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According to Datamonitor research, pet insurance premiums are on the rise. The independent market analyst claims the rise is due to rising vet''s fees and an increase in the frequency of claims. Claims inflation, according to Datamonitor, is now somewhere between 5% and 15%, largely due to an increase in complicated and more technologically advanced treatments. The problem is being fuelled by the current economic climate, which is preventing many pet owners from taking out pet insurance altogether. The predicted rise in 2011 will only compound this problem. Many people are angry that it now costs more to insure their pet than it does their car so they are willing to risk going without insurance and hope their pet doesn''t need any major treatment. There are ways to reduce the cost of your pet insurance without significantly reducing the amount of cover. Here are some top tips on ways to cutting the cost of pet insurance. Pay annually: Although it is more convenient to pay in instalments each month by direct debit, you are charged extra for the privilege. Interest is factored in to these monthly costs so over the course of a year you could pay between 10% and 30% more for your insurance. Insure all pets on one policy: If you have more than one pet, it pays to insure them altogether on one policy. Not only is this more convenient, but many pet insurers offer multi-pet discounts, so for each additional pet you can save ?10 to ?20 per pet each year. Buy online: Seeing as fewer overheads are incurred by insurers through web purchases, they can pass these savings onto you, the consumer. For example, Co-operative Insurance offers a 15% discount if you buy their pet insurance online instead of over the phone. Start young: As soon as you buy your pet get it insured. By signing up early when your dog is healthy you can start accruing benefits before the insurers rises like dog years. Which pet?: Before you even buy a pet, think twice about exactly what animal and breed to buy. Notoriously, thoroughbreds cost more than mongrels and they are more susceptible to hereditary diseases and illness; a mongrel will save you money from all angles.
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Georgetta Siluis is a freelance writer with a love of all things animal. They recommend Co-operative Insurance for pet insurance
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