How to find the best pet insurance company for you
Pet insurance plans available in the market vary in costs and features across different companies, adding a layer of complexity to the task of selecting the right one. To pinpoint the most suitable plan for your furry companion, consider these guidelines before finalizing your coverage:
Check whether your pet is eligible
For puppies and kittens, meeting the age threshold of 6 to 10 weeks is usually a requirement for insurance eligibility, varying by the company. Senior pets, on the other hand, could encounter enrollment restrictions with certain companies, potentially limiting them to accident coverage. However, after your pet’s enrollment, the majority of plans guarantee lifelong coverage, contingent upon your consistent premium payments.
Research what’s covered
Pet insurance plans generally cover expenses like surgeries, hospital stays, and medications in the event of illness or injury to your pet. However, there are specific aspects that some companies might charge extra for or omit from coverage. Here are a few instances:
- Exam fees: Consider your dog breaking a leg. While certain plans may reimburse expenses for X-rays, surgery, and pain medication, they might exclude coverage for the veterinarian’s examination fee.
- Alternative treatments and rehabilitation: Some companies include coverage for practices like acupuncture and physical therapy in their standard plans, while others might require an additional fee.
- Behavioral therapies: Not all policies extend to veterinary treatment for behavioral issues such as aggression.
- Prescription food: Some plans might not include coverage for prescribed food or supplements, even if recommended by your vet for a covered condition.
- Dental care: Pet insurance plans differ in their approach to dental health. Some may not cover dental problems like gingivitis or periodontal disease. Alternatively, coverage might depend on recent tooth cleaning. Certain wellness add-ons might include coverage for cleanings.
Remember, pet insurance policies typically exclude pre-existing conditions, cosmetic procedures, and breeding expenses from their coverage.
Decide how much coverage you want
Most pet insurance plans establish an annual payout limit, though a few come without an annual cap. It’s your decision to figure out the amount that provides you with a reassuring feeling of financial security regarding veterinary expenses.
When your dog or cat is in good health, you could go through years without facing expenses beyond routine care. Nevertheless, unexpected surgeries or serious illnesses could lead to accumulated costs reaching thousands of dollars.
Understand reimbursements and deductibles
The majority of pet insurance plans operate on a reimbursement basis, wherein a percentage of your veterinary bill is refunded. When obtaining the plan, you typically have the option to choose a reimbursement level like 70%, 80%, or 90%.
In contrast, certain plans adopt the insurance company’s predefined fee for specific treatments, which might be lower than your vet’s charges. This means you would need to cover the difference in cost.
Most plans also include a deductible— the initial amount you pay out of pocket before the policy kicks in. You usually have a range of deductible options, such as $100, $250, or higher. Some plans apply deductibles for each treated injury or illness, while others require you to meet the deductible once per year.
In general, there’s a trade-off between your out-of-pocket costs and the cost of coverage. Opting for a lower deductible and a higher reimbursement rate could lead to a higher premium, while choosing a higher deductible and a lower reimbursement rate might result in a lower premium.
Check waiting periods
The majority of plans incorporate short waiting periods immediately after obtaining the policy for general accident and illness coverage, typically around 14 days. Throughout this waiting period, treatments aren’t covered by the plan.
However, for specific conditions such as cruciate ligament injuries, certain plans impose extended waiting periods. These ligaments are vital for knee stability, and injuries to them can severely impact a dog’s ability to move comfortably.
Examine extra costs
Certain pet insurance providers include coverage for routine services such as wellness check-ups and vaccinations. While this might sound enticing, it’s crucial to assess whether the added cost brings real value. Compare the annual expense of the wellness insurance plan with what you would individually spend each year for the covered services. Pay close attention to the details, as the elements classified as “wellness” can vary across different pet insurance companies.
Compare Quotes
Insurance costs vary depending on the provider and the extent of coverage. Some pet insurance companies offer discounts; insuring multiple pets might lead to potential savings. However, a discount by itself doesn’t guarantee that a plan is the best option.
To discover the most fitting insurance for your pet, it’s essential to dive into the details and gather quotes from different plans. Make sure you’re conducting a fair comparison, considering similar coverage levels, deductibles, and reimbursement limits.