Compare all options before purchasing pet insurance. This table will provide an overview of what each company has to offer. In particular, pay attention to rates, Deductibles, Waiting periods, and Coverage options. This will help to choose the right insurance for you cat or dog.
Rates
Pet insurance rates vary depending on how old your pet is and what coverage they need. Some providers charge more for older pets because they are more prone to accidents and illnesses. Some policies don't cover older pets because they do not consider pre-existing medical conditions. Before purchasing an insurance policy, it is a good idea to check with your company about discounts and other benefits. A multi-pet discount is also possible.
Multiple studies have been published that compare the rates of pet insurance policies. One study showed that cats are more expensive than dogs. One study showed that cats are less likely to visit the veterinarian than dogs and thus, are more affordable. It is important to note that there are other factors that can affect the rates.
Options for coverage
Be aware that not all pet insurance policies are created equally. Some companies provide full coverage for all medical costs. Others offer only limited coverage for certain conditions. Many companies have a deductible that requires you to pay a specific amount up front. There are many options for deductibles, ranging from $100 to $500. It's important that you know what is best for your pet and yourself.
Other factors to consider when comparing pet insurance coverage options include the number of vet visits covered and the cost of veterinary care. Policies that only cover accidents are more affordable than policies that cover all diseases. Accident-and-illness plans, on the other hand, are more comprehensive and cover most vet visits, procedures, and hospitalization.
Deductibles
The deductible is one of the most important aspects to consider when shopping 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. The amount of coverage you need will depend on how old your pet is and what your budget is.
You have two choices: an annual or per-condition deductable. The first is simpler to manage and most pet owners will prefer it. You'll need to keep track by date and condition of your expenses with the latter. Because of this, the deductible to cover a new medical condition is different for every case. You may not receive reimbursement from your insurance company immediately.
Waiting periods
It is important that you consider waiting periods when you choose a pet policy. These are imposed by the insurer to ensure that your pet is healthy enough to be eligible for coverage. The common waiting period to purchase a policy is thirty days. But this can vary. 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.
While waiting periods for pet insurance are variable, there are certain conditions that are excluded from coverage. Most policies include a waiting period for certain conditions, such as cruciate injury. Dogs with hip dysplasia, for example, may need to wait longer than dogs with cruciate injuries.
Percentage reimbursement
The reimbursement percentage on your pet insurance policy can affect the total cost of your policy. Some companies offer higher reimbursement rates than others. An 80% reimbursement percentage means that your insurance will cover 80% of any covered expenses. This means that you will only be responsible to $200 for your dog's injuries. You'll be responsible for paying a greater percentage if your dog needs regular care.
In general, the reimbursement percentages of pet insurance plans vary from 80% up to 90%. It is important to understand that higher reimbursement rates can lead to a more expensive plan. Additionally, every claim must be submitted with a deductible. The most common deductible amounts are $100, $200, and $500.