3. Decide if you need a top-tier plan
Pet insurance tends to have different tiers. You can often pay more money each month for a more comprehensive plan with better perks, or pay less for a plan that doesn’t select the same number of service tabs.
Ultimately, it’s up to you to decide what kind of plan you want. If you want to pay more up front and have fewer financial surprises, we recommend choosing a higher tier plan. Not a choice.
That said, if you buy a lower-tier plan, we recommend putting the money you aren’t spending on higher-cost plans into your savings account. That way, if you do come across pet care bills that your insurance doesn’t cover, you’ll have the means to pay them without stressing yourself out or risking debt.
Getting pet insurance early is an important move for anyone who brings home an animal. Use these tips to narrow your choices and find the plan that’s right for you.
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