Before you buy pet insurance for your pet, make sure to compare the different options available. This table will provide an overview of what each company has to offer. 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
The cost of pet insurance depends on your pet's age and how much coverage you need. 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. Ask your insurance company for benefits and discounts before you purchase a policy. You can also look for a multi-pet discount.
Numerous studies have been done to compare rates for pet insurance policies. For instance, one study found that cats are less expensive than dogs. It was found that cats tend to visit the vet less than dogs and therefore, are cheaper. However, there are other factors to consider when comparing rates.
Optional coverage
It is important to compare pet insurance coverage options. Some companies offer full coverage, while others provide limited coverage for specific 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.
The cost of veterinary services and the number covered by pet insurance are also important factors to consider when comparing different options. Accident-only policies are less expensive than those that cover all illnesses. However, accident-and-illness policies are more comprehensive and include most procedures and vet visits.
Deductibles
The deductible is an important aspect to consider when searching for pet insurance. Different companies have different deductible amounts. Some companies offer a $0 minimum deductible, while others require that you pay $1000. The amount of coverage you need will depend on how old your pet is and what your budget is.
There are two options: an annual deductible and a per-condition one. The first is more manageable and suits most pet owners. The latter requires you to keep track of expenses by condition and date. 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
You should consider the waiting period when choosing a pet insurance policy. The insurer will impose these waiting periods to make sure your pet is fit enough to receive coverage. A common waiting period for a policy is 30 days, but this can vary. Some insurers may have shorter waiting periods, while others may require a longer one. Trupanion, for instance, has a 30-day waiting window for illness coverage.
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. For instance, a dog with hip dysplasia may have a longer waiting period than a dog with cruciate ligament injuries.
Percentage reimbursement
The reimbursement percentage of your pet insurance policy could affect the total cost. Some companies have higher reimbursement percentages than others. An 80% reimbursement percentage means that your insurance will cover 80% of any covered expenses. You will be responsible only for $200 if your dog is hurt. You'll be responsible for paying a greater percentage if your dog needs regular care.
In general, the reimbursement percentages of pet insurance plans vary from 80% up to 90%. However, you should understand that higher reimbursement percentages mean a more expensive plan. Additionally, every claim must be submitted with a deductible. The most commonly used deductible amounts for claims are $100, $200, $500.