10 BEST PET INSURANCE COMPANIES
Routine pet medical costs can be really high. When you throw into that mix unexpected veterinary emergencies, it only makes sense for pet parents to enroll in a pet insurance plan. This is a no-brainer as the whole idea behind a pet insurance plan is, that you pay the insurance companies a small amount of money on a monthly basis and the company in turn takes care of your pet’s medical bills especially in unexpected and emergency situations which can run into thousands if not tens of thousands of dollars.
Insuring your pet with the best pet insurance companies comes with major advantages, some of which are transparent terms, premiums, and deductibles which are flexible, lavish coverages for accidents and illness, preventive care coverage, insurance for multiple pets, add-on riders, and much more.
Here is our pick for the 10 best pet insurance companies
- Best Pick Overall: Spot
- Best Pick for Routine Care: PetFirst
- Best Pick for Multiple Pets: ASPCA Pet Health Insurance
- Best Pick for Emergencies: Embrace
- Best Pick for Holistic Care: Figo
- Best Pick for Older Dogs: Hartville
- Best Pick for Chronic Conditions: 24PetWatch
- Best Pick for Servicemembers: USAA
- Best Pick Affordable Pet Insurance: Progressive
- Best Pick for Alternative Insurance: Eusoh
SPOT
Unlimited annual benefits, customizable deductibles, no lifetime coverage, whatever coverage you want for your dog SPOT pet insurance would have something for you. There is so much flexibility in what you can get from SPOT pet Insurance company and least we forget no age limit on the dog being insured.
Type of Coverage: Accident and illness, preventative
Prize starting from: $9.95 per month
Deductible: $100 to $1,000
POSITIVES.
- Unlimited Annual Coverage.
- No Age limit.
- Some Alternative Therapies are covered.
- Deductible starting from $100.
- Can get 100% coverage Option.
NEGATIVES.
- No customer support on weekends.
- Bilateral Condition Polices.
- Premiums are higher than normal for young pets.
- SPOT not doing the underwriting.
WHAT IS COVERED?
With SPOT pet insurance, there are plans for accident-only, accident and illness, and preventive.
The accident-only plan covers things like:
- Toxic ingestion
Broken limbs
Swallowed Objects
Fractured teeth
Microchip implantation
End-of-life expenses
and much more.
The accident and illness plan covers things like:
- Surgery
Hospitalization
X-rays
Dental disease
IVDD
Heart disease
Cancer
Poison control consultation fees
Microchip implantation
Behavioral therapy
and much more.
The wellness option comes with two preventive plans that can be added to the insurance policy. These are the gold plan which covers things like:
- Dental cleanings.
Vaccines.
heartworm tests.
etc.
And the Platinum plan covers things like:
- Preventative procedures.
Spaying or neutering.
Bordetella vaccines.
etc.
HOW IT IS PRIZED.
How much you get to pay for a SPOT Pet Insurance policy would depend on your location, the breed of your pet, age, current health status, and more. On average you can insure your dog for $30 to $50 a month and your cat for $18 to $25 a month. This can get you an annual limit of $5,000 for the accident and illness cover on a $500 deductible.
For the preventive, you can get an annual reimbursement of $250 for the gold plan and $450 for the Platinum plan. Please keep in mind, that you will have to wait 14 days after enrollment for the policies to take effect.
REDEEMING YOUR CLAIMS.
SPOT Pet Insurance policies can be used with any licensed veterinarian office, animal Clinic, or animal hospital. Copay is negotiable and depending on what is agreed on, you may not have to pay anything while redeeming your claim.
Click here to read the SPOT PET INSURANCE REVIEW
PETFIRST
If you are looking for superior value for your pets routine care with benefits that can be easily customized to suit your average annual expenditure. PetFirst’s wellness riders would be the best option for you.
Type of Coverage: Accident and illness, preventative
Prize starting from: $125 per year
Deductible: $250
POSITIVES.
- Professional and multi-pet discounts.
- Online resource center.
- Wellness benefits can be gotten in the range of $125 to $575 annually.
- Low Deductible.
NEGATIVES.
- Maximum payout of $10,000 per year for Accident and injury incidences.
- You cannot get an accident only plan with them.
- Individual limits are set for each preventive treatment.
WHAT IS COVERED?
