Best Pet Insurance Companies Of October 2022

One way to add some financial security to your home is with pet insurance. This is one way to avoid paying the full cost of an unexpected vet bill if your pet gets injured or sick.

While pet insurance plans have a common foundation of basic coverage, such as injuries and hereditary and congenital conditions, there are differences in benefits, prices and excesses. We evaluated 13 plans to find the best pet insurance plans.

What is pet insurance?

Pet insurance is a health insurance policy for your pet that pays for medical expenses and sometimes other expenses. Pet insurance plans are usually reimbursement-based, meaning you pay upfront for the pet’s vet bills and submit a claim to the insurance company. Some companies may pay the veterinarian directly, which helps keep your out-of-pocket payments low.

There is usually a deductible before coverage begins. For example, you can pay the first $500 in vet bills before pet insurance starts paying.

Even after your deductible is paid, pet insurance may not pay 100% of vet bills. You can usually choose your compensation level. Common reimbursement options are 70%, 80% or 90% of your vet bill.

What does pet insurance cover?

What is covered by pet insurance will depend on the plan you purchase. There are generally three types of pet insurance plans available:

Accident and sickness plans (most common)
Accident-only plans
Wellness plans for routine care, such as immunizations, are usually available as add-ons

Accident and sickness plans usually cover injury or illness such as broken bones, cancer, hereditary conditions and congenital conditions and more. Accident-only plans cover only accident-related problems, such as broken bones.

You can add a regular wellness plan to many pet insurance policies. This will cover the cost of annual vet wellness visits, vaccinations, heartworm treatment and other routine care that helps keep your pet healthy.

Pet insurance does not cover pre-existing conditions, meaning your pet had a condition before the policy took effect, including any waiting period. Ask if there is a look-back period so that conditions prior to the look-back period can be covered.

What does pet insurance not cover?

Some typical pet insurance exclusions include:

Pre-existing conditions. When a pet is diagnosed or shows signs of illness or injury before coverage begins, pet insurance usually does not cover it. However, some pet insurance companies extend coverage to what they consider “curable” pets’ pre-existing conditions. For example, Embrace Pet Insurance will reinstate coverage for a pre-existing condition if medical records show no signs of the condition for at least 12 months.

Preventive or elective procedures. Plans will not cover preventive or elective procedures such as nail trimming, ear clipping, declawing or tail docking.
Examination Fee. Some insurance companies exclude exam fees from coverage, even if the fee is for an accident or illness-related visit. Exam fees are what vets charge to see your pet.
Grooming. When you take your pet to the spa for a little pampering, pet insurance won’t cover grooming or shampooing.
Breeding costs. Costs associated with breeding are not covered.
Expenses not related to veterinary care. This includes costs such as taxes or administrative fees charged by the vet.
Food and vitamins. Regular food is not covered, but some plans cover prescription pet food.

“It’s also important to point out that some policies exclude coverage if a pet owner does not maintain the level of care recommended by a veterinarian,” says Beth Wymer, spokesperson for Pumpkin Pet Insurance. “So, suppose your veterinarian recommends a dental cleaning because of dental problems, and you choose not to follow the recommendation. In that case, with some pet insurance companies, your coverage will no longer cover any costs associated with that illness.

How to find the best pet insurance for you

Comparing pet insurance plans apples to apples can be difficult. The variety of coverages, exclusions, and prices makes it difficult to calculate the potential value of each plan. Here’s how to find the best pet insurance for you.

Choose the best pet insurance plan type for you
Do you want pet insurance that goes the extra mile every time, or do you just want to curb costs with an accident plan that pays nothing for pet illnesses? Or something in between?

Comprehensive pet insurance plans that cover a wide range of health-related issues plus wellness are usually the most expensive, but may be worth considering if you want complete coverage.

Pet insurance can generally be divided into these plan types:

Comprehensive coverage. Sometimes called a “nose-to-tail” policy, this typically provides coverage for accidents and injuries, including serious or chronic illness, hereditary conditions, diagnostic tests, surgeries, treatments and wellness, such as routine veterinary checkups and vaccinations. happens
Accident and sickness coverage. This type of policy typically covers accidents (such as an ACL rupture) and vet bills for illnesses including common illnesses, hereditary conditions, and serious illnesses (such as cancer). You may not be covered for routine veterinary visits, wellness exams like flea and heartworm prevention, or vaccinations, but you can often add a wellness plan to get comprehensive coverage.
Accident coverage only. This type of policy only covers vet bills if your pet is injured in an accident, and you will not be covered for illness-related medical bills.
Pet wellness coverage. This type of plan covers wellness-related medical expenses, such as routine veterinary checkups, flea and heartworm prevention, and vaccinations. You can often add wellness benefits to an accident and sickness plan.

