Comparing Pet Insurance Companies

Pet insurance makes veterinary expenses more affordable, but it can be a real headache trying to find the perfect coverage for your pet. Whether you have a dog, cat, or other companion, there is plenty to consider when purchasing insurance products. Different insurers will offer varying levels of coverage and premium costs.

In this guide, we will go over the essentials every pet owner should know about comparing pet insurance companies.

Coverage Options

Knowing your coverage options can give you a better idea of what suits you and your pet’s needs. Here are the main types:

Accident-only

An accident-only pet insurance policy will cover claims related to accidental injuries, such as:

• Broken bones
• Poisoning or accidental swallowing
• Bites
• Lacerations

Most pet insurance companies have accident-only coverage as their basic plan. Accident-only coverage can be a great idea for breeds that are energetic and like to play.

Accident and illness

Also known as comprehensive pet insurance, accident and illness coverage covers illnesses on top of accidents. Commonly covered illnesses include:

• Cancer
• Diabetes
• Breed-specific conditions
• Infections
• Arthritis
• Allergies

While accident and illness coverage is fairly comprehensive, most comprehensive coverage policies still come with exclusions and restrictions. For example, pre-existing conditions, dental cleanings, cosmetic procedures, and pregnancy costs are generally excluded from the standard accident and illness policy.

Wellness plans and preventive care

A wellness plan (AKA preventive care coverage) usually includes dental cleanings, vaccines, spaying/neutering, and blood work. Wellness plans are separate from regular pet insurance, which means it does not take your base pet insurance policy’s deductibles or reimbursement rates into account.

Finding the ideal coverage for your pet

Different pets have different needs. Acquaint yourself with the breed-specific conditions of your pet before shopping for pet insurance. Pet insurance companies may offer insurance add-ons, endorsements, and riders that allow you to tailor your policy to your pet’s unique needs and circumstances.

Premium Costs

The insurance premium is how much you must pay the pet insurance company each month to receive coverage and benefits. Pet insurance underwriters determine premium costs based on the financial risk of insuring you, which is influenced by numerous factors such as your pet and policy choices.

Here are the main factors that affect premium costs.

Age

A pet’s chances of injuries and health conditions increase with age. Your insurance premium will be higher if you have an older pet.

Breed and species

Pet breed can affect your insurance premium. Certain breeds and species are predisposed to conditions and diseases that may require more costly treatment. For example, dogs are typically more expensive to insure than cats.

Coverage type

The more types of claims a pet insurance policy covers, the higher the premium. There are two main types of coverage:

Accident-only coverage: Accident-only pet insurance ranges between $5 to $75 a month depending on other factors. Choosing accident-only coverage generally lowers the insurance premium.

Accident and illness coverage: Comprehensive pet insurance that covers both accidents and illnesses will be more expensive. Premium rates typically start at around $55 a month and can rise higher depending on your needs.

Separate from your standard pet insurance policy, you can also purchase a wellness plan, which costs around $23 a month. Wellness plans cover preventive care pet services, such as vaccinations, routine health checkups, and deworming.

Deductible

The deductible is how much you need to pay in pet care out-of-pocket before your insurance provider will grant you reimbursements. For pet insurance, deductibles range between $0 and $1000, with most averaging around $250.

Annual limit

The annual limit is the maximum reimbursement amount you can receive every year. Many pet companies let you choose the annual limit, which typically starts from $2,500 and goes to unlimited. The higher your annual coverage limit, the more expensive your premium can be.

Location

Where you live can either increase or lower your insurance premium. In cities with higher costs of living and more expensive veterinary services, you can expect to pay a higher premium for pet insurance.

Insurance provider

Different insurance companies will offer their own policies with varying premiums. Take the time to obtain and compare different pet insurance quotes to get a better idea of premium variances between insurers.

Deductibles and Co-pays

What is a pet insurance deductible?

Most pet insurance plans come with a deductible. This is the dollar amount you need to reach before your pet insurance provider will grant you reimbursements. On average, a pet insurance deductible is around $250.

Per-incident deductibles: Every incident you want to file a claim for needs to reach the deductible. If you expect to make frequent, smaller claims for your pet, this deductible type is not ideal for you.

Annual deductibles: You only need to meet the deductible once every year. Pet insurance will actively cover eligible claims after that.

What is a pet insurance co-pay?

The co-pay is how much of the remaining invoice you need to cover after you have reached your deductible. A pet insurance plan without co-payment will typically have a more expensive premium.

Meanwhile, the pet insurance reimbursement rate is how much of the covered expenses will be reimbursed to you.

Coverage Limits and Exclusions

Pet insurance policies often have limits, exclusions, and restrictions. Most pet insurance policies exclude pre-existing conditions, which essentially means diagnoses from before you activated coverage.

Other things pet insurance usually doesn’t cover:

• Pregnancy
• Supplements
• Experimental treatments
• Injuries from dogfights
• Cosmetic procedures

The pet insurance coverage limit refers to how much reimbursement your provider will pay you. The annual coverage limit is usually a few thousand dollars depending on your chosen policy, but some pet insurance providers do offer unlimited coverage with no limit.