A single pet insurance policy from PetFirst will provide cover for pet injuries, illnesses, and related treatments. In addition to this you get:
- Hospitalizations
Surgeries
Diagnostic tests
Exam fees
X-rays
Ultrasounds
Medications
Holistic care
Alternative therapies
Emergency care
As we mentioned above, the accident coverage for your pet takes effect the day after you enroll, but for the illness coverage, you have to wait for two weeks or fourteen days before it can take effect.
In addition to the above PetFirst also offers a Routine Rider Coverage for Pet owners which covers things like your pet’s annual vet exam, vaccines, behavioral training, microchipping, and more. The rider is available in five tiers and can be gotten within the wellness benefits annual cost (between $125 to $575).
HOW IT IS PRIZED.
As we mentioned earlier, the accident and injury pet insurance plan have a fixed deductible of $250. But you can get something more customized to you through their website. The starting premiums for accident and illness coverage start at $15 a month for Dog insurance and $9 a month for Cat insurance.
PetFirst also offers loads of discounts. For example, families ensuring multiple pets in their household can get discounts of 5% or more and some professionals who work with animals directly can get up to 10% discount.
REDEEMING YOUR CLAIMS.
All licensed veterinarians in the United States accept PetFirst claims, they are also accepted by specialists and at emergency animal hospitals. All you need to do is take care of 20% of the cost.(Copays: 20%). The annual limit that PetFirst pays out is $10,000 and the Network size is Unlimited.
Click here to read the PETFIRST INSURANCE REVIEW.
EMBRACE
Emergencies are sometimes unavoidable especially with pets, if you suspect that your kind of pet will be prone to accidents and emergency situations, the best pet insurance company for you will be Embrace Pet Insurance. These plans can take care of your pet’s emergency bills at any licensed veterinary hospital. You also find that the accident benefits are accessible just two days after enrollment, a very short waiting period when compared to other pet insurance companies.
Type of Coverage: Accident and illness
Prize starting from: $145 per year
Deductible: From $200 (discounts available)
POSITIVES.
- Embrace offers a vanishing deductible program
- They also offer an accident-only plan
- The plan cover hospitalization and emergency care at any licensed pet clinic
- Short waiting period for accident cover to take effect.
- Free medical history review
NEGATIVES.
- The wellness options are not attractive.
- No zero-deductible offers.
- You pay additional fees just for enrolling and monthly pay.
WHAT IS COVERED
Embrace pet insurance company offers two types of policies or plans. The first one is for accidents only and the second one is for accidents and illness. Generally, you will have to wait two days for the accident policy to take effect and fourteen days for the illness policy to take effect.
As they say in Embrace, their policies are “nose to tail coverage” meaning every single part of your pet’s body is covered. Here is a list of treatments and services that are covered under these plans:
- Hospitalization
Exam fees
Emergency care
Hereditary conditions
Chronic conditions
Cancer treatment
Surgery
Congenital conditions
Prescriptions
Rehabilitation
Behavioral therapy
Diagnostic screenings
In addition to the above, they have an Accident Only insurance plan specifically for dogs. This plan covers things like:
- Injuries
Car accidents
Swallowed objects
Prescription drugs for covered conditions
Cuts and lacerations
Poisoning
There are also offers for Wellness Rewards for Routine Care rider, this can help you to take care of things like annual check-ups, vaccines, prescription diet food, and microchipping.
HOW IT IS PRIZED.
Prize for cover starts at $145 per year, although you can get a plan structured to your pet type by going online to their website and getting a quote. The customization will take into consideration the type of pet you want to insure, its breed, and age amongst other things.
Accident-only plans have an annual deductible of $100 while for accident and illness plans, the deductible can range from $200 to $1000.
A wonderful benefit you get by insuring your pet with Embrace is their “Healthy Pet Deductible discount”. This discount can come in different forms for example if you go a year without filing a claim, Embrace will reduce your deductible by $50. If you are insuring multiple pets, you can get a 10% discount. If you are getting the insurance through your employer, you can also get a 10% discount and if you are in the military, you can get a 5% discount.
REDEEMING YOUR CLAIMS.
Embrace pet insurance claims are accepted at any licensed veterinarian office or animal hospital. It does not matter what pet it is. You can file your claim online with all the necessary information upfront and it will be processed in about 2 weeks’ time.
