Best Pet Insurance Companies: The average cost of veterinary fees falls in the range of $1,000 to $2,000, and it is likely to increase in the future.
However, this can quickly accumulate, especially if your pet has underlying health issues or is involved in an urgent accident.
This is why opting for pet insurance is an excellent means of safeguarding against unexpected veterinary bills.
Undoubtedly, pets are susceptible to several types of illnesses, including allergies, skin infections, and digestive problems, all of which can be covered by pet insurance. And it extends coverage to chronic diseases, hereditary illnesses, and more.
However, selecting the right insurance company that aligns with your pet’s needs and budget can be a somewhat daunting task.
To simplify this process, I have compiled a list of some of the best insurance companies where you can purchase policies to protect your pet.
What is Pet Insurance?
Pet insurance is health insurance coverage for your pet. This insurance policy covers your pet’s medical expenses along with other costs related to your pet.
Pet insurance can help protect you from unexpected costs when your pet has an emergency. Furthermore, the insurance plan includes a deductible, which pays the expenses before the coverage starts.
How Does Pet Insurance Work?
Pet insurance works on a reimbursement basis, which means that you will have to pay for the vet fee and then file a claim for reimbursement.
Insurance companies such as Trupanion work with several veterinarians, and they pay them directly. While the insurer is responsible for only paying for the ineligible costs from their own wallet.
When you are buying an insurance policy for your pet, you will choose the deductible, annual limit, and reimbursement percentage.
All these will have an impact on your premium and the maximum amount that you will be able to recover.
However, it is important that you pay for your deductible before the company can issue a reimbursement.
The cost of all eligible expenses will be reimbursed based on the percentage that you choose. They are typically between 70% and 90% of the total cost, along with the insurance policy’s annual limit.
How Much Does Pet Insurance Cost?
The cost of pet insurance is determined by several factors. This will help you get an estimate of how much the insurance is for your pet. Some of the factors that determine the cost of pet insurance include:
The price of your pet insurance will vary depending on the species of your pet. For instance, insurance plans for dogs are more expensive than those for cats because they are bigger and there are more claims submitted for them.
Older pets are more expensive than younger ones. This is because older pets are more likely to have health issues. In addition, the cost of treating an aging pet is quite expensive.
Some animal breeds are prone to certain injuries and illnesses.
Your premiums are also determined by your location. If where you live has a higher cost of living and expensive vet fees, then your premium will also be expensive.
research has shown that there are more claims submitted for male and female animals.
Type of Plan
The type of plan that you choose for your pet also determines how much the pet insurance will cost. For instance, accident-only plans are much less expensive than accident and illness plans.
These factors all determine how much the cost of your pet insurance will be. You can look at other insurers to compare costs and choose the one that best suits your budget and your pet.
Best Pet Insurance Companies
Below are some of the best pet insurance companies that you can get an insurance policy from:
Lemonade is one of the best choices for pet insurance. But their plans are not available everywhere, as it only sells its policies in 37 states in America.
Lemonade gives their insurer a single plan that covers illness and accidents, and it also provides a wider array of add-ons than other companies. In addition, it also has a two-day waiting period for accidents and two weeks for illness.
Furthermore, this insurance company also has a single plan that covers accidents and illness for both cats and dogs. It also offers coverage for injuries and illnesses such as diabetes and cancer, as well as other conditions such as allergies and arthritis.
There are also diagnostic tests and medications that are among the other things covered by the base plan. Lemonade provides wellness coverage in the form of add-ons. The sample rates are $16.63 per month for cat insurance and $31.01 per month for dog insurance.
Figo is among the best pet insurance companies in the United States, and it has a mobile app. Its website can be used to file claims, pay bills, live chat with a veterinarian, organize your pet’s medical records, meet other pet owners, and find other nearby dog groomers.
Figo also provides an accident and illness plan with up to three different annual reimbursement maximums that range from $5,000 to unlimited.
Furthermore, its insurance coverage is comprehensive and includes alternative treatments, hereditary conditions, and non-routine dental care. You can also add some more options, such as wellness care and coverage for vet exam fees.
Figo would not cover pre-existing conditions, although it recognizes that some conditions can be cured. However, if your pet hasn’t shown any symptoms or had any treatment for a curable condition for the past year, then the problem will be covered by Figo.
