Compare the available options before you decide to purchase 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 help you find the right insurance for your dog or cat.
Rates
The cost of pet insurance depends on your pet's age and how much coverage you 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 buying a policy, ask your insurance company about discounts and benefits. Multi-pet discounts are also available.
Numerous studies have been done to compare rates for pet insurance policies. One study showed that cats are more expensive than dogs. A study revealed that cats spend less time at the vet than their counterparts in dogs, making them more affordable. However, there are other factors to consider when comparing rates.
Options for coverage
Consider the fact that not all plans offer the same level of coverage when comparing pet insurance options. 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.
Consider the number and cost of veterinary visits when comparing pet insurance policies. All-insured policies cost more than accident-only policies. Accident-and illness plans, however, are more comprehensive, and cover most vet visits, procedures and hospitalizations.
Deductibles
The deductible is one of the most important aspects to consider when shopping for pet insurance. Different companies may have different deductibles. Some companies offer a $0 minimum deductible, while others require that you pay $1000. The amount you choose will depend on the age of your pet and your budget.
There are two options: an annual deductible and a per-condition one. The former is easier to manage and best fits most pet owners. The latter requires that expenses are tracked by date and condition. Therefore, your deductible for a new condition may be different every time. Your insurance provider may take longer to reimburse you.
Waiting periods
It is important that you consider waiting periods when you choose a pet policy. These waiting periods are set by the insurer to ensure your pet is in good health and 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. For instance, Trupanion imposes a 30-day waiting period for illness coverage.
The waiting periods associated with pet insurance coverage vary, but there are some conditions that are always excluded from coverage. Many policies require a waiting period to cover certain diseases like cruciate ligament injuries. A dog suffering from hip dysplasia might have to wait longer than a dog suffering from cruciate ligament injury.
Percentage for reimbursement
The reimbursement percentage of your pet insurance policy could affect the total cost. Some companies have higher reimbursement percentages than others. Your insurance will cover 80% if your expenses are covered by a 80% reimbursement percentage. In other words, if your dog becomes injured, you won't have to pay more than $200. 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. Every time you submit claims, you will need to pay adeductible. The most common amounts of deductible are $100, $200, or $500.