Make sure you compare all the options before buying pet insurance. The table below will give an overview of the different companies. You should be aware of the following: rates, deductibles, waiting periods and coverage options. This will enable you to choose the right policy for your cat and dog.
Rates
Pet insurance rates vary depending on how old your pet is and what coverage they need. Due to the higher likelihood of accidents and illnesses, providers may charge more for older pets. Pre-existing conditions may not be covered by some policies, and older pets may be rejected entirely. Before purchasing an insurance policy, it is a good idea to check with your company about discounts and other benefits. You may also find a multi-pet discount.
Numerous studies have been done to compare rates for pet insurance policies. For instance, one study found that cats are less expensive than dogs. It was found that cats tend to visit the vet less than dogs and therefore, are cheaper. There are many other factors that you should consider when comparing rates.
Optional coverage
Keep in mind, however, that not all pet insurance plans are the same. Some companies offer comprehensive coverage for all medical costs, while others offer limited coverage for only a few specific health conditions. A lot of companies require you to 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. The cost of policies that only cover accident-related illnesses is lower than those that include all other conditions. However, accident-and-illness policies are more comprehensive and include most procedures and vet visits.
Deductibles
The deductible is an important aspect to consider when searching for pet insurance. Different companies have different minimum deductibles. While some companies have a $0 deductible while others may require you to pay $1000, there are many options. Choosing the right amount depends on your budget and the age of your pet.
You can choose an annual deductible or a per-condition deductible. The first is simpler to manage and most pet owners will prefer it. The latter requires that expenses are tracked by date and condition. Therefore, your deductible for a new condition may be different every time. It may also take more time before your insurance provider reimburses you.
Waiting periods
It is important to think about waiting periods when choosing pet insurance policies. These are required by the insurer to verify that your pet's health is good enough to be covered. A 30 day waiting period is the norm for policies, though this can be extended to any length. Some insurers may have shorter waiting times, while others may need a longer one. Trupanion, for instance, has a 30-day waiting window for illness coverage.
The waiting periods associated with pet insurance coverage vary, but there are some conditions that are always excluded from coverage. Some policies, for example, have a waiting time for certain diseases such as cruciate ligament injury. A dog suffering from hip dysplasia might have to wait longer than a dog suffering from cruciate ligament injury.
Reimbursement percentage
The reimbursement percentage of your pet insurance policy could affect the total cost. Some companies offer higher reimbursement rates than others. Your insurance will pay 80% of covered expenses if it has a reimbursement percentage of 80%. You will be responsible only for $200 if your dog is hurt. However, if your canine companion has a chronic condition that demands regular care, you will likely be responsible for a higher percentage of the bill.
Most pet insurance plans have reimbursement percentages between 80% and 90%. Higher reimbursement percentages are associated with a higher cost plan. You must also pay a deductible each time you file a claim. The most common amounts of deductible are $100, $200, or $500.