Some other details to keep in mind while filing your claims are, that you can get an annual limit of up to $30,000. Copay varies in the range of 10% to 30%. The waiting period before you can legitimately file for claims is 2 days for accidents and 14 days for illnesses and finally, the Network size is unlimited.
Click here to read the EMBRACE PET INSURANCE REVIEW.
ASPCA
This is actually a partnership between Crum & Forster Insurance and ASPCA, geared towards dogs, cats, and horses, offering a whopping 10% discount when multiple pets are insured, making them the best choice if you have multiple dogs and cats in your household.
Type of Coverage: Accident, illness, and wellness
Prize starting from: $150 per year
Deductible: $100 to $500
POSITIVES.
- Can place claims with any licensed veterinarian in the U.S. and Canada
- Whooping 10% multi-pet discount
- Comes with a smartphone app
- Cats, dogs, and horses covered
NEGATIVES
- Benefits for wellness are dependent on per-treatment limits.
- ASPCA is not directly involved in the administration
WHAT IS COVERED?
ASPCA offers two plans, an accident-only plan, and an accident and illness plan. The preventive care part of the coverage can be used a day after enrollment but the other parts of the coverage can only be used 14 days after enrollment.
Some of the things covered under the ASPCA Pet Health Insurance are:
- Illnesses
Accidents
Behavioral Health
Dental diseases
Hereditary conditions
The accident-only plan pays exclusively for accident-related injuries and treatment like:
- Hospitalization
Broken bones
Torn ligaments
Bite wounds
Ultrasounds
Swallowed objects
X-rays
MRIs
Surgery
An extra you can get with ASPCA plans is a preventive care coverage rider. This covers dental cleanings, routine screenings, and much more.
HOW IT IS PRIZED.
How much you get to pay for ASPCA Pet Health Insurance depends very much on the pet’s breed, age, and the specific plan. Personalized Quotes can always be gotten online and this will give you an idea of how much coverage your pet can get. Even though the Deductible is between $100 to $500, for houses with multiple pets, you get a 10% discount offer for each pet insured with ASPCA. So the more pets you have, the more discount you get.
REDEEMING YOUR CLAIMS.
The ASPCA Pet Health Insurance is accepted by licensed veterinarians in the United States and Canada. All you need to do after your visit to a licensed veterinarian is to save a copy of your bill. Just snap with your phone and upload it to the app and the processing of your payment begins.
ASPCA Pet Health Insurance Annual limits are unlimited. The Copay ranges from 10% to 30%. The waiting period is one day for preventive care and fourteen days for accidents and illness. Network size is unlimited.
Click here to read the ASPCA PET INSURANCE REVIEW.
FIGO
If you are looking for the best insurer for your pet in terms of holistic care or alternative treatment, FIGO would be your best bet.
Type of Coverage: Accident and illness
Prize starting from: $92 per year
Deductible: $100 to $750
POSITIVES
- Holistic care included in the Base plan
- You get a 30 days money back guarantee
- Virtual Vet visits are available any time of day
- Very flexible customer support
- Can be used by any licensed veterinarian
NEGATIVES
- Pets need to take an enrollment examination
- Examination fees are not covered in the base plan
- Only dogs and cats accepted
WHAT IS COVERED?
FIGO pet insurance plan mainly covers accidents and injuries to pets. Under this plan, the coverage is in 3 tiers. The Essential plan is where you can get up to $5,000 annually. The Preferred plan is where you can get up to $10,000 annually. The Ultimate plan is where you can get unlimited payment annually.
Here are some of the treatments and services covered under Figo’s accident and injury pet insurance policy:
- Emergency services
Hospitalization
Diagnostic testing
Hereditary conditions
Congenital conditions
Chronic conditions
Cancer treatment
Surgeries
Holistic and alternative treatments
Behavioral Health
In addition to the above, FIGO also offers a wellness plan. You can access this wellness plan by getting a Wellness Rider for preventive care. Note that whatever coverage you go for, after enrollment, you have to wait one day for injury visits to take effect and 14 days for illness visits to take effect. Some orthopedic conditions can take up to six months after enrollment to take effect.
HOW IT IS PRIZED.
The price starts at $92 per year. But as usual, you can get a plan customized to your pet’s need by going online and requesting a personalized rate quote for your pet. Deductibles range from $100 to $750 and discounts are available depending on the state you reside in. To get the best deal, reach out to FIGO customer service and get the correct details of how you can get a FIGO pet insurance plan for the best price.
