Before you buy pet insurance for your pet, make sure to compare the different options available. Below is a table that will help you get an idea of the offerings from each company. You should be aware of the following: rates, deductibles, waiting periods and coverage options. This will allow you to find the best insurance for your cat or dog.
Rates
The cost of pet insurance depends on your pet's age and how much coverage you need. Some providers charge more for older pets because they are more prone to accidents and illnesses. Many policies do not cover pets with pre-existing health conditions, or may refuse to take in older pets. Before you buy a policy, make sure to inquire about any discounts or benefits offered by your insurance company. Multi-pet discounts are also available.
Many studies have been published to compare rates of pet insurance policies. For instance, one study found that cats are less expensive than 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
Keep in mind, however, that not all pet insurance plans are the same. Some insurance companies provide complete coverage for all medical costs while others cover only certain health conditions. Many companies have a deductible that requires you to pay a specific amount up front. You and your pet should be aware that deductibles can vary from $100 to $500.
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
A deductible is a key consideration when you are looking for pet coverage. Different companies have different minimum deductibles. While some companies have a $0 deductible while others may require you to pay $1000, there are many options. The amount of coverage you need will depend on how old your pet is and what your budget is.
You have the option of either an annual or per-condition deductible. The first is simpler to manage and most pet owners will prefer it. The latter requires you to keep track of expenses by condition and date. As a result, the deductible for a new medical condition will be different each time. 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. The insurer will impose these waiting periods to make sure your pet is fit enough to receive coverage. The common waiting period to purchase a policy is thirty days. But this can vary. Some insurers have shorter waiting lists, while others require a longer wait. Trupanion has a 30-day waiting list for sickness coverage.
Although waiting periods for pet insurance coverage can vary, there are some conditions that are never covered. Many policies require a waiting period to cover certain diseases like cruciate ligament injuries. Dogs with hip dysplasia, for example, may need to wait longer than dogs with cruciate injuries.
Percentage reimbursement
Your pet insurance policy's reimbursement percentage can have an impact on the cost of your policy. Different companies have different reimbursement percentages. Your insurance will cover 80% if your expenses are covered by a 80% reimbursement percentage. If your dog gets hurt, you will only have to pay $200 from your pocket. You'll be responsible for paying a greater percentage if your dog needs regular care.
Most pet insurance plans have reimbursement percentages between 80% and 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 popular deductible amounts are $100 to $200 and $500 to $500.