Compare the available options before you decide to purchase pet insurance. The table below gives you an idea about what each company offers. Be sure to pay close attention to rates, deductibles, waiting periods, and coverage options. This will enable you to choose the right policy for your cat and dog.
Rates
Prices for pet insurance will vary depending upon the age of your pet, as well as the level of coverage that they need. Older pets may be more susceptible to illness and accidents so providers will charge more. Many policies do not cover pets with pre-existing health conditions, or may refuse to take in older pets. Before you buy a policy, make sure to inquire about any discounts or benefits offered by your insurance company. Multi-pet discounts are also available.
Numerous studies have been conducted to compare pet insurance rates. One study concluded that cats are generally less expensive than their counterparts in dogs. It was found that cats tend to visit the vet less than dogs and therefore, are cheaper. However, there are other factors to consider when comparing rates.
Options for coverage
Keep in mind, however, that not all pet insurance plans are the same. Some companies offer full coverage, while others provide limited coverage for specific conditions. Many companies require that you pay a deductible. Deductibles can range from $100 to $500, so it's important to know which is best for you and your pet.
Consider the number and cost of veterinary visits when comparing pet insurance policies. All-insured policies cost more than accident-only policies. However, accident-and-illness policies are more comprehensive and include most procedures and vet visits.
Deductibles
A deductible is a key consideration when you are looking for pet coverage. Different companies may have different deductibles. Some companies offer $0 deductibles, while others require you make a payment of up to $1000. The amount you choose will depend on the age of your pet and your budget.
You can either choose an annual deductible, or a per condition deductible. The former is easier and more convenient for most pet owners. You will need to track expenses by date and condition. The deductible for each new medical condition will therefore be different. You may not receive reimbursement from your insurance company immediately.
Waiting periods
Consider waiting periods when you are looking for pet insurance. These are required by the insurer to verify that your pet's health is good enough to be covered. The most common waiting period for policies is 30 days. However, this can vary. Some insurers have shorter waiting lists, while others require a longer wait. Trupanion for instance has a 30-day waiting limit for illness coverage.
Although waiting periods for pet insurance coverage can vary, there are some conditions that are never covered. Some policies, for example, have a waiting time for certain diseases such as cruciate ligament injury. For instance, a dog with hip dysplasia may have a longer waiting period than a dog with cruciate ligament injuries.
Percentage reimbursement
The amount of reimbursement you receive for your pet insurance policy will affect your total policy cost. Some companies have higher reimbursement levels than others. An 80% reimbursement percentage means that your insurance will cover 80% of any covered expenses. You will be responsible only for $200 if your dog is hurt. If your dog is suffering from a chronic condition, such as diabetes, it's likely that you will have to cover a larger portion of the bill.
Generally, reimbursement percentages for pet insurance plans range from 80% to 90%. But, higher reimbursement percentages will mean that your plan is more costly. In addition, you must pay a deductible every time you submit a claim. The most common amounts of deductible are $100, $200, or $500.