REDEEMING YOUR CLAIMS.
FIGO pet insurance claims are accepted by licensed veterinarians, veterinarian clinics, and animal hospitals. This also includes holistic or alternate care. The waiting period includes three days for an injury visit and 14 days for an illness visit. There is the virtual vet which makes it easier to get a virtual review for your dog, or dogs and also to receive answers to questions you may have on your pet’s health.
For the copay, you can pay from nothing to about 30% of the cost. Enjoy $5,000 to unlimited in payments per year and the network size is unlimited.
Click here to read the FIGO PET INSURANCE REVIEW.
HARTVILLE
Senior Citizen Dogs and cats have never had insurance better than they would ever get. It does not matter how old your dog or cat is, Hartville has a policy for them. Be it an accident-only coverage or an accident and illness coverage. Hartville has them covered.
It’s worth noting that HARTVILLE just like ASPCA uses Crum & Forster Insurance to do all their underwriting.
Type of Coverage: Accident and illness
Prize starting from: $138
Deductible: $100, $250, or $500
POSITIVES.
- You get a one-month trial period.
- Dogs of all ages are accepted
- Online Resources to guide you
- Discount for multi-pets
NEGATIVES
- Premiums are quite high
- The waiting period for injuries is long.
- Preventive care benefits are scheduled.
WHAT IS COVERED?
There are two main policies available at HARTVILLE, the accident-only plan, and the accident and illnesses plan. The accident-only plan takes care of accident-related injuries and treatment like:
- X-rays
- Exam fees
- Ultrasounds
- Swallowed objects
- MRIs
- Surgery
The accident and illnesses plan covers conditions like:
- Hereditary conditions
- Dental diseases
- Behavioral Health
- Cancer
- Hip dysplasia
- Diabetes
- Eye disorders
You can also get a Preventive Care Coverage rider which pays for things like routine wellness visits, vaccines, and dental cleanings. It’s worth noting that you can only start using the accident and illnesses plan 14 days after enrollment.
HOW IT IS PRIZED.
The cost for getting Pet Insurance from Harville starts at $138 a year, as usual, you can get a customized quote from the HARTVILLE site online geared towards exactly what you want. Deductible ranges between $100 and $500. This can give you the limited coverage amount of $5,000 per annum to unlimited annual coverage. There is also the advantage of getting a 10% discount for each additional pet insured.
REDEEMING YOUR CLAIMS.
HARTVILLE claims can be issued from any veterinarian in the United States. After visiting your vet you can just submit your claim online through the HARTVILLE members center. There can be a copay percentage you may bear, from 10% to 30% of the cost and their network size is unlimited.
Click here to read the HARTVILLE PET INSURANCE REVIEW.
24PETWATCH
Pets dealing with chronic conditions can have their needs insured at 24PetWatch Insurance. With a maximum annual limit of $20,000, this should be more than enough to cover any treatment your pet might need. You can also get pre-existing conditions covered if your pet can go 24 months without showing symptoms.
Type of Coverage: Accident and illness
Prize starting from: $340 per year
Deductible: $100 to $1000
POSITIVES.
- Can be redeemed by any licensed veterinarian.
- Trip cancellation and boarding are covered.
- Pre-existing conditions are covered if the pet goes 24 months without symptoms.
- Low premiums if no claims are filed.
NEGATIVES
- Premiums are expensive.
- Plans are complex.
- There are age limits for the pets
- Medical records or Veterinary examinations required
WHAT IS COVERED?
24PetWatch has an accident and illnesses plan which offers four pet insurance policies for cats and dogs. These plans are the Extra Plan which has an annual coverage of $3,000, the Classic Plan which has an annual coverage of $5,000, the Superior Plan which has an annual coverage of $10,000, and the Champion Plan which has an annual coverage of $20,000.
Treatments under this covers are:
- Exam fees
Medications
X-rays, ultrasound
Hospitalization
Physical therapy
Lab tests
Surgeries
Alternative treatments
24PetWatch also offers to pay some additional costs without the need for more deductibles or coinsurance. These additional costs include:
- Trip cancellation
Boarding kennel fees
Lost pet recovery costs
Additional living expenses
In addition to the above 24PetWatch also has the option for a Wellness Coverage rider that can be added to any of the four plans for som few extra dollars a month. This can help you to get reimbursement for the cost of routine and preventative care. They also help to take care of annual exams, vaccines, and dental care.
