Before you buy pet insurance for your pet, make sure to compare the different options available. Below is a table that will help you get an idea of the offerings from each company. You should be aware of the following: rates, deductibles, waiting periods and coverage options. This will help you find the right insurance for your dog or cat.
Rates
Pet insurance rates vary depending on how old your pet is and what coverage 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. 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. While some companies provide comprehensive coverage for all medical expenses, others only offer coverage for a select few health conditions. Many companies have a deductible that requires you to pay a specific amount up front. 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. These policies cover only accidents and are generally less expensive than those which cover all illnesses. Accident-and illness plans, however, are more comprehensive, and cover most vet visits, procedures and hospitalizations.
Deductibles
When looking for pet insurance, the deductible is something you should consider. Different companies have different minimum deductibles. Some offer a $0 deductible, while others require you to pay up to $1000. Choosing the right amount depends on your budget and the age of your pet.
You have the option of either an annual or per-condition deductible. The former is easier to manage and best fits most pet owners. The latter requires that you keep track of all expenses by date and condition. This means that the deductible for new medical conditions will differ from one to another. It may also take more time before your insurance provider reimburses you.
Waiting periods
Consider waiting periods when you are looking for pet insurance. These are imposed by the insurer to ensure that your pet is healthy enough to be eligible for coverage. A 30 day waiting period is the norm for policies, though this can be extended to any length. Some insurers have shorter waiting lists, while others require a longer wait. For instance, Trupanion imposes a 30-day waiting period for illness coverage.
The waiting periods associated with pet insurance coverage vary, but there are some conditions that are always excluded from coverage. Most policies include a waiting period for certain conditions, such as cruciate injury. A dog with hip dysplasia could have a longer waiting time than a dog that has cruciate injury.
Percentage reimbursement
The reimbursement percentage on your pet insurance policy can affect the total cost of your policy. Some companies offer higher reimbursement rates than others. Your insurance will cover 80% if your expenses are covered by a 80% reimbursement percentage. This means that you will only be responsible to $200 for your dog's injuries. You'll be responsible for paying a greater percentage if your dog needs regular care.
The reimbursement percentages for pet insurance policies range from 80% to 90%. Higher reimbursement percentages are associated with a higher cost plan. A deductible must also be paid each time you submit a claim. The most popular deductible amounts are $100 to $200 and $500 to $500.