Make sure you compare all the options before buying pet insurance. Below is a table that will help you get an idea of the offerings from each company. In particular, pay attention to rates, Deductibles, Waiting periods, and Coverage options. This will help you find the right insurance for your dog or cat.
Rates
Rates of pet insurance vary depending on the age of your pet and the amount of coverage they require. Older pets may be more susceptible to illness and accidents so providers will charge more. Also, some policies do not cover pre-existing conditions and may even reject older pets altogether. Before buying a policy, ask your insurance company about discounts and benefits. You can also look for a multi-pet discount.
Multiple studies have been published that compare the rates of pet insurance policies. One study concluded that cats are generally less expensive than their counterparts in dogs. A study revealed that cats spend less time at the vet than their counterparts in dogs, making them more affordable. However, there are other factors to consider when comparing rates.
Optional coverage
Consider the fact that not all plans offer the same level of coverage when comparing pet insurance options. Some companies offer comprehensive coverage for all medical costs, while others offer limited coverage for only a few specific health 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. These policies cover only accidents and are generally less expensive than those which 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
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 of coverage you need will depend on how old your pet is and what your budget is.
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. This means that the deductible for new medical conditions will differ from one to another. It could take longer for your insurance provider to reimburse 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. A common waiting period for a policy is 30 days, but this can vary. Some insurers have shorter waiting lists, while others require a longer wait. 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. Most policies include a waiting period for certain conditions, such as cruciate injury. For example, dogs suffering from hip dysplasia will likely have a longer waiting list than dogs with cruciate or other injuries.
Percentage of reimbursement
The reimbursement percentage on your pet insurance policy can affect the total cost of your policy. Some companies have higher reimbursement percentages than others. Your insurance will pay 80% of covered expenses if it has a reimbursement percentage of 80%. If your dog gets hurt, you will only have to pay $200 from your 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.
In general, pet insurance policies have a reimbursement percentage of between 80% and 90%. Higher reimbursement percentages are associated with a higher cost plan. You must also pay a deductible each time you file a claim. The most common deductible amounts include $100, $200 and $500.