What to Look for in Pet Insurance (and Avoid!)
Pet insurance plans can be a great way to stay prepared for the unexpected. From accidents to acute and chronic illnesses, pets can be susceptible to various issues. It’s important to know how to choose the right pet insurance plan so you can have the most coverage while spending the least amount of money per month. Here's what to look for in a pet insurance plan, and how to find affordable options.
What to Look For in a Pet Insurance Plan
Low Deductibles and Monthly Premiums
High deductibles are often a breaking point for insurance plans. While you might have a low monthly premium, these low monthly costs often mean high deductibles of thousands of dollars. In fact, the average deductible can range from $100 to $1,000.
Choose an insurance plan that provides a good balance of both lower deductibles and reasonable monthly prices. Monthly premium costs should be affordable, but also keep in mind that lower monthly premiums often mean higher deductibles. You can always ask for free quotes and compare plans before choosing the one for your pets.
Coverage for Pre-Existing Conditions
It's important to choose a pet insurance plan that doesn't exclude coverage for pre-existing conditions. This means that if your pet has any existing health issues, they will still be covered under your pet insurance plan. Make sure to ask your new insurance provider if your pet will need a medical exam or any additional documentation to prove their condition is pre-existing.
Low or No Waiting Periods
Some pet insurance plans have waiting periods before they will cover any claims. This means that you will have to wait a certain amount of time after enrolling in the plan before it becomes effective. Make sure to consider this when choosing a plan, especially if your pet has any pre-existing conditions that may require immediate treatment.
Bundle Deals
If you have more than one pet, including cats, dogs and even exotic animals, you may be able to bundle their insurance policies together for a discount. However, not all pet insurance providers offer this option. If you have multiple pets, it's important to research pet insurance plans and compare bundle deals to find the best option for your furry family members.
What to Avoid When Choosing a Pet Insurance Plan
Limited Coverage
Many pet insurance plans have limited coverage for certain types of treatments or conditions. For example, some plans may only cover accidents and not illnesses. Be sure to carefully review the coverage options and limitations of each plan before making a decision. Consider your pet's age, breed and potential health risks to determine which plan will provide the most comprehensive coverage.
Slow Reimbursement Times
Many pet insurance policies require you to pay ahead of time for your veterinary bill, and then will later reimburse you a percentage of your bill. Unfortunately, this means that you may have to wait a significant amount of time before receiving your reimbursement with bad insurance policies. The best pet insurance policies will have faster turnaround times for reimbursement, so make sure to read reviews from other customers to get an idea of the typical processing times for claims.
Limited Flexibility
Whether you want to add a new pet, need to change your monthly premium, or want to adjust your coverage, some pet insurance plans offer more flexibility than others. Make sure to choose an insurance plan that will allow you to make changes fast and easily without hassle.
What Are Some of the Best Pet Insurance Policies?
With these things in mind, there are certain pet insurance policies that are better than others. Here are a few top options to consider.
Spot Pet Insurance
Spot pet insurance is known for their generous reimbursement rates of up to 90% on your vet bill. They also make it easy to sign your pet up online and also make it easy to bundle multiple pets. This is a great option for owners with multiple pets who want a good balance of affordability and coverage.
Trupanion
Trupanion is another popular option for pet insurance. They offer flexible coverage options like accident-only insurance plans for those who want to be covered for emergencies. Additional perks like a 24/7 health-line makes it a good option for pet owners too.
Lemonade
Known for their affordable and transparent insurance policies, Lemonade is a top choice for those who want straightforward coverage without any hidden fees or complicated terms. They offer annual coverage up to $100,000 and have fast sign-up, claim processing and a highly rated app.
ASPCA
The ASPCA is well-known for its commitment to animal welfare and their pet insurance plans reflect this. They offer coverage for a wide range of services, including behavioral issues and dental care among others. Their 10% multi-pet discount also makes it a great option for those with multiple furry friends.
Embrace Pet Insurance
Embrace offers customizable plans that allow you to tailor coverage to your pet's needs and your budget. Everything from ear infections to anxiety are covered through Embrace. They also offer optional wellness rewards, which can cover routine care like vaccinations and check-ups.
Choosing the Right Policy
The above pet insurance plans are just some of the many options available in the market. When choosing the right policy for your pet, it's important to get multiple quotes and ask questions. Don't be afraid to inquire about what is and isn't covered, reimbursement rates and any limitations or exclusions. By taking the time to choose the right pet insurance policy, you can ensure that your furry friend will receive the best care without breaking the bank.