Finding the Right Pet Insurance: A Comprehensive Guide
Veterinary care can be expensive. Unexpected illnesses or injuries can lead to large bills, so pet insurance can be a wise investment. However, with so many insurance options, finding the right plan for your pet can feel overwhelming. The best approach is to compare multiple quotes and policy details to find a plan that aligns with both your pet’s needs and your budget.
Comparing Pet Insurance Quotes
To find the best pet insurance policy, comparing quotes is essential. You can get free quotes through several methods:
- Online: Visit pet insurance websites to get a quote. You’ll answer questions about your pet. You can gather quotes from individual sites or use a comparison site.
- Phone, Email, or In-Person: Many pet insurers connect you with an agent. You can also speak with an independent insurance agent.
Key Takeaways
- The average cost of pet insurance, covering accidents and illnesses, is about $46 per month for dogs. This includes $5,000 annual coverage, with a $250 deductible and 80% reimbursement.
- A similar plan for cats costs roughly $23 per month.
- Unlimited annual coverage with a $250 deductible and 80% reimbursement costs about $66 monthly for dogs and $34 monthly for cats.
How to Get Free Pet Insurance Quotes
We recommend comparing quotes to find the best pet insurance policy.
Benefits of Comparing Quotes
Choosing a pet insurer shouldn’t be a random decision based on advertising. Comparing quotes offers significant advantages:
- Savings: Compare quotes to find the best price.
- Suitable Coverage: Not all insurers offer all policy options. Examine the annual limits, deductible amounts, and various reimbursement levels.
- Coverage Details: Some insurers have robust coverage benefits, like 24/7 telehealth lines and wellness plan options. Others might require extra costs for these add-ons.
- Discounts: A multi-pet discount is usually between 5% to 10%, but not all insurers offer it. Other discounts such as a military discount or even a pay-in-full discount are available.
How to Compare Pet Insurance Quotes
To compare quotes effectively, compare plans with similar coverage options as possible. Here is what you should watch for:
- Decide on annual coverage level: Be aware that some pet insurers limit annual coverage while others offer unlimited coverage. Embrace, for example, offers maximum coverage options of $5,000, $8,000, $10,000, $15,000, or unlimited coverage. It’s recommended to compare prices for various coverage levels.
- Choose a deductible: Most insurers offer several deductible options, generally from $50 to $500. A higher deductible will mean a lower monthly bill.
- Choose a reimbursement percentage: This is the portion of vet expenses your insurer will pay after the deductible is met. Standard options are 70%, 80%, and 90%.
- Check waiting periods: Consider the waiting periods, which is the time before your policy’s coverage starts. Accident waiting periods are generally 1-14 days, while illness waiting periods are typically 14 days. Orthopedic conditions, such as hip dysplasia, might have longer waiting periods, ranging from six to 12 months.
- Verify access to a vet helpline: Many plans include access to a 24/7 virtual vet line.
- See if exam fees are covered: Some plans include exam fees for accidents and illnesses in their base plans, while some require additional costs, and others don’t cover them at all.
- Consider a routine wellness plan: Many insurers provide optional wellness plans for routine care, such as exams, bloodwork, dental cleanings, and vaccines.
Factors Affecting Pet Insurance Quotes
Your pet insurance premiums depend on the plan you choose and factors like:
- Type and Breed: Cats are typically cheaper than dogs to insure. Certain breeds have a higher propensity for specific health issues.
- Age: Puppies and kittens have lower premiums than senior pets.
- Gender: Male pets tend to have higher premiums.
- Location: The veterinary costs in your area.
- Policy Details: Higher annual limits, lower deductibles, and higher reimbursement levels increase the cost.
Types of Pet Insurance Plans
- Accident and illness plan: This is the most common type of pet insurance policy. It covers accidents like broken bones and illnesses such as allergies and cancer.
- Accident-only plan: Covers accidents like broken bones, lacerations, and bite wounds, but not illnesses.
- Wellness plan: Covers routine expenses like wellness exams and vaccinations. It is often an add-on.
Pet Insurance Terminology: A Quick Guide
- Annual limit or annual maximum: The amount a pet insurer will reimburse you in a policy year.
- Claim: A request to your insurer to reimburse you for expenses covered by your plan.
- Comprehensive coverage: An accident and illness plan with an available wellness plan.
- Deductible: The amount you pay towards vet bills before your coverage kicks in.
- Policy term or policy year: The period your coverage is active.
- Pre-existing condition: A health issue that existed before your coverage started.
- Reimbursement level or coinsurance: The amount your insurer will reimburse for bills. For example, an 80% reimbursement means you pay 20% of covered vet bills.
- Waiting period: The time after purchase before coverage starts.
