5 Steps to Finding the Best Pet Insurance Plan
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| 5 Steps to Finding the Best Pet Insurance Plan |
Shopping for pet insurance may be a nuisance, so we wanted to break down the main stages to finding the best coverage for your four-legged family member. We feel these are the five most critical actions to take when looking for pet insurance, and our partners at the Insurance Information Institute and NAPHIA agree.
1. Read the customer reviews
You've already arrived, so that's a positive start.
You definitely want outstanding coverage at a reasonable price, but if the plan does not give excellent customer service, it will be more of a pain than it's worth. When your pet requires costly veterinarian care, you need an insurance provider that is swift and helpful.
The best pet insurance policies provide 24-hour customer assistance, while some just provide a static "Contact Us" website. Some policies provide user-friendly mobile claims applications, while others require you to fax your vet records.
The best method to determine if a plan is genuinely "best" is to see what current and former policyholders have to say about their experience. In order to separate the excellent from the poor, we compiled hundreds of pet insurance reviews from dog and cat owners.
2. Investigate coverage options
When searching for pet insurance, coverage is the most crucial factor to consider. Without exception. The whole reason you get pet insurance is to be compensated if your dog or cat needs veterinarian treatment. Whether you're looking for pet insurance, vehicle insurance, or life insurance, coverage is what separates policies.
When purchasing pet insurance for your dog or cat, you have three levels of coverage to select from. The most prevalent policies are accident and sickness plans, which provide coverage for unforeseen accidents and illnesses. Wellness programs are quickly gaining popularity as pet owners want full coverage. Accident-only insurance is less common, but it is worth considering for senior dogs who may not qualify for normal coverage.
When looking for a pet insurance plan, there are three tiers of coverage to pick from:
Accident and illness coverage: These are by far the most common policies. They account for more than 90 percent of all purchases. These plans provide everything except regular care.
Wellness Care Coverage: You may add a routine care or wellness plan to your standard pet insurance coverage. These plans include yearly checkups, spay/neuter procedures, immunizations, and so forth. We do not suggest these programs since they provide little benefit.
Accident-only Coverage: These policies are less expensive, but they only cover vet fees resulting from accidents. We do not suggest these plans since diseases are more common and cost more to treat.
Each plan has distinct terms and restrictions that you should be aware of. The best plans don't include many "gotchas" or "fine print," but you should still familiarize yourself with important words. The key to an excellent pet insurance experience is to understand precisely what you're purchasing. Here are the four most crucial features to pay attention to.
Annual limit: This is one of the most significant considerations when selecting a plan. Ensure that the insurance has at least a $10,000 yearly maximum. This ensures you have enough coverage for significant health conditions.
Coverage: As previously stated, we suggest that you choose accident and sickness coverage. Every plan includes this sort of insurance as a default option. They are the most popular, well rated, and provide the greatest coverage and value for your money.
Waiting Period: Each plan has a waiting period, which is the time between when you enroll and when your coverage period begins.
Exclusions: The higher-rated plans have relatively few exclusions (mainly simply pre-existing conditions); however, not all plans are the same. That is why you should study ratings before deciding on a strategy. It's never a smart idea to get the cheapest insurance, but there are methods to acquire the necessary coverage without overpaying.
Veterinary care is more common than you think.
Far too many pet owners believe their pets will never get sick or wounded. In fact, the most prevalent argument for pet insurance is, "I don't need it; my pet is fine."
This mindset is wrong since every six seconds, a pet owner faces a vet expense of more than $3,000 (Pet Insurance Facts). And if you read enough pet insurance reviews, you'll see how often these costly medical services are if your pet is unfortunate.
Every day, we get queries from pet owners looking to enroll in a plan because their beloved buddy requires pricey surgery or long-term medications. Unfortunately, if your pet requires pricey treatment, it is already too late since pet insurance does not cover pre-existing conditions.
This is why we strongly advise pet owners to enroll in a plan when their dog or cat is young and healthy.
Health issues and costs
Hereditary illnesses, chronic ailments, orthopedic problems, and emergency treatment are among the most prevalent and costly health concerns. To give you an idea of how much veterinarian care costs, we compiled a sample list of common pet health concerns and the typical cost of treatment.
The graphic shows that veterinarian expenditures may quickly pile up! The positive news is that all highly rated plans cover these health conditions completely, with no exclusions or hidden payment restrictions.
Sample Conditions and Average Treatment Costs
- Canine cancer costs $5,000 to $20,000
- Hip dysplasia costs $4,000 to $6,000.