Keep in mind that you can start using the plans two days after enrollment, but the illness coverage will take effect fourteen days after enrollment.
HOW IT IS PRIZED.
The cost for getting Pet Insurance from 24PetWatch starts at $340 a year. The actual amount you will end up paying depends on the plan you choose, your deductible, the reimbursement percentage, and your pet’s age and breed. Deductibles for the policies range from $100 to $1000. You can also get a 5% discount for registering your pet’s microchip number.
REDEEMING YOUR CLAIMS.
With an unlimited network size, 24PetWatch insurance policies can be redeemed at any vet clinic or animal hospital in the United States. The Copay is 20% of the total cost.
Click here to read the 24PETWATCH INSURANCE REVIEW.
USAA
Are you in the military? The best option for you is USAA. They provide all types of insurance for military personnel and that includes pet insurance. You may even qualify for up to a 25% discount on your premiums if you insure through them.
It is worth noting that all USAA plans are administered through EMBRACE.
Type of Coverage: Accident, illness, wellness
Prize starting from: $68 per year
Deductible: Undisclosed
POSITIVES.
- You may qualify for up to a 25% discount.
- Can be redeemed by any licensed veterinarian.
- There are no age restrictions on the accident-only plan.
- Many different types of policies to select from.
- Pre-existing conditions can be covered after 12 months without symptoms.
NEGATIVES
- After claim approval funds can take up to 15 days to reach you.
- Only Military personnel can apply.
- A third party administers all the policies.
- No Unlimited benefit.
WHAT IS COVERED?
USAA offers coverage for accidents only, accidents and illness with wellness rider benefits. The accident-only plan would help you take care of incidents like:
- Swallowed objects
- Broken bones
- Sprains
- Toxic ingestion
- Eye injuries
- Burns
- Bites
The accident and illness plan is more robust and covers treatments, procedures, and health conditions like:
- Diagnostic testing
- Emergency care
- Breed-specific conditions
- Chronic conditions
- Congenital conditions
- Behavioral therapy
- Surgery
- Cancer treatment
- Hospitalization
- Alternative therapies and rehabilitation
- Prescription drugs
As mentioned earlier, there is also a wellness rider that can be attached to the policies if you want them. The rider takes care of things like vaccinations and microchipping.
Note that the policies take effect after enrollment 2 days for injuries, 14 days for illnesses, and six months for orthopedic conditions.
HOW IT IS PRIZED.
USAA pet insurance policy starts at $68 each year. The deductible on the other hand is not disclosed to the public. As military personnel, you have to contact USAA one on one to make available that information to you. What we know is that qualified members can get up to 15% off their pet insurance plans and a 25% discount for multiple pets.
REDEEMING YOUR CLAIMS.
Claims for USAA policies can be redeemed with any licensed vet or animal hospital in the United States. These claims can be easily submitted online through the EMBRACE website. If the service is covered, you may have to wait for about 2 weeks to get reimbursed.
As usual, the Network size is unlimited and the copay ranges between 10% to 30%
Click here to read the USAA PET INSURANCE REVIEW.
PROGRESSIVE
Looking for a pet insurance plan that is dirt cheap? Well, it doesn’t get better than the deal you will get from progressive. Starting at $6 a month with multiple discounts here and there. PROGRESSIVE is a dream come through for people looking for a cheap pet insurance company.
PROGRESSIVE sells their pet insurance plans through Pets Best.
Type of Coverage: Accident, illness, wellness
Prize starting from: $6 to $9 per month
Deductible: $50 to $1,000
POSITIVES
- Pet Helpline is available 24 hours every single day.
- Very affordable premiums.
- Option for unlimited annual coverage available.
- Discounts are readily available.
- Quotes easily gotten online.
NEGATIVES
- External party does the underwriting.
- Limited information online.
WHAT IS COVERED?
PROGRESSIVE offers three main insurance plans. These plans cover accidents and illnesses, accident-only, and routine care. The accident coverage takes effect three days after enrollment, while the illness coverage takes effect fourteen days after enrollment.
