Before you buy pet insurance for your pet, make sure to compare the different options available. The table below gives you an idea about what each company offers. Particularly, you should pay attention to rates and coverage options. This will enable you to choose the right policy for your cat and dog.
Rates
Prices for pet insurance will vary depending upon the age of your pet, as well as the level of coverage that they need. Some providers charge more for older pets because they are more prone to accidents and illnesses. Some policies may not cover pre-existing diseases and could even refuse older pets. Before you buy a policy, make sure to inquire about any discounts or benefits offered by your insurance company. You can also look for a multi-pet discount.
Several studies have been published comparing rates of pet insurance policies. 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. It is important to note that there are other factors that can affect the rates.
Options for coverage
When comparing pet insurance coverage options, keep in mind that not all plans are created equal. Some companies offer full coverage, while others provide limited coverage for specific conditions. A deductible is a requirement by many companies. This means that you must pay a predetermined amount upfront. You and your pet should be aware that deductibles can vary from $100 to $500.
When comparing pet insurance options, you should also consider the cost of veterinary treatment and how many vet visits are covered. Policies that only cover accidents are more affordable than policies that cover all diseases. However, accident-and-illness policies are more comprehensive and include most procedures and vet visits.
Deductibles
The deductible is one of the most important aspects to consider when shopping for pet insurance. Different companies offer different deductible amounts. While some companies have a $0 deductible while others may require you to pay $1000, there are many options. 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 former is easier and more convenient for most pet owners. The latter requires you to keep track of expenses by condition and date. Because of this, the deductible to cover a new medical condition is different for every case. It could take longer for your insurance provider to reimburse you.
Waiting periods
When choosing a pet insurance policy, it is important to consider waiting periods. The insurer will impose these waiting periods to make sure your pet is fit enough to receive coverage. 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 has a 30-day waiting list for sickness coverage.
Although the waiting period for pet insurance coverage is variable, some conditions are not covered. Certain diseases, like cruciate injuries, are excluded from coverage by most policies. A dog suffering from hip dysplasia might have to wait longer than a dog suffering from cruciate ligament injury.
Percentage for reimbursement
The reimbursement percentage of your pet insurance policy could affect the total cost. Different companies have different reimbursement percentages. 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. If your dog is suffering from a chronic condition, such as diabetes, it's likely that you will have to cover a larger portion of the bill.
Generally, reimbursement percentages for pet insurance plans range from 80% to 90%. But, higher reimbursement percentages will mean that your plan is more costly. You must also pay a deductible each time you file a claim. The most common deductible amounts are $100, $200, and $500.