Make sure you compare all the options before buying pet insurance. The table below will give an overview of the different companies. Be sure to pay close attention to rates, deductibles, waiting periods, and coverage options. This will enable you to choose the right policy for your cat and dog.
Rates
Prices for pet insurance will vary depending upon the age of your pet, as well as the level of coverage that they need. Providers charge more for pets older than usual because they are more likely to become sick or injured. Many policies do not cover pets with pre-existing health conditions, or may refuse to take in older pets. Before purchasing an insurance policy, it is a good idea to check with your company about discounts and other benefits. A multi-pet discount is also possible.
Numerous studies have been done to compare rates for pet insurance policies. One study concluded that cats are generally less expensive than their counterparts in dogs. The study found that cats visit the vet less often than dogs, and are therefore more affordable. When comparing rates, there are several factors you need to take into consideration.
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. A deductible is a requirement by many companies. This means that you must pay a predetermined amount upfront. Deductibles range from $100-$500, so it is important to determine which amount you can afford for your pet.
The cost of veterinary services and the number covered by pet insurance are also important factors to consider when comparing different options. Policies that only cover accidents are more affordable than policies that cover all diseases. Accident-and-illness plans, on the other hand, are more comprehensive and cover most vet visits, procedures, and hospitalization.
Deductibles
When looking for pet insurance, the deductible is something you should consider. Different companies have different deductible amounts. Some offer a $0 deductible, while others require you to pay up to $1000. The amount you choose will depend on the age of your pet and your budget.
You can either choose an annual deductible, or a per condition deductible. The first is more manageable and suits most pet owners. The latter requires that expenses are tracked by date and condition. Because of this, the deductible to cover a new medical condition is different for every case. It may also take more time before your insurance provider reimburses you.
Waiting periods
You should consider the waiting period when choosing a pet insurance 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 have shorter waiting lists, while others require a longer wait. 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. Certain diseases, like cruciate injuries, are excluded from coverage by most policies. For example, dogs suffering from hip dysplasia will likely have a longer waiting list than dogs with cruciate or other injuries.
Reimbursement percentage
Your pet insurance policy's reimbursement percentage can have an impact on the cost of your policy. Some companies have higher reimbursement percentages than others. An insurance policy that covers 80% of your covered expenses will have a reimbursement percentage at 80%. This means that you will only be responsible to $200 for your dog's injuries. You'll be responsible for paying a greater percentage if your dog needs regular care.
In general, pet insurance policies have a reimbursement percentage of between 80% and 90%. But, higher reimbursement percentages will mean that your plan is more costly. In addition, you must pay a deductible every time you submit a claim. The most popular deductible amounts are $100 to $200 and $500 to $500.