The accident and injury plan takes care of the following:
- Accidents
- Illnesses
- Emergency care
- Surgery
- Cancer treatments
- Hereditary conditions
- Exam fees (optional)
The accident-Only plan takes care of the following accident-related incidences:
- Bites.
- Broken bones.
- Swallowed objects.
In addition to the above through Pets Best, PROGRESSIVE offers two preventive and routine care policies. They are called the EssentialWellness Plan and the BestWellness Plan. These two plans are the same in terms of the services and treatments they cover, the only difference between the two is their annual benefits. With the EssentialWellness Plan, you can get up to $305 in annual benefits while the BestWellness Plan can get you up to $535 in annual benefits.
Here is a list of things that these two plans cover:
- Vaccination
- Blood work
- Teeth cleaning
- Flea and tick prevention
- Deworming
- Wellness exams
- Microchipping
HOW IT IS PRIZED.
As we stated earlier, a PROGRESSIVE Pet Insurance plan is the most affordable pet insurance plan available. For example, the rates for the accident-only plan are $6 a month for cats and $9 for dogs. The preventive and routine care policies are priced at $16 a month for the EssentialWellness Plan and $26 a month for the BestWellness Plan. Mind you, the preventive and routine care policies do not require deductibles.
The only time a PROGRESSIVE Pet Insurance plan becomes pricey is when you go for the Best Benefit accident and injury plan. To get this, you will need to get a personalized quote through Progressive’s website. The price would be dependent on the type of animal, the breed, the deductible, and the annual coverage limit. Usually, the deductible is in the range of $50 to $1,000.
There is a 5% discount when you are insuring multiple pets and you can get a 5% on a BestBenefit policy.
REDEEMING YOUR CLAIMS.
Progressive pet insurance claims can be redeemed at any licensed veterinarian in the United State. All you need to do is simply submit your claim online. The Copay is between 10% to 30% and the Network size is Unlimited.
Side note, just keep in mind that you will be working directly with Pets Best to redeem your claim.
Click here to read the PROGRESSIVE PET INSURANCE REVIEW.
EUSOH
In a real sense, EUSOH is not an insurance company. It is a community-based pet insurance alternative where pet parents join groups and directly fund the veterinary costs of their group members. The main advantage EUSOH has over traditional insurance companies is their transparency.
Type of Coverage: Accident, illness, wellness
Prize starting from: $68 a month
Deductible: $250
POSITIVES.
- No pet age limit for enrollment.
- Takes care of more treatment types than traditional Insurance.
- Can be used by any veterinarian.
- The pricing structure is very transparent.
- Lavish referral bonus.
NEGATIVES.
- Does not offer coverage for pre-existing conditions.
- Have to make a commitment for a year.
- Thirty days waiting period before approval.
- Monthly cost even though capped, varies from month to month.
- Offers are not customizable.
WHAT IS COVERED?
EUSOH has a standardized plan which takes into consideration accidents, illnesses, and preventive care. Here are some of the things covered under the EUSOH plan:
- Exam fees
- Procedures
- Lab tests
- Medication
- Continued treatment
- Genetic conditions
- Preventive care
- Microchipping
and much more.
HOW IT IS PRIZED.
As stated earlier EUSOH has a monthly capped payment of $68 a month of which the company takes a flat $17 dollars, there is an annual deductible of $250 based on which you can get a reimbursement of up to 80% of your vet cost. Immediately after your pet is signed up on EUSOH, you will see different groups in the community of which you can apply to join one.
There is a 30 days waiting period after which you may be able to submit any expenses you have covered for reimbursement. Each month, the communities expenses are checked and the cost is shared amongst all members of the group.
REDEEMING YOUR CLAIMS.
After enrolling with EUSOH, you get a 30 days waiting period after which you can get paid for any type of approved treatment type. EUSOH reimbursement can be used to receive your funds from any veterinarian. You get a copay of 20% and there is a payout limit of $8,500.
Click here to read the EUSOH REVIEW.
WHAT IS PET INSURANCE?
Pet Insurance is usually a policy or plan where you get to pay an amount monthly called a premium for your pet. You do this so that when your pet gets sick or is injured, you have the ability to pay part or all of the cost and still request for the pet insurance company to reimburse you for the cost of treatment.
Now, you do the above by taking some evidence of the bill or cost and submitting it to the pet insurance company.
