Pet Insurance Comparison



Veterinary medicine has made incredible advancement in recent years.  Many procedures commonly done on people are now available for our beloved pets.  But at a cost.  And these procedures can be mighty expensive!

Unlike the health coverage we humans enjoy, pet owners are responsible for any veterinary bills incurred.  This includes preventive and routine care, any emergencies and also conditions caused by diseases your pet may have.

The good news is that pet owners who carry pet insurance can provide levels of care that used to be way too expensive to even consider.  These exorbitant medical costs left little choice but to euthanize a very sick pet.  No!  It’s a good thing we now have insurance to cover such events!

Pet insurance policies are similar to human insurance policies in many ways.   Pet insurance plans have annual premiums, deductibles, and offer different coverage plans.  Individual policies are based on the species, pet’s age and if there any pre-existing conditions.  And they may even differ based on your pet’s lifestyle (i.e. indoor vs. outdoor cat).

The majority of pet insurance plans can go into effect once your pet is 6-8 weeks of age.  Some policies have an upper age limit as well.

If your pet has a pre-existing condition, availability of coverage will vary greatly.  If your pet’s condition is stable or controlled (usually for a period of 3 to 12 months), some companies will allow coverage.  But again, some will not — especially if the disease is terminal.

Policies can also vary according to breeds.  If your pet’s linage is susceptible to certain ailments, like hip dysplasia, you may not be able to be protected for this ailment if it should occur later in your dog’s life.

Pet insurance carriers an annual deductible just like human health plans and typically run around $100.00 per year.   The actual cost of the policy will depend on the animal being insured and what type of package you select.

Packages can be comprehensive and will include yearly checkups, shots, routine care, preventative care and spay/neutering procedures.

A plan with less coverage (and cost) may only insure for illness and accidents.  Today’s plans kick-in after 30 days for illness but offer immediate coverage for accident claims.  Adding your other pets to an insurance policy lowers the rate.

Shopping For Pet Insurance Coverage

Here are some tips to assist you when considering which pet insurance company to cover your pet.  It’s also a very good idea to ask your veterinarian for recommendations too.

Does the company have a stable history?

Although Pet health insurance has been around for a number of years, there are only a few companies that have been in the business for any length of time.  It’s important to know, especially in today’s times, that the company is financially stable.

You may want to find out what’s the rating of the company’s underwriter.  How long has the company been with that underwriter?

Does Your Vet Recognize/Recommend The Carrier?
Who better to ask.  Veterinarians have seen the bills and know what gets covered in a policy.  This is REAL WORLD proof.   But inquire with the person you’re asking if they receive referral fees or some kind of financial incentive for recommending a certain company.  If so, then theri opinion is a little bit biased, isn’t it?

Do you have to use a network?
Your policy should give you the freedom to choose your veterinarian.  If coverage is only with vets within the network, that may not work well if you travel with your pet.  If you don’t roam too far from home, then this should not be a concern.

What’s the effective date?
Coverage should begin immediately.  Be wary if the policy delays coverage until after a certain period of time after signing.

Is Wellness coverage included?
It’s good to choose a plan that covers wellness exams.  Pet owners are more apt to see the vet on a regular basis if the visit is covered by the policy.  Routine things like vaccinations, heart-worm protection, spay/neuter, teeth cleaning, prescription flea control, etc., are important and greatly contribute to a pet’s long and healthy life.   Wellness plans encourage routine appointments are accomplished.

How broad is the coverage?
You want your pet covered for an illness.  That’s when vet bills can pile up and become quite expensive.  A good policy should include coverage for prescriptions, dental problems and any chronic conditions such as allergies and diabetes.

Are reimbursements fully explained?
There are basically two types of reimbursement: schedule of payments and ‘usual and customary’ fees list.  You need to understand which one the company is using, what’s all covered, the available benefits and what factors were used to create the list.

Physical Exams
Are physical exams required?  To maintain coverage, a company may require a physical exam every year.  It’s important to know this upfront.

How are claims submitted?
There should be a reasonable time limit on claim submissions.  There also should be a review process if a claim is denied.

What causes a premium to increase?
Any premium increase should be based on your pet’s age and not on the amount or number of claims filed.

Are there policy cancellation penalties?
You shouldn’t incur a penalty if you choose to cancel your policy.  Any unearned premium paid to the insurance carrier should be reimbursed.

To sum it all up, when conducting pet insurance comparison, but sure check the following:

  • Co-Pay requirements on all covered claims
  • Deductibles
  • Per incident Cap
  • Annual Cap
  • Lifetime Cap
  • Genetic and Hereditary Conditions
  • Age related rate increases
  • Pre-existing conditions

A thorough pet insurance comparison may be time consuming, but isn’t your pet worth it?