How to Afford Your Pet Insurance Deductible

Your dog or cat can get into some precarious situations over their lifetime. Sometimes, their antics are worthy of a quick snap shared online with friends and family. Other times, they require an urgent visit to the vet clinic.

Pet insurance can help you afford unexpected and costly trips to the vet. But before your insurer covers the bill, you may have to pay a deductible.

A deductible may be small compared to the full bill, yet it can still be challenging to cover out of pocket. Like any unexpected expense, it can be too much for your budget to handle.

What is a Pet Insurance Deductible?

A deductible is the amount you pay before your insurance company covers the rest of your vet bill. It’s an out-of-pocket expense set by your policy that can range between $200 and $1,000. For most pet owners, it winds up being around $500.

You can find out what your deductible is by checking your insurance policy contract. In all likelihood, you chose from several deductibles when you first signed up.

Your choice of deductible affects how much your premiums will be. The lower your deductible is, the higher your monthly premiums are and vice versa.

Some people choose a high deductible on purpose. They do so to save their monthly budgets, as they’ll pay less for premiums.

Should You Borrow an Installment Loan?

If you chose a higher deductible in the past, you promised to pay more out of pocket in an emergency. At the time, this might have sounded like a good way to protect your budget. But in the middle of a crisis, it can add stress to an already traumatic situation.

With your pet’s life on the line, you might consider taking out an online installment loan. Going online streamlines the process, as you can research and apply from anywhere (and any time) you get Internet.

If approved for an installment loan, you can borrow what you need for your deductible. Most installment loans bridge the gap between paydays. You can repay what you owe over several predetermined, fixed payments. Check that you can handle these payments before you borrow.

How Else Can You Handle a Deductible?

Borrowing an online installment loan in an emergency may be a convenient stopgap, especially if you’re only short by a few hundred dollars. But you can explore other options if you need more funds.

Shop Around

In an emergency, you should get your pet the care they need as soon as possible. But if your furry friend’s health issues can wait a few hours, consider calling around to the different clinics near you. Each clinic sets its own prices, so comparison shopping may help you find the cheapest option.

Ask About a Financing Plan

Speak to your vet’s admin or billing specialist to see if they’re willing to arrange a payment plan. Some vets may push back your due date or let you pay what you owe over installments. Your vet may not be receptive to this, but the worst they can do is say “no” when you ask.

Start Saving for Tomorrow’s Emergency

Pet insurance can help cover your pet’s biggest vet bills, but there’s a good chance you still have to pay a deductible. This is why you should stock a pet emergency fund, even if you’re insured. You can dip into these savings to cover any out-of-pocket expense not covered by your policy.