Compare all options before purchasing pet insurance. This table will provide an overview of what each company has to offer. Be sure to pay close attention to rates, deductibles, waiting periods, and coverage options. This will allow you to find the best insurance for your cat or dog.
Rates
Pet insurance rates vary depending on how old your pet is and what coverage they need. Providers charge more for pets older than usual because they are more likely to become sick or injured. Some policies don't cover older pets because they do not consider pre-existing medical conditions. It is best to ask your insurance company for discounts and benefits before purchasing a policy. Multi-pet discounts are also available.
Numerous studies have been done to compare rates for pet insurance policies. One study revealed that cats tend to be less expensive than dogs. One study showed that cats are less likely to visit the veterinarian than dogs and thus, are more affordable. When comparing rates, there are several factors you need to take into consideration.
Optional coverage
When comparing pet insurance coverage options, keep in mind that not all plans are created equal. Some companies offer full coverage, while others provide limited coverage for specific conditions. Many companies require that you pay a deductible. Deductibles can range from $100 to $500, so it's important to know which is best for you and your pet.
Consider the number and cost of veterinary visits when comparing pet insurance policies. Accident-only policies are less expensive than those that cover all illnesses. The other option is to purchase an accident-and illness plan. These plans are more comprehensive and can cover most of the procedures and visits to the vet.
Deductibles
One of the most important things to consider when looking for pet insurance is the deductible. Different companies have different amounts of deductible. Some offer a $0 deductible, while others require you to pay up to $1000. 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 former is easier and more convenient for most pet owners. The latter requires that you keep track of all expenses by date and condition. This means that the deductible for new medical conditions will differ from one to another. It may also take more time before your insurance provider reimburses you.
Waiting periods
Consider waiting periods when you are looking for pet insurance. 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. Trupanion, for example, has a 30-day waiting time for coverage in the event of illness.
Although the waiting period for pet insurance coverage is variable, some conditions are not covered. Certain diseases, like cruciate injuries, are excluded from coverage by most policies. A dog suffering from hip dysplasia might have to wait longer than a dog suffering from cruciate ligament injury.
Percentage for reimbursement
Your pet insurance policy's reimbursement percentage can have an impact on the cost of your policy. Some companies offer higher reimbursement rates than others. An 80% reimbursement percentage means that your insurance will cover 80% of any covered expenses. 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, pet insurance policies have a reimbursement percentage of between 80% and 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 commonly used deductible amounts for claims are $100, $200, $500.