Compare the various options before you purchase pet insurance. The table below gives you an idea about what each company offers. In particular, pay attention to rates, Deductibles, Waiting periods, and Coverage options. This will help you choose the right insurance policy for your pet.
Rates
Prices for pet insurance will vary depending upon the age of your pet, as well as the level of coverage that they need. Because older pets are more likely to be injured or sick, some providers charge higher rates. 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. Multi-pet discounts are also available.
Numerous studies have been conducted to compare pet insurance rates. One study showed that cats are more expensive than dogs. A study revealed that cats spend less time at the vet than their counterparts in dogs, making them more affordable. There are many other factors that you should consider when comparing rates.
Options for coverage
Consider the fact that not all plans offer the same level of coverage when comparing pet insurance options. Some companies offer comprehensive coverage for all medical costs, while others offer limited coverage for only a few specific health conditions. Many companies have a deductible that requires you to pay a specific amount up front. Deductibles range from $100-$500, so it is important to determine which amount you can afford for your pet.
Other factors to consider when comparing pet insurance coverage options include the number of vet visits covered and the cost of veterinary care. The cost of policies that only cover accident-related illnesses is lower than those that include all other conditions. The other option is to purchase an accident-and illness plan. These plans are more comprehensive and can cover most of the procedures and visits to the vet.
Deductibles
One of the most important things to consider when looking for pet insurance is the deductible. Different companies may have different deductibles. Some companies offer $0 deductibles, while others require you make a payment of up to $1000. The amount you decide to pay depends on your budget as well as the age of the pet.
There are two options: an annual deductible and a per-condition one. The former is easier to administer and will be most useful for pet owners. You'll need to keep track by date and condition of your expenses with the latter. As a result, the deductible for a new medical condition will be different each time. It may also take more time before your insurance provider reimburses you.
Waiting periods
It is important that you consider waiting periods when you choose a pet policy. These are required by the insurer to verify that your pet's health is good enough to be covered. The most common waiting period for policies is 30 days. However, this can vary. Some insurers will have shorter waiting period, while others might require one. Trupanion for instance has a 30-day waiting limit for illness coverage.
Although waiting periods for pet insurance coverage can vary, there are some conditions that are never 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.
Reimbursement percentage
The reimbursement percentage for pet insurance policies can impact the total cost. Some companies have higher reimbursement levels than others. An insurance policy that covers 80% of your covered expenses will have a reimbursement percentage at 80%. This means that you will only be responsible to $200 for your dog's injuries. However, if your canine companion has a chronic condition that demands regular care, you will likely be responsible for a higher percentage of the bill.
The reimbursement percentages for pet insurance policies range from 80% to 90%. You should be aware that higher reimbursement percentages can mean a more expensive policy. You must also pay a deductible each time you file a claim. The most common deductible amounts include $100, $200 and $500.