We all want to make sure our pets are taken care of and are healthy and happy. But these days, veterinary surgery can cost up to $10,000 and can catch many pet owners off guard. Pet insurance for your dog or cat helps you to be prepared for the unexpected and allows you to be the best pet parent possible.
But it can get overwhelming when it comes to choosing pet insurance for your furry family members. So we’ve compiled a list of the things you need to consider when looking for the best pet insurance provider, to put your mind at ease.
What to Keep In Mind When Choosing Pet Insurance:
Not all pet insurance policies were created the same. Some cover only accidental injuries while others provide coverage for illnesses like cancer, and others even offer payment reimbursement for preventive care. Most pet owners choose to enroll their dog or cat into a plan that covers accidents and illnesses. This is so they can make sure they won’t need to pay out of pocket for veterinary care should their fur babies unexpectedly becomes sick or injured.
Pet insurance policies usually offer either unlimited or capped benefits. Choosing pet insurance with unlimited lifetime benefits allows you to get reimbursed for every vet bill your pet has for his entire life once the deductible has been met. On the other hand, with maximum annual benefits pet insurance, you will find that there’s a cap on payouts each year, typically around $15,000 after your deductible is met. There are also per-incident pet insurance benefits, which usually makes for a lower monthly premium. But that means you won’t be reimbursed for any vet bills beyond a specific amount each year.
The top-rated pet health insurance companies do their best to allow you to customize your policy with a variety of deductible types. Most pet insurance companies have annual or lifetime deductibles with amounts varying by company but are typically between $200 and $1,000 for most pets. However, the most common deductible amount is $500. Once you’ve met your deductible for the year or the lifetime of your pet, your insurance company can pay a certain percentage of all vet bills.
The best pet insurance companies can pay up to 90% of your vet bills after your deductible has been met. Typical reimbursement amounts are around 70%, which means you will be expected to pay 30% of the bill out of pocket. Most pet insurance companies work on a reimbursement model, where you submit a claim with a copy of the paid invoice, and they send back a check for the reimbursable amount. However, some pet insurance companies will pay your veterinarian directly for the portion of the bill they cover.
Monthly Premium Costs
How much is pet insurance? This depends on a variety of factors, including your pet’s age, breed, and medical history. Your choice of deductible amount and reimbursement rate will also play a part in your monthly pet insurance premium.
We have compiled a list of the best pet insurance providers that include detailed information on how to get low-cost pet insurance and which companies provide you with a free customer pet insurance quote at FindReviews