Find a coverage level you’re comfortable with

When you buy a pet insurance policy, you’ll typically choose an annual maximum, deductible and reimbursement level.

Annual maximum coverage: You will usually have a choice of annual maximum payment level. This is the limit of how much the pet insurance plan will pay out for the year. Many insurance plans offer choices between $5,000 and unlimited payouts. Opting for unlimited payments will increase the cost of the premium but you won’t have to worry about exceeding your annual maximum limit if your pet needs very expensive treatment.
Deductible: Choosing a higher deductible will lower your monthly pet insurance bill. Common deductible choices are $100, $250 and $500. Once your deductible is met, you can submit the vet bill to your pet insurance company for reimbursement. Trupanion offers a unique lifetime per-bet deductible: you pay the deductible once for each new bet, without resetting each year.
Reimbursement percentage: You choose the reimbursement level when you purchase the plan and the lower the reimbursement level, the less you pay in insurance premiums. The most common reimbursement choices are 70%, 80% or 90%.

Check pet insurance waiting periods

The waiting period is the time between the policy purchase date and when coverage begins. Every insurance company has a waiting period. Make sure you find one that you are comfortable with. For example, Embrace has only a two-day waiting period for accident coverage. Other plans, such as ASPCA Pet Health Insurance, have 14 days.

Also, be aware of special waiting periods for certain conditions, such as cruciate ligament problems. For example, Embrace has a six-month waiting period for dogs with orthopedic conditions but the ASPCA’s plan does not have a waiting period for orthopedic conditions or any other specific issues.

Pet insurance discounts

Pet insurance discounts are a great way to save. Here are some common discounts:

Multiple discounts. Many insurance companies offer discounts if you insure more than one pet.
Spay/Neuter Discount. Some insurers offer discounts to pet owners who have their pets spayed or neutered.
Annual salary discount. You can often lower costs if you pay your annual premium in one lump sum.
Military discount. Some insurance companies offer discounts for military members and veterans.
Group discounts at work. Some employers offer insurance as a voluntary benefit, which can get you a 5% to 10% discount.
Bundle discount. You can get a discount of up to 10% when you bundle Lemonade insurance with a Lemonade renters or homeowners insurance policy.

Other pet insurance comparison factors

Here are two more factors to consider when buying a insurance plan:

Examination Fee. When you take your pet to the vet for an accident or illness, you pay an exam fee that can cost $100 or more, depending on your vet and the type of visit. Make sure the policy covers this exam fee as not all do.
benefits. Look for extra benefits like a 24-hour vet helpline if your pet gets sick at night. As another example, Nationwide insurance members have access to preferred pricing on pet prescriptions at any Walmart pharmacy.

How does pet health insurance work?

If you have a insurance plan, you will usually have a deductible that you pay for vet bills before coverage begins. After that, you will still pay your vet directly and then submit your bills to the insurance company for reimbursement. The insurance company will send you reimbursements until it pays the maximum your plan allows in a year, such as $5,000. Some plans offer unlimited payout maximums.

Check the plan documents for any limitations on what is covered, such as:

Excluded

Your policy will have a list of exclusions. Common exclusions include grooming, breeding expenses, certain pre-existing conditions, and expenses not related to veterinary care (such as taxes or your vet’s administrative fees).

Waiting period

All pet insurance plans have a waiting period. Your coverage will not begin until the waiting period is over. For example, your policy may have a 14-day waiting period before covering accident-related veterinary expenses.

Veterinary restrictions

Generally, insurance does not have network restrictions, and most insurance companies will cover any licensed veterinarian.

Check to see if your policy has any geographic restrictions or if your coverage extends to other regions. For example, we analyzed Trupanion insurance policies that cover veterinarians licensed in the US, Australia, Canada, Puerto Rico, and any other territory under Australian, Canadian, or US government control (such as a military base in a foreign country).

Average cost of pet insurance

According to a Forbes advisor survey, one-third (37%) of dog owners have not considered insurance because they believe it would be too expensive. Yet 89% of dog owners estimate that the cost of insurance is higher than it really is. And 76% of dog owners estimate the cost of insurance to be at least three times higher than the average price, our survey found.

Here’s a look at the actual average cost of insurance, according to a Forbes advisory analysis:

Pet insurance with $5,000 in annual coverage costs an average of $34 per month for a puppy, $35 for a dog and $28 per month for a cat.
Pet insurance with unlimited annual coverage costs an average of $53 per month for dogs and $39 per month for cats.

Best Pet Insurance Companies Of October 2022