Customer Reviews and Satisfaction Ratings

Reading customer reviews is a great way to get insights into a pet insurance company. A legitimate pet insurance provider will have more reviews for you to read. Satisfaction ratings and pet owner testimonials can tell you whether a company deals with claims and customers well.

Of course, it is important to remember that most reviewers submit reviews for complaints, since happy customers may be less likely to take the time to write long reviews online. Expert reviews of pet insurance can also give you an idea of how a pet insurance company operates.

Claims Process

The claims process refers to filing an insurance claim with your pet insurance company. The pet insurance provider will evaluate your claim and grant you reimbursement based on their assessment and your coverage details.

These days, many pet insurance companies offer a variety of ways to submit claims. You can typically start a claims process through an online portal, mobile app, email, or phone.

To ensure a smooth and hassle-free claims process, here are some steps you can take:

• Familiarize yourself with your policy before going to a vet
• Save your invoices and receipts
• Keep detailed medical records of your pet
• Double-check your form to ensure everything is accurate and complete
• Follow the claims process instructions

If you have an issue with the claims process or result, you may want to file a dispute with your insurance provider to see whether you can restart the claims process. It’s important to keep records of all communications with your vet and your insurance provider. That way if there is a dispute, you have supporting evidence on hand.

Additional Benefits and Features

Many pet insurance companies are happy to offer additional benefits and features to their members. Here are some common perks:

• Multi-pet discounts
• Wellness and preventive care coverage
• Rewards programs
• 24/7 pet health hotline
• Alternative therapies coverage
• Discounts on pet brands

The value of these added services and benefits can only be decided by each pet owner. For example, if you own multiple pets, a pet insurance provider with multi-pet discounts can help you save plenty of money every year. If you plan on sticking with the same pet insurance provider for a long time, an insurer with a loyalty program might be something you want to consider.

Financial Stability and Reputation

Like other insurance companies, it is important to consider a pet insurance company’s financial stability. A reputable, reliable pet insurance provider should have a good track record of granting reimbursements without delays or complications. To research this, you can visit trustworthy review sites such as Insurance Ranked. Better Business Bureau (BBB) can also show you the financial credibility and stability of your chosen pet insurance company.

Top Picks

Looking for the best pet insurance for your beloved pet? Here are our top pet insurance picks for pet owners looking to obtain accessible and reliable coverage.

Pumpkin

Pumpkin Pet Insurance offers flexible pet insurance options. They have no breed or age restrictions, making their policies great for owners of pets that may not otherwise be able to obtain coverage.

Pumpkin provides insurance coverage for a wide range of common accidents and illnesses. They also cover diagnostic tests and advanced care, including:

• Radiology and advanced care
• Prescription meds
• Emergency hospitalization
• Alternative therapies
• Surgery
• Specialized care
• Cancer treatments

For pet owners looking for additional coverage, Pumpkin can be a great fit. The company also offers insurance for claims that are not typically accepted by pet insurers. For example, Pumpkin plans may cover:

• Hereditary conditions
• Dental and gum disease
• Behavioral issues
• Sick visit exam fees
• Microchip implantation
• Prescription food for eligible conditions

ASPCA

ASPCA Pet Insurance has a long history of providing pet insurance through their pet insurance program, with plans underwritten by an insurer with over two decades of experience. Most plans target the needs of dog and cat owners.

Notably, ASPCA pet insurance offers customizable reimbursement rates, limits, and deductibles. You can choose the plan with numbers that make the most financial sense for you. Through ASPCA, you can obtain dependable and personalized pet insurance for your pet.

Embrace

Embrace Pet Insurance was founded in 2003 and aims to give back to pet owners who join their family of policyholders. If you want to save more money on vet expenses, Embrace is an attractive 90% back on bills at any vet. The $100 deductible and unlimited coverage options also make Embrace a dependable pet insurance company that gives peace of mind to pet owners.

Embrace Pet Insurance provides:

• Simple to understand policies with “nose to tail” coverage for pets
• Separate policies for dogs and cats
• 24/7 pet health support line
• An optional Wellness Rewards Plan
• Coverage for accidents, illnesses, dental, breed-specific conditions, and more

Lemonade

Lemonade Pet Insurance is an accessible and affordable choice for dog and cat owners. Lemonade starts their pet insurance policies at only $10 a month, and their reimbursements are fast and convenient.

If you’re looking for preventive care coverage, Lemonade also offers tiered wellness plans and optional add-ons so you can tailor your coverage for your pet. With excellent reviews from customers on Trustpilot where Lemonade has a 4.4-star rating, policyholders can feel comfortable that fellow pet owners have benefitted greatly from Lemonade Pet Insurance.

Summary

When shopping around for pet insurance companies, consider the key factors:

• Plan options
• Premium
• Deductibles and coverage limits
• Customer reviews and company reputation
• Ease of filing a claim
• Additional benefits

Remember to ask for quotes from different pet insurance providers and compare different insurers before coming to a final decision. The ideal pet insurance company should offer you a plan that suits your pet’s particular needs, which may include coverage for chronic or breed-specific conditions.