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. Be sure to pay close attention to rates, deductibles, waiting periods, and coverage options. This will help you choose the right insurance policy for your pet.
Rates
The rates of pet insurance depend on the age of the pet and the amount they require. Because older pets are more likely to be injured or sick, some providers charge higher rates. Pre-existing conditions may not be covered by some policies, and older pets may be rejected entirely. It is best to ask your insurance company for discounts and benefits before purchasing a policy. Multi-pet discounts may also be available.
Many studies have been published to compare rates of pet insurance policies. One study concluded that cats are generally less expensive than their counterparts in dogs. It was found that cats tend to visit the vet less than dogs and therefore, are cheaper. There are many other factors that you should consider when comparing rates.
Optional coverage
Keep in mind, however, that not all pet insurance plans are the same. 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. You can choose from a range of deductibles that range from $100 up to $500. This is important information to help you decide which one is right for you and your pet.
You should also compare the costs of veterinary care and the number of veterinarian visits that are covered. 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 minimum deductibles. Some companies offer a $0 or $1000 deductible. The amount of coverage you need will depend on how old your pet is and what your budget is.
You can choose an annual deductible or a per-condition deductible. The former is easier to administer and will be most useful for 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 could take longer for your insurance provider to reimburse you.
Waiting periods
It is important that you consider waiting periods when you choose a pet policy. These waiting periods are set by the insurer to ensure your pet is in good health and eligible for coverage. The most common waiting period for policies is 30 days. However, 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.
There are many conditions that can be excluded from pet insurance coverage, and the waiting periods for coverage are different. Most policies include a waiting period for certain conditions, such as cruciate injury. A dog with hip dysplasia could have a longer waiting time than a dog that has cruciate injury.
Percentage for reimbursement
Your pet insurance policy's reimbursement percentage can have an impact on the cost of your policy. Some companies have higher reimbursement levels than others. Your insurance will cover 80% if your expenses are covered by a 80% reimbursement percentage. 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.
Generally, reimbursement percentages for pet insurance plans range from 80% 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 common deductible amounts are $100, $200, and $500.