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While a pet can be a fun addition to your home, you also want to do your best to care for them and keep them healthy and safe. That may mean purchasing pet insurance so you know that they’ll always be able to get the treatment they need, and you won’t be overwhelmed by vet bills.
To help with the cost, many pet insurance companies offer pet owners discounts for insuring multiple pets. We’ll look at the best multi-pet insurance discounts offered and what you should consider before purchasing a multi-pet policy.
Multi-pet insurance discounts
Here’s a rundown of the discounts offered by top insurers:
|Embrace||10% (5% in NY & RI)||4.6/5|
|Nationwide||5% or 10%*||3.8/5|
*5% for second and third pet, 10% for fourth.
Choosing a pet insurance company offering multi-pet discounts
A multi-pet discount is a bonus, but don’t let that be the only factor that you consider when choosing pet health insurance. Here are some things to keep in mind when choosing a multi-pet insurance policy:
Compare overall cost of coverage
A discount is helpful, but if it means picking a plan with subpar coverage, the money savings might not be worth it.
For example, let’s say you have two dogs and the monthly premiums for both are $100. You’re deciding between two insurers—one offers a 5% multi-pet discount and the other 10%.
It may seem like you’re saving money choosing the bigger discount. But what if that plan comes with a lower reimbursement percentage or higher annual deductible? The cheaper plan could end up costing you more down the road.
Ensure everything you need is covered
Not all policies cover the same things. Picking a plan based on a discount rather than based on the medical care you need can leave you paying a lot out of pocket.
For example, if you think your dog needs behavioral therapy and you go with a plan that offers a multiple pet discount but doesn’t cover that therapy, it could end up being an expensive decision.
Enrollment rules can be tricky, especially as pets get older.
Say you’ve added a new pup to your home as a companion to your older dog but your current pet insurance coverage doesn’t offer a multi-pet discount. Before you try to jump over to a new plan that offers a discount, make sure your first dog will qualify.
It’s not uncommon for plans to include age limits, so your first pet might be automatically excluded from coverage. Or a new plan might require that any past treatments or chronic conditions be classified as pre-existing conditions and will therefore be uninsurable under a new policy—which could potentially be expensive down the road.
Older animal premiums
If you have two pets of very different ages—for example, a puppy and an eight-year-old dog—it might not be the best idea to insure both dogs. It’s best to begin insuring animals when they are young and haven’t developed any pre-existing conditions. You can usually secure better long-term rates.
If you are looking for insurance for an older dog, you might find that the premiums are too high. In that case, you should calculate to see if it’s better financially to not insure the older dog and instead put money aside in a savings account for future care.
Pet insurance resources
As we discussed above, the discount offered for taking out pet insurance for multiple pets shouldn’t be the only thing you look for in a policy. Check out the resources below to help you pick the best pet insurance provider for your furry friends:
Author: Erica Gellerman