Pet Insurance Reviews

Introduction to Pet Insurance Reviews

Healthcare costs keep rising, and pet medical care is no exception. The main purpose of pet insurance is simple – it covers the costs of treating unexpected illnesses or severe injuries so you don’t have to make difficult financial decisions when your pet needs immediate medical assistance. This type of insurance can also help you save lots of money on everyday preventive care and routine vet visits.

Before diving into pet insurance reviews, let’s take a look at what to expect from this type of coverage for your beloved animal companion.

Pet Insurance Explained

If you’re new to pet insurance, you should know that its mechanisms are somewhat different from those of human health insurance. To receive coverage from their policy, humans must visit a doctor or a medical care center that is within their insurance plan’s network, while pet insurance can be used at any licensed vet clinic in the US.

There’s no co-pay or network issues to worry about. However, most carriers – even those offering the best pet insurance plans – will require you to pay for treatment upfront. After paying your pet’s vet bill, you’ll need to ask for a copy of the itemized receipt and forward it to your insurance provider along with a completed claim form.

You’ll receive reimbursement based on the amount of the veterinary bill and the terms of your policy within a week to a month. Some carriers also guarantee quick turnaround times for payouts as an additional benefit, while with others you can get pre-approved for upcoming procedures and receive your reimbursement in a matter of days.

To put it simply, here’s how pet insurance for cats and dogs works:

• Purchase a pet insurance policy.
• Take your pet to the vet.
• Pay for your pet’s veterinary visit.
• Submit a claim to your insurance carrier.
• Get reimbursed for the treatment cost based on the terms of your policy.

Common Types of Pet Insurance Coverage

There are four main types of pet insurance plans offered by most providers. These include accident-only coverage, accident-illness coverage, wellness coverage, and accident-illness plans with additional wellness coverage.

Before we dive into the specifics of each plan, let’s take a look at the main differences between the terms “illness” and “accident.” In this context, an accident is defined as an incident in which a pet is physically injured with consequences like bone fractures, cuts, burns, or similar physical injuries. As far as illnesses go, pet insurance covers treatments for conditions such as viral infections, hip dysplasia parasites, and, in some cases, tooth extractions as a part of dental disease treatments.

Accident-Only Coverage

While it’s impossible to predict accidents, there’s a way to create a safety net that will protect you from spending a fortune should an unfortunate incident occur. All pet insurance carriers offer accident-only plans that reimburse you for emergency care related to accidents that have resulted in injuries like broken bones, torn ligaments, or bite wounds. If you decide on this type of pet insurance, keep in mind that it doesn’t cover illnesses or breed-specific issues.

Accident-Illness Coverage

Given that it provides coverage for both accidents and sudden illnesses, an accident-illness plan is the most comprehensive form of pet insurance you can get without adding the wellness option. This form of coverage is also the most common; accident-illness policies represent 98% of plans issued by pet insurance companies.

This type of plan won’t cover pre-existing conditions or preventive care, but it will provide reimbursements for almost everything else (diseases like cancer, allergies, arthritis, UTIs, and all kinds of accident-related injuries). It’s smart to get accident-illness coverage when your pet is still young. That way, you’ll be able to lower your monthly costs and avoid policy exemptions.

Wellness Coverage

Commonly offered as an add-on feature with other types of health insurance, wellness coverage offers reimbursement for yearly vaccines, preventive care, checkups, and routine care such as flea treatment and teeth cleaning. Emergency treatments for illnesses and accident-related injuries are not covered with this type of insurance.

This type of coverage is always optional. According to pet insurance reviews, some pet owners prefer to invest a little every month with an insurer to avoid paying for routine vet visits all at once, while others don’t mind taking care of wellness expenses as they come.

Accident-Illness Coverage With a Wellness Add-On

Lastly, most providers offer accident-illness plans with additional wellness insurance. This is the most comprehensive form of coverage that you can get for your pet, but it’s also the most expensive. Should you decide to purchase this type of insurance, note that the only health issues it won’t cover are your pet’s pre-existing conditions, which is another reason to start when your pet is young.

What to Consider When Looking for the Best Pet Insurance Policy

Severe injuries and sudden illnesses can take a financial toll even when the patient is a cat or a dog. With a good pet insurance plan, you’ll never have to choose between your own financial concerns and your four-legged friend’s health. That’s why it’s crucial to choose your insurance provider wisely. Here are the most important steps you should take when shopping for pet insurance.

