Pet Insurance Costs Rising? Here’s How to Save Money

Pet insurance is a lifesaver for many pet owners, helping cover unexpected vet bills and ensuring their furry friends receive the best possible care. However, as pets get older, insurance premiums often increase significantly. This can put financial pressure on owners, leading some to cancel their policies—a decision that could leave their pets without coverage when they need it most.

📌 Fact: Most pet insurance providers in the UK raise premiums annually as pets age, sometimes by as much as 20-50% per year.

If your pet’s insurance costs are becoming too high, you don’t have to accept outrageous price hikes or cancel your coverage. This guide will walk you through why premiums rise and the best strategies to manage costs without sacrificing your pet’s health care.

1. The Problem: Rising Insurance Costs for Aging Pets

Many pet owners don’t expect their pet insurance premiums to rise so much as their pets grow older.

🚨 Why do premiums increase?

❌ Older pets are more likely to develop health problems.

❌ Veterinary costs increase over time.

❌ Insurance providers adjust risk factors, making policies more expensive.

❌ Some insurers reduce coverage options as pets age.

🔹 Example: A pet insurance policy that started at £20 per month for a young dog may rise to £60-£80 per month once they reach 8-10 years old.

The dilemma: Many pet owners feel forced to cancel their insurance because of the cost, but this means losing coverage when their pet is most likely to need it.

💡 The good news? There are ways to reduce your premium while keeping your pet covered!

2. The Solution: How to Manage Increasing Pet Insurance Premiums

Instead of cancelling your policy, try these strategic adjustments to manage costs while keeping your pet protected.

✅ Step 1: Review Your Current Policy

📌 Why? Some policies have automatic increases, while others offer fixed-rate plans.

🔹 What to check:

✔️ Does your policy have an age-based price increase?

✔️ Are there new exclusions as your pet gets older?

✔️ Does your insurer offer lifetime cover or time-limited cover?

🚀 Tip: Contact your insurer and ask about options to reduce your premium without losing essential coverage.

✅ Step 2: Compare Other Insurance Providers

📌 Why? Not all pet insurance companies raise prices at the same rate. Some offer better deals for older pets.

🔹 How to find a better policy:

✔️ Use comparison sites like MoneySuperMarket, Comparethemarket, or GoCompare.

✔️ Look for insurers that specialise in senior pet insurance.

✔️ Compare monthly costs, excess fees, and coverage limits.

🚀 Tip: Don’t cancel your current policy before securing a new one—otherwise, any pre-existing conditions may not be covered by the new provider.

✅ Step 3: Adjust Your Coverage Level

📌 Why? You may be paying for coverage you don’t need.

🔹 How to lower costs:

✔️ Remove add-ons like dental cover, alternative therapies, or routine care.

✔️ Opt for a basic illness & accident policy instead of comprehensive coverage.

✔️ Reduce annual claim limits to lower monthly premiums.

🚀 Tip: Keep essential coverage for emergencies but remove any extras that aren’t necessary.

✅ Step 4: Increase Your Excess

📌 Why? Choosing a higher excess (the amount you pay before insurance covers the rest) can reduce your monthly premium.

🔹 Example:

✔️ If your excess is £50 per claim, increasing it to £150-£200 may significantly lower your monthly payments.

🚀 Tip: Make sure you can afford the excess amount if you need to make a claim.

✅ Step 5: Look for Loyalty Discounts or Multi-Pet Policies

📌 Why? Some insurers reward long-term customers or offer discounts for multiple pets.

🔹 Where to check:

✔️ Ask your insurer about loyalty discounts.

✔️ If you have multiple pets, see if bundling policies lowers your premium.

✔️ Some companies lock in lower rates for existing customers rather than increasing prices drastically.

🚀 Tip: Some insurers price-match competitors—it’s worth asking!

✅ Step 6: Consider a Self-Funded Pet Emergency Fund

📌 Why? If insurance becomes unaffordable, setting up a pet savings fund can help cover unexpected vet bills.

🔹 How it works:

✔️ Instead of paying £60+ per month on insurance, put £30-£50 into a savings account for emergency vet care.

✔️ Over time, this can build a fund to cover routine and unexpected expenses.

🚀 Tip: This is a risky alternative because large vet bills (e.g., £5,000+) can quickly wipe out savings. Use this method only if insurance is completely unaffordable.

3. Conclusion: Keep Your Pet Covered Without Breaking the Bank

Rising pet insurance costs can be frustrating, but you don’t have to cancel your policy.

🔹 Best strategies to manage high premiums:

✅ Review your policy and understand why premiums are increasing.

✅ Compare other insurance providers to find a better deal.

✅ Adjust your coverage to focus on essential protection.

✅ Increase your excess to lower monthly costs.

✅ Ask for discounts or consider multi-pet policies.

✅ If needed, set up a pet savings fund as a backup.

🚨 Your pet needs coverage the most as they age—make informed financial decisions to keep them protected!

🐾 Want more pet insurance tips? Visit www.insurancetopnews.com. 🚀