If you are searching for lots of ways to personalize your insurance coverage and price, then Pets Best is the right option for you. This insurance company has three tiers of accident and illness coverage, along with two wellness add-ons and an accident-only plan. This will increase your chances of getting insurance that suits your needs and budget.
For larger expenses, which include surgeries, you can work with Pets Best to make payments for your vet fees so that you don’t have to pay too much.
Pets Best also has a standard waiting period in several states. For instance, 3 days for accidents, 14 days for illness, and then 6 months for cruciate ligament issues
Embrace provides its customers with several ways to save. When you buy an insurance plan for more than one pet, you will automatically get a 10% discount.
Veterans and active military members can also get a 5% discount in every state except Tennessee and New York. Embrace is currently working on putting out a healthy pet discount. It also has a wide array of annual coverage limits and deductibles to choose from.
Embrace a standard accident and illness plan that includes acupuncture, chiropractic care, and physiotherapy. The insurance company also pays the exam fee for covered conditions and reimburses for conditions like behavioral treatments as long as the vet offers them.
It has a 180-day waiting period before your pet’s orthopedic injuries, though you can lower it to 14 days before the vet exam. Furthermore, Embrace also has a minimum age of 6 weeks before the pet is eligible for pet insurance.
Pets up to the age of 14 are also eligible for accident and illness coverage.
MetLife pet insurance provides lots of ways to save on your insurance policy. However, this depends on your location and occupation.
Healthcare workers, first responders, veterans, staff at animal care facilities, and members of the military may all qualify for a discount.
You can also save money on your policy if your employers provide MetLife pet insurance as an employee benefit.
MetLife is best known for its wide coverage, which includes things like alternative therapies, hereditary and congenital conditions, dental illnesses, and others.
You can personalize the plan by adjusting your reimbursement and coverage amounts, which are deductible by adding wellness coverage. The website is also user-friendly, but it does not provide sample policies.
Trupanion manages deductibles much differently than other pet insurance companies. Instead of charging a deductible every year, it charges the deductible per condition.
This could save you money if your pet has a chronic condition that requires extended treatment. After you have paid the deductible, you won’t have to pay it every year.
Trupanion also reimburses at least 90% of expenses after you have met the deductible, and it also has no yearly lifetime coverage limits.
ASPCA Pet Insurance
Many pet insurance plans are only limited to cats and dogs. However, if you have a horse, ASPPCA Pet Health Insurance will provide plans for accidents and illnesses. This type of coverage includes colic, and you can also add preventive care.
This plan covers both cats and dogs, and it includes an accident-only plan, which is the most affordable option. There is also complete coverage, which pays for both illness and accidents, from hip dysplasia and arthritis to behavioral disorders, hereditary conditions, and cancer. The ASPCA Pet Insurance waiting period for accident coverage is 2 weeks.
ASPCA Pet Insurance also has two levels of additional coverage that pay for expenses such as wellness exams, dental cleanings, and vaccines. However, there is no stand-alone wellness plan.
Furthermore, ASPCA Pet Health Insurance policies also cover microchip implantation to help find a lost cat or dog. The annual deductible ranges from $100 to $500, while the annual coverage limits range from $3000 to $10,000.
The reimbursement rates range from 70% to 90%. In addition, ASPCA Pet Insurance also offers insurance in all 50 states in America, and it gives out a 10% discount when you buy insurance for more than one pet.
The above-mentioned are some of the best pet insurance companies. Their insurance policy covers a variety of illnesses as well as vet fees.
Is Pet Insurance Worth it?
Most definitely, getting an insurance policy for your pet is definitely worth it because veterinarian fees are no joke. Without a pet insurance policy, you could spend thousands of dollars paying for your pet’s accident and illness fees.
How to Buy a Pet Insurance Policy
One of the best ways to get an insurance policy for your pet that suits your budget is to shop around and compare insurance quotes from different insurance companies.
There are several ways you can get a pet insurance quote. You can find it online from the insurance company. Moreover, several pet insurance companies provide free quotes online.
All you need to do is to answer a few questions about the pet you want to insure. Alternatively, you can call a representative from a pet insurance company to get a quote.