Get Quotes From Multiple Insurers

As is the case with any other type of insurance, it’s worth shopping around and requesting quotes from multiple pet health insurance providers before deciding on the best option for your needs. Considering that prices may vary widely not only based on your furry companion’s breed, age, and geographic location, but also depending on certain provider-specific factors, shopping around is a must.

Look at Prices and Value

Weighing what you’re paying against what you’re getting by comparing different coverage options, features, and prices is another important step. Protecting your pet with health coverage can help put your mind at ease knowing that you won’t have to pay unexpected vet bills all at once. However, there’s no point in buying a pet insurance policy just because it’s affordable if it doesn’t provide the coverage you need.

You should also look at deductibles, reimbursements, and limits when determining whether a plan is worth the cost. Here’s what these insurance terms mean in this context:

• Deductibles. A deductible is the portion of the veterinary bill you’ll have to pay out of pocket before your plan’s reimbursement kicks in. Most pet insurance providers offer an annual deductible. However, with some insurers you can get a per-accident deductible, which means that the deductible will no longer apply if a particular injury occurs more than once.
• Reimbursement. Defined as the amount a pet insurer will pay you back for the costs of vet care, a typical reimbursement ranges between 60% and 100% of the bill. The most comprehensive plans usually reimburse 80% to 90% of total vet bills. However, if you’d like to lower your premiums, you can opt for a plan with a lower reimbursement percentage. In that case, keep in mind that you’ll need to cover a larger portion of your pet’s vet care bills.
• Limits. Considering that you can anticipate how much care your pet might need based on its age and conditions – at least to some extent – limits are a feature you should consider when choosing an insurance plan. Top-rated pet insurance companies offer two types of limits: annual limits and per-incident limits. With annual limits, your yearly coverage will be capped at a set amount. If you hit that limit, you’ll have to cover the expenses on your own until the coverage resets. Per-incident limits cap how much you can be reimbursed for a single accident or illness. For example, if exam fees, lab tests, surgeries, medications, and follow-up care total $4,000 and you’ve set a $2,000 limit, half of the bill will be your responsibility.

Check User Reviews and Company Reputation

Taking the time to read through online pet insurance reviews and consumer reports is one of the most important steps you should take when looking for the most suitable provider.

Many pet insurance companies have come and gone. The key to choosing the one you can depend on is to go with a stable and experienced provider with positive customer feedback. Before you make a decision, you should find out what the customers think of the company and whether there have been many complaints about its operations to the Better Business Bureau.

How Much Does Pet Insurance Cost?

In comparison with human health coverage, pet insurance is generally quite affordable. However, it’s important to understand what factors will affect the quotes you receive from insurance companies. Here are the most common determining factors for the cost of pet insurance:

• Pet’s height and weight
• Pet’s breed (purebred or mixed-breed)
• Pet’s age with respect to its typical life expectancy
• Where you live and the area’s common indoor and outdoor risks
• Term and length of insurance policy
• Company-specific pet insurance rates

In addition to the aforementioned factors, pet insurance premiums may vary widely depending on the level and type of coverage you choose for your pet. According to Today’s Veterinary Business, the North American Veterinary Community’s official journal, annual premiums for accident-illness plans in the US average $354 for cats and $566 for dogs. Based on the same publication, the average annual cost of accident-only pet insurance policies is $141 for a cat and $190 for a dog.

If you’re looking for ways to lower your premiums, we suggest you apply for insurance while your pet is still young and opt for annual payments instead of monthly charges. Additionally, you can reduce the cost by choosing a plan that comes with a higher deductible. Just bear in mind that you’ll have no other choice but to reach that deductible with out-of-pocket payments before your insurer starts reimbursing veterinary costs.

Alternatively, you can keep the costs of pet insurance down by agreeing to a plan with a lower reimbursement percentage or a lower annual coverage limit. If you decide to go with this option, remember that this will cap the amount you get from your insurance company should your pet get seriously injured or ill.

Is it Worth Getting Your Pet Insured?

Much like with other types of policies, when something really bad happens, insurance proves to be worth the premiums you’ve been paying for years.

Instead of having to deal with an $8,000 veterinarian’s bill because your dog needs cancer treatment, you can have a large portion of it covered through insurance for dogs. The worst scenario is finding out that your pet has a severe disease but having to turn down treatment because you simply can’t afford it. When an emergency arises, pet medical insurance lets you opt for the best treatment instead of the least expensive one.

However, for routine checkups and relatively minor health problems, you’ll probably be better off putting the monthly premium aside into an emergency fund for unexpected bills. If you decide to get pet insurance for catastrophic care, we suggest you opt for the highest deductible you can easily afford.