How to buy pet insurance (and save money)

When it comes to sound financial planning it's always smart to do your homework. 

Unless you're an expert in a particular field, you should avoid making impulsive purchases. This is especially true when it comes to products that have long shelf lives and extended payoff times like mortgages, student loans and car and life insurance.

When it comes to insuring your pets, the guidance remains the same. Just like you wouldn't want to get stuck with inadequate or pricey insurance for you or your family you will also want to make sure you're properly covered with your dog or cat.

If you're in the market for pet insurance or want to expand the protection your pet has, it helps to speak with a professional. They can answer your questions and provide a quote so you know what to expect.

Here are three ways to buy pet insurance (and save money).

Shop and compare providers

It's always smart to compare and contrast services. That's no different with pet insurance. Before signing on the dotted line make sure you've reviewed multiple insurance companies to see what they're offering (review at least three). This will help give you a baseline understanding of coverage plans and costs. You also won't overpay when you know the industry standards.

Just make sure you're doing an apples-to-apples comparison so you know exactly what to expect. For example, if you get a quote for a 2-year-old, 8-pound cat, then get a quote for the same age, weight, and breed type from a second and third provider, too. This will ensure that you have an accurate estimate to evaluate. 

Compare your options by using the table below.

Start early

When it comes to purchasing pet insurance it pays to start early. Premiums are the cheapest when the pet is young and healthy. They steadily rise in price, however, as the pet ages and as health issues arise. 

You'll also want to purchase insurance before the animal's health concerns become more prevalent. Significant pre-existing medical conditions (like diabetes) will eliminate the chances of the insurer reimbursing you for those conditions in the future. 

So sign up with a provider while your cat or dog is young and healthy or it'll be more expensive in the future.

Get medical advice

Your veterinarian is well-versed in a variety of breeds of cats and dogs. Accordingly, they are dialed in on any health issues your pet may have (or be prone to). Speak to them and have them help you build a protection plan. They can help tailor your pet insurance so that you only pay for what you need and not for anything you don't.

This will both help you save money and ensure that the insurance you wind up getting is valuable. 

Other considerations

There are other reliable ways to ensure that you don't overpay when buying pet insurance. 

Consider an accident-only policy, for example, that may not be as comprehensive but will still give you decent protection for a reasonable rate. 

Not sure what kind of pet insurance rates your dog or cat would qualify for? Speak with a pet insurance expert today who can help you build a cost-effective plan.