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Why you should consider choosing a higher pet insurance deductible

funny dog portrait at home looking at camera
While you may prefer to pay as little as possible upfront, that may not be the most economical choice long term. Getty Images

Pet insurance, like many other types of insurance, comes with a deductible. A deductible is the part of the bill the insurance policyholder agrees to pay out-of-pocket before the insurance company reimburses any claims. 

While you may prefer to pay as little as possible upfront, that may not be the most economical choice long term (read up on more pet insurance do's and don'ts to save even more money). Paying a higher deductible can often result in greater savings over time. 

However, when it comes to pet insurance, there isn't one rule every pet owner should follow. After all, there isn't a standard price for all pets. There are several factors that affect rates such as an animal's age, breed, health, location and more.

The best way to save money on pet insurance is by shopping around. Compare pet insurance companies and get a free quote today.

Pet insurance costs

Pets are important members of the family, so of course, you want to make sure they're completely taken care of. But you'll also want to make sure trips to the veterinarian (especially if an emergency should arise) don't drain your bank account.

When choosing your pet insurance plan, providers typically recommend at least three deductibles to choose from. The prices range from low, to middle and high. Now you may be thinking — how do I pick? Well, you'll have to evaluate your situation carefully. Ask yourself important questions like, "How much do I want to spend?"

With most pet insurance providers, you'll pay around $30 to $70 per month per dog and $15 to $40 per month per cat. Pet insurance company Fetch by The Dodo reports insurance costs for dogs are around $35 per month and $25 per month for cats on average. Remember, if your dog or cat is older or considered a high-risk breed then it may cost more.

Pet insurance deductibles

Each pet insurance company offers different deductible options, typically ranging from $100 to around $1,000. Deductibles are usually applied on an annual basis, so keep that in mind when scouring the internet for the best pet insurance plans

Fetch by The Dodo offers deductibles between $250 and $700, depending on your pet's age, type and breed. 

See what deductibles you qualify for by filling out a simple form online. Within seconds, you can see which three deductibles are offered for your furry friend.

Why would you want a high deductible?

Before you opt for a price on the lower end of the spectrum, make sure to fully understand the advantage of paying a higher deductible (which is more in the $500-plus range).

If you can afford it, a higher deductible will guarantee a lower premium, which can save you money over time (just remember you will have to pay more out-of-pocket before the insurance company steps in to help pay for care). Think about how much you could realistically pay if your pet was sick when choosing a deductible.

"The lower your deductible, the quicker you can cover it and the sooner you'll get paid back. However, a lower deductible can also lead to a higher premium. A higher deductible will reduce your premium since it'll take longer until you get paid back," Fetch by The Dodo explains on its website.

According to a recent report, pet owners pay on average around $20 more each month by choosing a $200 deductible versus a $500 one. That's nearly $250 in savings each year. If you choose a $1,000 deductible, then those savings can nearly double, a price survey found.

Again, prices vary based on your own unique situation (your pet's age, breed, location, etc.). If your pet is young and/or healthy, that will also play a huge role in your decision.

Make sure to crunch the numbers and see how much you could potentially save with a lower premium.

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