9 ways to save money on pet insurance

Nationwide customers spent a cumulative total of almost £52m on pets in the year to June 2024, according to the bank's latest Spending Report. That's more than was spent on childcare (£37.1m) and dating (£986,000). 

It's an alarming statistic that will come as no surprise to dog and cat owners, however. The cost of treating your furry friend at the vet's, for example, can spiral into the thousands for serious conditions. 

Taking out pet insurance could prevent you from having to pay a sky-high bill outright. But given insurance premiums can also add up, are there any ways to cut those costs?

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9 ways to cut the cost of pet insurance

Quotes data from comparison site Go Compare, published in March 2024, revealed the average annual pet insurance premium in the UK costs between £325 and £419 a year. 

But it could be higher or lower, depending on your pet's individual circumstances – such as age and breed – as well as the type of policy you buy. It may also not cover all the costs. For example, routine check-ups and vaccinations.

With one in four pet owners concerned they can’t afford their pets’ upkeep, according to Tesco Bank research in June, here are a few steps you can take to reduce the price of insuring your four-legged buddy.

1. Shop around

Whether you're renewing a policy or buying a new one, it's always worth shopping around. 

Price comparison sites that allow you to view multiple pet insurance quotes at a glance are a good place to start. The main ones for insurance are Compare the Market, Confused.com, GoCompare and MoneySuperMarket.

But remember, not all insurers are on price comparison websites. Direct Line and PetPlan are examples of this. So don't limit yourself to these resources when gathering quotes.

Once you've found a deal that's right for you, check how Which? reviewed the provider and policy.  

• Find out more: what are the main types of pet insurance?

2. Tweak the excess

One simple tip to reduce the cost of a policy is to tweak the excess you pay. This is the amount you immediately contribute towards any claim. 

The higher the excess you're willing to pay, the lower the premium, but think carefully about how much you can realistically afford if your pet does need expensive treatment.

3. Buy when your pet is healthy

It might seem counterintuitive, but it's much better to buy pet insurance when your pets are in good health. This is because pre-existing conditions are usually excluded from new pet insurance policies.

So, if you buy pet insurance before your pet falls ill, you're maximising the number of illnesses your pet will be covered for.

• Find out more: best dog insurance policies and best cat insurance policies

4. Take out a multi-pet policy

If you have more than one pet, it might work out cheaper to get a multi-pet policy rather than insuring each animal separately. Some providers will offer a discount for this type of policy.

5. Don't miss routine vaccinations

Keeping your pet as healthy as possible can really help you save money on pet insurance. So make sure your pet gets the appropriate vaccinations and injections, including boosters, regularly.

This could make all the difference, because if your pet falls ill and you need to claim, your insurance premium could rise sharply in subsequent years.

6. Choose an annual policy

Monthly payments may seem convenient, but a monthly plan is essentially a high-interest loan and can add significantly to your costs.

You might be able to save a significant amount if you pay annually. You may be able to use an interest-free purchase credit card to spread payments.

7. Don't be afraid to haggle

If you're renewing, you might be able to get the price down by haggling. 

Do your research first and come to the negotiation table armed with any cheaper quotes for the same level of coverage. Tell your insurer you're willing to switch to another firm if it's not able to provide a better quote – if you've been a loyal customer for many years, it's worth mentioning this.

You may find it's happy to give you a discount rather than lose a customer to a rival company.  

8. Neuter or spay your animal

Spaying or neutering your pet can lower your premiums. This is because they’ll be less likely to get into accidents or develop serious health problems as a result of not having the operation done. 

9. Choose the right cover level

Pet insurance is notoriously complicated and levels of cover can vary considerably. You should therefore spend some time reading the policy small print before buying anything.

You might realise, for example, that some elements of cover aren't needed and you could save money on your premium by opting for a deal that offers a lower level of protection or none at all. 

For example, if you have a house cat, does it matter if the insurer offers generous cover for finding missing pets?

• Find out more: what does pet insurance cover?