Compare the various options before you purchase pet insurance. The table below gives you an idea about what each company offers. Pay attention to the rates, Deductibles and Waiting Periods. Also, consider Coverage options. This will allow you to find the best insurance for your cat or dog.
Rates
Prices for pet insurance will vary depending upon the age of your pet, as well as the level of coverage that they need. Because older pets are more likely to be injured or sick, some providers charge higher rates. Also, some policies do not cover pre-existing conditions and may even reject older pets altogether. Before purchasing an insurance policy, it is a good idea to check with your company about discounts and other benefits. You can also look for a multi-pet discount.
Many studies have been published to compare rates of pet insurance policies. One study found that cats were less expensive than dog insurance. One study showed that cats are less likely to visit the veterinarian than dogs and thus, are more affordable. However, there are other factors to consider when comparing rates.
Optional coverage
Consider the fact that not all plans offer the same level of coverage when comparing pet insurance options. Some companies provide full coverage for all medical costs. Others offer only limited coverage for certain conditions. Many companies also require a deductible, which means you have to pay a certain amount up front. There are many options for deductibles, ranging from $100 to $500. It's important that you know what is best for your pet and yourself.
Consider the number and cost of veterinary visits when comparing pet insurance policies. These policies cover only accidents and are generally less expensive than those which cover all illnesses. Accident-and illness plans, however, are more comprehensive, and cover most vet visits, procedures and hospitalizations.
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 or $1000 deductible. The amount you decide to pay depends on your budget as well as the age of the pet.
There are two options: an annual deductible and a per-condition one. The former is easier to manage and best fits most pet owners. The latter requires that expenses are tracked by date and condition. As a result, the deductible for a new medical condition will be different each time. You may not receive reimbursement from your insurance company immediately.
Waiting periods
When choosing a pet insurance policy, it is important to consider waiting periods. These are imposed by the insurer to ensure that your pet is healthy enough to be eligible for coverage. The common waiting period to purchase a policy is thirty 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 limit for illness coverage.
There are many conditions that can be excluded from pet insurance coverage, and the waiting periods for coverage are different. Many policies require a waiting period to cover certain diseases like cruciate ligament injuries. For instance, a dog with hip dysplasia may have a longer waiting period than a dog with cruciate ligament injuries.
Percentage for reimbursement
The reimbursement percentage for pet insurance policies can impact the total cost. Some companies offer higher reimbursement rates than others. An insurance policy that covers 80% of your covered expenses will have a reimbursement percentage at 80%. You will be responsible only for $200 if your dog is hurt. But, if your pet has a chronic condition that needs constant care, you may have to pay more.
Generally, reimbursement percentages for pet insurance plans range from 80% to 90%. Higher reimbursement percentages are associated with a higher cost plan. In addition, you must pay a deductible every time you submit a claim. The most common amounts of deductible are $100, $200, or $500.