A top consumer expert has shared her advice to save money on the rocketing cost of pet insurance.
Jane Hawkes is releasing her tips after being quoted a price more than TWICE as high as what she pays for car insurance.
Jane’s experience comes as pet insurance prices continue to soar.
They have been increasing in 2024, with average prices rising by 21% since February 2023.
They are rocketing due to a number of factors, including rising veterinary costs.
A record number of pet owners also took out insurance to protect their pets last year, reaching an all-time high of 4.4 million, according to the latest data from the Association of British Insurers (ABI). This is 1.7 million more people insuring pets when compared to 10 years ago.
During 2023, pet insurance payouts topped the £1 billion mark for the second consecutive year, with insurers helping customers with thousands of new claims every day.
Insurance helps pet owners cover the costs of treatment if their pet falls ill or is injured, and the average claim in 2023 was £668 – nearly 50% higher than the cost of the average policy.
Commenting, consumer expert Jane Hawkes said: “Being a pet parent can prove very pricey and ever-increasing costs are placing more pressure on already tightly squeezed family finances.
“My pet insurance renewal for two dogs has just come in at double what it was last year taking it up to an eye watering £1299.31 which breaks down as an initial payment of £108.34, then eleven payments of £108.27. I will not be renewing as even half this amount is more than I pay for car insurance.”
Here’s how Jane intends to save money and reduce that appallingly high premium.
Comparison sites
The number of companies offering pet insurance can make comparisons difficult hence why 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.
Tweak your cover
Adjusting the excess and amount of cover can also help to reduce premiums. Check out 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 through the list to find the best deals depending on how results are ranked.
Refuse to renew
Alternatively, not renewing your current policy when it runs out and trying to source a new policy with the same company instead can result in a lower premium. Consider this cost saving option carefully if your pet has pre-existing conditions as these are likely to be excluded from new policies.
But 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.
Check, check and check again.
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 sneaky tick boxes covering unwanted extras, which may inadvertently be selected. Purchase insurance via a cash back site such as Top Cashback to get some money back when you take out a policy.
Look At Alternatives
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.
Speak To Your Vet
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 yourself at a high street pharmacy or online pharmacists for pets such as animeddirect.co.uk/ 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