Is Pet Insurance Really Worth Considering?
It’s natural to want to understand what sort of value you’ll be getting from a pet insurance policy. While it’s true that years may pass before a claim is made, you’ll have peace of mind knowing that when your pet does need medical care you won’t have to worry about the price.
Consider this, from one of our associate staff:
“Pet insurance is so great – I’ve got one “broken” dog (she’s a genetic mess, IMTP, born with only one kidney, has side effects to every med) and they’ve paid well over $40,000 the last five years!”
A monthly payment might seem like just another unnecessary bill, but ultimately, it can literally give you the ability to save your family member’s life.
How Much Does Pet Insurance Cost?
We have obtained sample quotes from our top 3 insurance companies using the same “pet profile” so that you can get an idea of how much a monthly payment may be.
Each quote was made with the maximum reimbursement options – these options can be changed to make a policy more affordable. Keep in mind that prices vary greatly and are based on species, breed, age, and zip code location.
Our “pet profile” was for a female 1-year-old Domestic Shorthair cat living in the 20777 zip code. Policies were quoted as follows:
Pets Best: A policy with a $250 annual deductible, 90% coinsurance, and an unlimited yearly policy limit costs $18 a month. This includes the additional coverage for exam fees.
Figo: A policy with a $250 annual deductible, 90% coinsurance, and an unlimited yearly policy limit costs $24 a month. This includes the additional coverage for exam fees.
Petplan: A policy with a $250 annual deductible, 90% coinsurance, and an unlimited yearly policy limit costs $55 a month.
The Top 3 Things To Consider When Shopping For Pet Insurance
As with any insurance policy, it’s always wise to shop around. The top three things to consider when looking at pet insurance policies are:
It’s important to understand how much you can comfortably spend on your pet’s veterinary care if they are injured or ill. This will help you determine which deductible, coinsurance, and annual policy limit to choose. Generally speaking, it’s best to seek the maximum reimbursement possible through the insurance policy.
This might not seem like an important detail, however, when a pet needs to be seen regularly, exam fees can be a large expense. Not all insurance companies offer exam fee coverage or extra coverage must be chosen when signing up for the policy.
Some pet insurance companies won’t cover medical conditions that are commonly diagnosed in certain breeds or once a pet reaches a certain age. Thankfully, it’s not difficult to find a company that will pay for any medical condition, regardless of breed or age.
After a careful review of the most popular insurance companies, We’d like to share with you three recommendations worth your time. Pets Best, Figo, and PetPlan. Keep in mind we are talking exclusively about insurance here and not wellness plans.
Pets Best has been providing insurance coverage for cats and dogs since 2005 and has an A+ BBB rating. The company offers Accident Only, Illness & Accident, and add-on Wellness policies.
Why We Like Them?
- has some of the most affordable pricing in the pet insurance industry.
- won’t increase policy rates based on the number of claims made.
- offers annual deductibles instead of per condition deductibles.
- has no breed or age restrictions.
- offers direct deposit reimbursement.
Pet parents can choose from annual deductibles that range from $50 – $1000, coinsurance of 70%, 80%, or 90%, and either $5,000 in yearly coverage or an unlimited option. For exams to be covered, pet parents must choose that option when signing up for coverage.
Pets Best does cover all accidents and illnesses unless the condition is pre-existing.
They do not offer bilateral coverage. For example, if a dog has torn one cruciate before policy coverage, the other cruciate would never be covered by insurance. Holistic treatments, experimental treatments, and prescription foods are also not covered. While a wide range of medications are covered, only those on the provided list will be paid for by the insurance company.
Figo offers accident and illness coverage policies that are highly rated by pet parents!
- one of the only pet insurance companies to offer 100% reimbursement as a coinsurance option
- an insurance company that offers annual deductibles instead of per condition deductibles
- one of the only pet insurance companies to pay for prosthetics
- known for having an exceptionally fast claims processing time – most claims are completed in just a few days ensuring that pet parents are reimbursed quickly
- proud to not have breed or age restrictions
Other coinsurance options include 70%, 80%, and 90%. Annual deductibles range between $250 – $1,000. Three tiers of policy limits are offered – $5,000, $10,000, and unlimited yearly policy limits. Pet parents must choose to include the coverage of exam fees when signing up for a policy. All new accidents and illnesses that occur outside of the waiting periods are covered by Figo.
Pre-existing conditions, routine care, behavioral therapy, and issues relating to breeding are examples of conditions that are not covered by Figo.
Petplan is the first pet health insurance provider to offer a “Covered for Life” option and cover pets of any age without broad exclusions for hereditary and chronic conditions.
Why We Like Them?
- is known for having a fantastic customer service team
- provides coverage for exam fees as part of the standard policy
- provides coverage for holistic care, behavioral therapies, chiropractic care, acupuncture, and rehab as part of the standard policy
- provides reimbursement for pet boarding fees if the pet parents become ill and are hospitalized
- has no breed or age restrictions
Policyholders can choose from annual deductibles of $250, $300, or $500. Coinsurance options include 70%, 80%, and 90% and annual policy limits that are offered include $5,000, $15,000, and unlimited limits.
Petplan does not cover pre-existing conditions, routine care, or cosmetic/elective procedures.
Although Petplan does provide excellent coverage and quick claim reimbursement times, the company is typically one of the most expensive options.
Additional pet insurance companies that might meet your needs include:
- Healthy Paws
- Trusted Pals
Getting online quotes is easy and every company has its policy terms ad conditions available on its website for interested pet parents to review. By taking your time, reviewing policy documents, and getting pricing quotes, you’ll be sure to find coverage that fits your needs!