Compare all options before purchasing pet insurance. The table below gives you an idea about what each company offers. Be sure to pay close 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. Older pets may be more susceptible to illness and accidents so providers will charge more. 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. A multi-pet discount is also possible.
Numerous studies have been conducted to compare pet insurance rates. One study concluded that cats are generally less expensive than their counterparts in dogs. According to one study, cats tend not to visit the vet as often as dogs and are therefore cheaper. There are many other factors that you should consider when comparing rates.
Coverage options
Keep in mind, however, that not all pet insurance plans are the same. Some companies offer full coverage, while others provide limited coverage for specific conditions. Many companies have a deductible that requires you to pay a specific amount up front. Deductibles can range from $100 to $500, so it's important to know which is best for you and your pet.
You should also compare the costs of veterinary care and the number of veterinarian visits that are covered. Policies that only cover accidents are more affordable than policies that cover all diseases. Accident-and illness plans, however, are more comprehensive, and cover most vet visits, procedures and hospitalizations.
Deductibles
A deductible is a key consideration when you are looking for pet coverage. Different companies have different deductible amounts. Some companies offer a $0 or $1000 deductible. The amount you decide to pay depends on your budget as well as the age of the pet.
You have two choices: an annual or per-condition deductable. The first is more manageable and suits most pet owners. You will need to track expenses by date and condition. The deductible for each new medical condition will therefore be different. It might take longer before your insurance provider reimburses.
Waiting periods
It is important that you consider waiting periods when you choose a pet policy. These are required by the insurer to verify that your pet's health is good enough to be covered. The most common waiting period for policies is 30 days. However, this can vary. Some insurers may have shorter waiting periods, while others may require a longer one. Trupanion has a 30-day waiting list for sickness coverage.
Although the waiting period for pet insurance coverage is variable, some conditions are not covered. For instance, most policies have a waiting period for certain diseases, such as cruciate ligament injuries. A dog suffering from hip dysplasia might have to wait longer than a dog suffering from cruciate ligament injury.
Percentage of reimbursement
The reimbursement percentage of your pet insurance policy could affect the total cost. Different companies have different reimbursement percentages. An 80% reimbursement percentage means that your insurance will cover 80% of any covered expenses. This means that if your dog is injured, you'll only be responsible for paying $200 out of your own pocket. If your dog is suffering from a chronic condition, such as diabetes, it's likely that you will have to cover a larger portion of the bill.
Generally, reimbursement percentages for pet insurance plans range from 80% to 90%. But, higher reimbursement percentages will mean that your plan is more costly. You must also pay a deductible each time you file a claim. The most common deductible amounts are $100, $200, and $500.