There is something called a deductible which you have to pay to the pet insurance company before reimbursement of your money is made to you. This is different from the monthly premium which you are required to pay.
The monthly premiums are not over the top. It is usually in the range of a few hundreds of dollars yearly. But when you compare it to the high cost of pet care, the monthly premiums becomes quite insignificant in importance. This is because the cost of treating illnesses and injuries to a pet can easily run into thousands of dollars.
For example, you may have a situation where your dog may need to go for surgery costing $4000, before that the pet may need to be hospitalized and undergo examinations and observation costing $1,000 and $2,000 respectively. You see, your cost can easily ramp up, and paying $30 or $50 monthly to get such a cost reimbursed especially in an emergency situation becomes a no-brainer.
We need to mention in passing most plans exclude some illnesses and pre-existing conditions so understanding the fine print and more importantly requesting exactly what you want from your pet insurance company is important.
HOW DOES PET INSURANCE WORK?
Pet Insurance works by you signing up or enrolling with them to insure your pet ahead of any future incidence. You see, pet insurance companies do this to prevent people who have sick pets from taking advantage of them. Before you can enroll in a plan or policy, your pet is likely required to undergo a health checkup.
In addition to the health checkup, there is a waiting period after the enrollment before the pet insurance policy can take effect. Some policies expect that you make full payment of the vet bill before filing the claim, others expect that you pay a percentage of the vet bill before filing a claim. This is called a copay.
When you file for a claim, your pet insurance company would evaluate your claim, after approval the reimbursement can be made to you through your bank account or by sending you a check in the mail. This process can take about two or three working days. For more complicated cases, it may take a week or more.
How much you are reimbursed is heavily dependent on the plan or policy you choose. Here are some things that will definitely affect the amount of reimbursement you might receive from a pet insurance company:
Your Deductible: An amount you must pay to your pet insurance company before coverage can take effect. This can range from $0 to $1,000 and you are expected to pay it per incident or annually depending on the plan you choose.
Annual maximum Payment: This is the amount of money the policy you enroll in will pay for any incident. It can range from $5,000 to $20,000. Some policies can even get you Unlimited payment for your pet. Depending on your plan, you may need to pay the rest of the amount yourself if your plan cannot cover the cost. For example, if your policy’s annual limit is $5,000 and your pet cost is $7,000, you will need to pay the extra $2,000 out of your own pocket.
Copays: This is the percentage amount of money for the vet bill which you agree to pay, while the company pays the rest. For example, if you have a bill of $5,000 with a copay of 20%, that means you get to pay $1,000 while the pet insurance company pays the remaining $4,000.
Your Premium: The amount you are expected to pay to the pet insurance company monthly during the period in which the policy or plan is in effect. This is usually cheap and can range from $30 to $100 a month unless you are going for a more exorbitant plan.
It is worth noting that most Pet Insurance companies have conditions in their plans that they don’t necessarily cover. These are called exclusions and some of these conditions or activities fall into that category.
- Dental disease
- Preexisting or hereditary conditions
- Behavior issues
- Routine checkups
- Preventive care
- Hip dysplasia
- Grooming
Most pet insurance companies don’t cover ailments your pet may have before enrolling for insurance with them. These are called pre-existing conditions. Some top-tier pet insurance companies tend to take care of some of these conditions as mentioned above but this will come at a price. They do this by watching the pet over a period of some months or years. If the pet does not show signs of these conditions, they start to insure such conditions.
FACTORS THAT INFLUENCE THE COST OF PET INSURANCE.
The cost of pet insurance for your pet would depend on the following factors:Type of pet: The pet you are insuring can also affect the plan you can get. For example, cats are cheaper to insure than dogs.
The number of pets insured: The more pets you insure the more expensive your policy gets, this is even more so when insuring different types of animals or pets at the same time. The good thing is that most pet insurance companies offer discounts for insuring multiple pets.
The Pets breed: Your Pet’s breed can affect your premium and possible reimbursement you can get from your pet insurance company, simply put different breeds are likely to experience different health issues.
Your Pet’s Age: The Younger your pet is the cheaper it is to insure them as younger pets have fewer health issues than older pets.
Your Pet’s Location: Places in high population density areas tend to pay higher premiums than places in low population density areas.
