If you’re concerned about vet bills and medical expenses, then buying pet insurance for your precious four-legged friend is a smart idea. But with so many different insurers on the market, it’s important to compare pet insurance policies to make sure you’re getting everything that you need.
In this post, we’ll share the key criteria to consider as you compare pet insurance policies, including coverage, premiums, and copays. Take a look to get a quick primer on pet insurance basics and learn what to look out for before purchasing a policy.
What is pet insurance?
Before we dive into particulars, let’s take a step back and provide a broader definition of pet insurance. While policies vary by company, pet insurance generally covers at least a portion of vet bills for injuries, illnesses, and routine care, as well as reimbursements on some medications. It doesn’t cover pre-existing conditions or grooming services.
How to compare pet insurance policies
As we’ve mentioned, there are some standard inclusions when it comes to pet insurance policies. However, there are also important differences between insurers that you should keep in mind as you shop around. Let’s explore a few of the important points to check out as you compare policies.
Coverage levels
Some pet insurance providers offer multiple plan types, each with varying levels of coverage. Depending on your needs, you might opt for a plan that includes preventative care, vaccines, and other basic inclusions. If you need more coverage, it might be smart to find a plan with extra care for things like prescriptions, surgeries, and hereditary conditions.
Monthly premium
Pet insurance is like human health insurance in that you’ll be expected to pay a monthly premium on your coverage. Premiums vary depending on where you live, what kind and breed of animal you own, how old your pet is, and a few other factors. In general, however, you should expect to pay about $20-40 per month for a standard amount of coverage (without extras) for your cat or dog.
Deductible and reimbursable amount
Similarly, it’s also important to consider how high your deductible is before signing up for a new policy. If your pet is young and typically healthy, you might not hit your annual deductible on regular wellness visits. After you reach your yearly deductible, the reimbursable amount is the percentage that your insurer will cover. For instance, let’s say your vet bill came to $500 after you reached your deductible. Let’s also imagine that your reimbursable amount was 75%. In that case, you would only have to pay $125 out of pocket.
As you compare pet insurance policies, you’ll notice that there are a number of providers to choose from. Some of the most well-known include Nationwide, ASPCA, and Embrace Pet Insurance. But be sure to do your research. You can use a site like Pawlicy Advisor to compare coverage, premiums, and deductibles to make sure you’re getting the best plan for your pet.
For more pet ownership tips and resources, check out the PetPonder blog.
