I have five pets — how can I afford insurance?

Question:

I have five pets, three dogs and two cats.  How can I afford insurance for all five pets?

Answer:

You can reduce your up-front cost for pet insurance in several ways. First, most companies have discounts for multiple pets. Although the risk of an unexpected accident or illness does not diminish with multiple pets, some of the overhead cost, especially the marketing cost, are lowered and most companies will pass on that savings in the form of a multiple pet discount. Similar to multiple car discounts.

A second method to reduce the cost is to increase the deductible, which lowers the premium since you are taking on more of the cost. A third method is to purchase a lower limit plan, which has lower limits of coverage, such as $2,500 versus $7,000 of coverage. And still another method would be to purchase an accident only or other limited coverage plan. Although this method will eliminate some medical conditions and expose your risk greater they do provide coverage for some common conditions.