- Elbow dysplasia: $3,000–$5,000
- Cataracts cost $2,000 to $3,000
- Foreign Body Ingestion: $200 to $5,000.
3. Request quotes and compare prices
Let's face it: if a plan is too pricey for your monthly budget, you won't purchase it!
We obviously do not recommend that you choose the lowest plan, but when doing an apples-to-apples comparison, we recommend that you select the higher cost plan. It's all about getting the greatest value out of the finest insurance plan available. The cost should be reasonable in relation to the coverage provided.
That's why we developed a free, customizable quotation system that allows you to compare plans and costs side by side.
Sample costs
Dogs cost more to insure than cats. English Bulldogs cost more to insure than mixed-breed dogs. The more likely your pet has health issues, the more you'll spend.
For example, purebred English Bulldogs are substantially more prone to inherited illnesses than mixed-breed dogs. It's just a matter of breeding and genetic inclination. So, if you own an English Bulldog, your dog is more likely to need costly medical care than a mixed-breed dog.
The basic fact is that each plan charges each breed differently, so it's critical to compare insurance from numerous providers to obtain the best deal. Here are some examples of typical expenditures for dogs and cats, respectively.
- Dog Breeds | Average Cost
- Mixed Breed Dog | $38/month.
- Labrador Retriever | $44/month.
- Yorkshire Terrier | $41/month.
- Golden Retriever | $46/month.
- Dachshund | $50/month.
Note: Average rates for accident and sickness policies for three-year-old dogs, with a $250 deductible and 90% reimbursement.
- Cat Breeds | Cost
- Mixed Breed Cat | $32/month.
- Domestic Shorthair | $34/month.
- American Shorthair | $34/month.
- Siamese | $36/month.
- Maine Coon | $38/month.
Note: Average costs for accident and sickness insurance for three-year-old cats with a $250 deductible and 90% reimbursement.
Adjusting the price of a plan
Every pet insurance plan enables you to customize the pricing of your policy by selecting a custom deductible and reimbursement percentage. This is convenient since you may choose the plan and coverage that best match your budget.
Deductible: By selecting a greater deductible, you will pay less for pet insurance. In contrast, if you pick a smaller deductible, you will get more reimbursement when you make a claim, but your monthly rates will be higher. Deductibles vary from $100 to $1,000 (we suggest $200 to $500 for best value).
Reimbursement: If you choose a lower reimbursement rate, you will pay less each month for your coverage since the plan will pay less when you file a claim. And, as common sense tells you, choosing a greater reimbursement rate will result in higher monthly payments. Reimbursement rates vary between 60 and 100% of your actual vet expenditures.
4. Company overview and background
The longer they've been there, the better. Bigger is better. History, leadership, and financial stability are all important.
These characteristics are critical and sometimes overlooked while determining the finest. Some schemes, such as Healthy Paws and Embrace, are based on a strong desire to improve the lives of pets. So, when you contact their customer service and claims representatives, you will be speaking with another "pet parent." Other plans, like Nationwide and ASPCA, are well-known and reliable, so you can trust them to deliver the goods.
High-level assessments also entail a thorough analysis of the leadership team and personnel. How experienced are they? How long have they been in the pet insurance business? Are they qualified?
Finally, and possibly most critically, our high-level assessments include A.M. Best Ratings. A.M. Best is the world's foremost insurance credit rating service. They assess the financial soundness and rating of each pet insurance. We take A.M. Best ratings extremely seriously since enrolling in a plan and having the organization collapse is not a positive thing!
5. Enroll when your pet is young and healthy
After reading pet insurance reviews, you should conduct your research and educate yourself on pet insurance. Take your time and consider your alternatives. However, it is critical to obtain a plan while your pet is healthy in order to avoid pre-existing condition restrictions. Are you ready to acquire the finest insurance quotes and compare pet insurance?
What is the best dog insurance?
Your dog is unique, but he or she is likely to share certain health concerns with other dogs in his breed. Every dog breed has its own distinct qualities. Certain breeds are more prone to inherited and congenital health problems than others. Once you know what health issues to check for, you can get the finest dog insurance plan for your dog's individual requirements.
What is the best pet insurance for cats?
Your kitty is one-of-a-kind, yet she most certainly shares some health concerns with others of her breed. It's important to understand what health concerns are unique to your cat's breed so that you can prepare. Once you know what health issues to check for, you can choose the finest cat insurance plan to fulfill your cat's individual requirements.