Despite the above factors, there are add-ons, or endorsements popularly termed as riders in the insurance space. They give one more coverage for things like prescription food, behavioral training, vet examination, vaccines, and more.
Keep in mind before you purchase Pet Insurance, you need to really weigh your options. If you can pay thousands of dollars out of pocket for an emergency treatment, you may not need to insure your pet. Some pets go for the duration of their life without a major incident.
However, not everyone can pay thousands of dollars out of pocket and there is no guarantee that your pet can go a lifetime without an accident or some sort of illness, so the wise thing to do would be to get a pet insurance plan to take care of probabilities like that. After all, a well-structured pet insurance plan does not really cost much, not to mention the fact that it takes away any tough decision you would have made in terms of treatment for your pet as money would not be an issue for an insured pet.
TYPES OF PET INSURANCE.
Here are the different types of pet insurance explained.
Accident-only: this is the most basic cover available when pet insurance is mentioned. If your pet is involved in an accident leading to some harm or injury, for example, a car accident or a train accident. The accident-only plan is meant to take care or cover any treatment emanating from this.
You have to ask yourself, is the accident-only insurance best for my pet? On a good day, the accident-only insurance is a good fit for dogs who have been vaccinated, dewormed, and are not prone to health conditions like heart diseases, dysplasia, etc. This is usually not a good fit for older dogs from the Pet Insurance company perspective which brings us to the next type of pet insurance.
Accident and illness: As the name implies, this pet insurance plan does not only help cover the cost of an accident if it happens to your pet, but it also helps to cover the cost of illnesses such as ticks and fleas, skin conditions, infectious diseases, some hereditary conditions, cancer, etc.
You have to ask yourself, is the accident and illness insurance best for my pet? This plan is usually the main one recommended for all dogs. Apart from the gains of having an accident-only policy, your pet benefits from being covered when they start experiencing symptoms of illness or disease. This makes it the best option for older dogs.
On the downside, if your pet is showing symptoms of a disease during the period you are enrolling them into an insurance plan. That disease may not be covered as it will be classified as a pre-existing condition.
Wellness: The wellness plan for pet insurance can be sold as a standalone plan, but most often, it is sold as a rider to the accident only or accident and illness plans. The wellness plan takes care of things like routine and preventative care, including vaccines, microchipping, spaying/neutering, and annual vet exams.
You have to ask yourself, is the Wellness insurance plan best for my pet? First of all most wellness plans are cheap. By itself, most veterinarians and pet parents will agree that it doesn’t come with much value, but when attached with the accident-only or accident and illness plans you get to appreciate it more.
Comprehensive plan: This can be described as the creme de la creme of the pet insurance plans, you get the advantages of the accident and illness plans and the wellness plans. In addition to that, you get coverage for congenital conditions and genetic predispositions, pre-existing conditions are covered as long as pets can go for some period without showing symptoms. Some of the things covered includes behavior training courses, vaccinations, microchipping, alternative treatments, routine care, and much more.
You have to ask yourself, is the Comprehensive Insurance plan best for my pet? The downside to this plan is the high expense in premiums, deductibles, and more strict conditions for the plan. The positive is that nearly anything can be covered under this plan. Hereditary diseases, pre-existing conditions, and much more complex situations especially for dogs who are even at the end of the line in terms of age. Anything can be gotten here as far as you are ready to pay.
WHAT IS DOG LIFE INSURANCE?
Dog life insurance is a type of insurance that is meant to take care of the value of a dog. Dogs that might need this kind of insurance are working dogs, show dogs, and service dogs. These are dogs that are typically expensive to train and very hard to replace without some strong financial assistance.
A dog life insurance would probably reimburse you the value of your dog, a good portion of the future income they were likely to make, and possibly the funeral cost.
For example, a Portuguese Water Dog can cost from $3,000 to $5,000. A working dog, that can be used to herd sheep, the value on purchase and expected value of its lifetime service can be reimbursed to you at the loss of the dog including the cost of the burial (dog casket, dog tomb, flowers, ceremony, etc,) and more.
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Hi, I am Charles Nwankwo Editor-in-Chief, Mydoggything.com. Gleaning from Professional Dog Trainers, behaviorist, Registered Veterinarians, and Breeders. We are passionate about making dog care easy for you. My job is to make sure that you get the best-updated dog care information to understand and take care of your dog or dogs.