Compare the available options before you decide to purchase pet insurance. The table below will give you an idea of what each company offers. Pay attention to the rates, Deductibles and Waiting Periods. Also, consider Coverage options. This will help you choose the right insurance policy for your pet.
Rates
Rates of pet insurance vary depending on the age of your pet and the amount of coverage they require. 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. Ask your insurance company for benefits and discounts before you purchase a policy. You may also find a multi-pet discount.
Numerous studies have been done to compare rates for 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. However, there are other factors to consider when comparing rates.
Options for coverage
When comparing pet insurance coverage options, keep in mind that not all plans are created equal. Some companies offer comprehensive coverage for all medical costs, while others offer limited coverage for only a few specific health 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.
You should also compare the costs of veterinary care and the number of veterinarian visits that are covered. The cost of policies that only cover accident-related illnesses is lower than those that include all other conditions. On the other hand, accidents-and-illness plans provide more coverage and cover most hospitalizations, procedures, and vet visits.
Deductibles
A deductible is a key consideration when you are looking for pet coverage. Different companies offer different deductible amounts. Some offer a $0 deductible, while others require you to pay up to $1000. Choosing the right amount depends on your budget and the age of your pet.
You can choose an annual deductible or a per-condition deductible. The first is simpler to manage and most pet owners will prefer it. The latter requires that expenses are tracked by date and condition. This means that the deductible for new medical conditions will differ from one to another. It might take longer before your insurance provider reimburses.
Waiting periods
You should consider the waiting period when choosing a pet insurance policy. These are required by the insurer to verify that your pet's health is good enough to be covered. A policy's waiting period is usually 30 days. But, this can vary. Some insurers have shorter waiting lists, while others require a longer wait. Trupanion for instance has a 30-day waiting limit for illness coverage.
Although the waiting period for pet insurance coverage is variable, some conditions are not covered. Many policies require a waiting period to cover certain diseases like cruciate ligament injuries. A dog with hip dysplasia could have a longer waiting time than a dog that has cruciate injury.
Percentage for reimbursement
The reimbursement percentage on your pet insurance policy can affect the total cost of your policy. Some companies have higher reimbursement percentages than others. An 80% reimbursement percentage means that your insurance will cover 80% of any covered expenses. In other words, if your dog becomes injured, you won't have to pay more than $200. But, if your pet has a chronic condition that needs constant care, you may have to pay more.
In general, pet insurance policies have a reimbursement percentage of between 80% and 90%. But, higher reimbursement percentages will mean that your plan is more costly. In addition, you must pay a deductible every time you submit a claim. The most common amounts of deductible are $100, $200, or $500.