Compare the various options before you purchase pet insurance. Below is a table that will help you get an idea of the offerings from each company. Pay attention to the rates, Deductibles and Waiting Periods. Also, consider Coverage options. This will enable you to choose the right policy for your cat and dog.
Rates
The cost of pet insurance depends on your pet's age and how much coverage you need. Older pets may be more susceptible to illness and accidents so providers will charge more. Pre-existing conditions may not be covered by some policies, and older pets may be rejected entirely. Before buying a policy, ask your insurance company about discounts and benefits. Multi-pet discounts are also available.
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. The study found that cats visit the vet less often than dogs, and are therefore more affordable. There are many other factors that you should consider when comparing rates.
Coverage options
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. A deductible is a requirement by many companies. This means that you must pay a predetermined amount upfront. You and your pet should be aware that deductibles can vary from $100 to $500.
Other factors to consider when comparing pet insurance coverage options include the number of vet visits covered and the cost of veterinary care. These policies cover only accidents and are generally less expensive than those which cover all illnesses. However, accident-and-illness policies are more comprehensive and include most procedures and vet visits.
Deductibles
One of the most important things to consider when looking for pet insurance is the deductible. Different companies have different amounts of deductible. While some companies have a $0 deductible while others may require you to pay $1000, there are many options. The amount you choose will depend on the age of your pet and your budget.
You have two choices: an annual or per-condition deductable. The former is easier to manage and best fits most pet owners. The latter requires that you keep track of all expenses by date and condition. The deductible for each new medical condition will therefore be different. 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 30 day waiting period is the norm for policies, though this can be extended to any length. While some insurers have shorter waiting periods than others, others may require longer ones. For instance, Trupanion imposes a 30-day waiting period for illness coverage.
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. A dog with hip dysplasia could have a longer waiting time than a dog that has cruciate injury.
Reimbursement percentage
The reimbursement percentage on your pet insurance policy can affect the total cost of your policy. Some companies offer higher reimbursement rates than others. Your insurance will cover 80% if your expenses are covered by a 80% reimbursement percentage. In other words, if your dog becomes injured, you won't have to pay more than $200. However, if your dog has a chronic condition that requires regular care, you'll likely have to pay a higher portion of the bill yourself.
Generally, reimbursement percentages for pet insurance plans range from 80% to 90%. It is important to understand that higher reimbursement rates can lead to a more expensive plan. Additionally, every claim must be submitted with a deductible. The most common deductible amounts include $100, $200 and $500.