Before you buy pet insurance for your pet, make sure to compare the different options available. Below is a table that will help you get an idea of the offerings from each company. Be sure to pay close attention to rates, deductibles, waiting periods, and coverage options. This will help you find the right insurance for your dog or cat.
Rates
The rates of pet insurance depend on the age of the pet and the amount they require. Because older pets are more likely to be injured or sick, some providers charge higher rates. Some policies may not cover pre-existing diseases and could even refuse older pets. Before you buy a policy, make sure to inquire about any discounts or benefits offered by your insurance company. Multi-pet discounts may also be available.
Several studies have been published comparing rates of pet insurance policies. 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. It is important to note that there are other factors that can affect the rates.
Coverage options
When comparing pet insurance coverage options, keep in mind that not all plans are created equal. While some companies provide comprehensive coverage for all medical expenses, others only offer coverage for a select few health conditions. A lot of companies require you to pay a deductible. Deductibles range from $100-$500, so it is important to determine which amount you can afford for your pet.
Consider the number and cost of veterinary visits when comparing pet insurance policies. The cost of policies that only cover accident-related illnesses is lower than those that include all other conditions. On the other hand, accidents-and-illness plans provide more coverage and cover most hospitalizations, procedures, and vet visits.
Deductibles
One of the most important things to consider when looking for pet insurance is the deductible. Different companies offer different deductible amounts. Some companies offer a $0 minimum deductible, while others require that you pay $1000. Choosing the right amount depends on your budget and the age of your pet.
You can either choose an annual deductible, or a per condition deductible. The first is more manageable and suits most pet owners. You'll need to keep track by date and condition of your expenses with the latter. The deductible for each new medical condition will therefore be different. 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. The insurer will impose these waiting periods to make sure your pet is fit enough to receive coverage. A policy's waiting period is usually 30 days. But, this can vary. Some insurers will have shorter waiting period, while others might require one. For instance, Trupanion imposes a 30-day waiting period for illness coverage.
There are many conditions that can be excluded from pet insurance coverage, and the waiting periods for coverage are different. Most policies include a waiting period for certain conditions, such as cruciate injury. A dog with hip dysplasia could have a longer waiting time than a dog that has cruciate injury.
Reimbursement percentage
Your pet insurance policy's reimbursement percentage can have an impact on the cost of your policy. Different companies have different reimbursement percentages. Your insurance will pay 80% of covered expenses if it has a reimbursement percentage of 80%. This means that you will only be responsible to $200 for your dog's injuries. However, if your canine companion has a chronic condition that demands regular care, you will likely be responsible for a higher percentage of the bill.
Generally, reimbursement percentages for pet insurance plans range from 80% to 90%. You should be aware that higher reimbursement percentages can mean a more expensive policy. In addition, you must pay a deductible every time you submit a claim. The most common deductible amounts are $100, $200, and $500.