Best Pet Insurance Companies in July 2022
Who Needs Pet Insurance?
According to a survey, the number one reason pet owners buy pet insurance is because they want to make decisions about their pet’s health care without worrying about whether they can afford it. the procedure. Pet insurance is for pet owners who want an insurance policy that will help offset veterinary bills and create a financial safety net if their pet gets sick or unexpectedly injured.
Emergency treatment for pets can be expensive. The average cost of emergency veterinary surgery for dogs and cats can range from $1,500 to $5,000. Those who are financially well off and able to pay high medical bills for their pet may not need pet insurance. Pet owners worried about the rising cost of pet care and needing help covering unexpectedly high veterinary bills should consider a pet insurance policy.
How much does pet insurance cost?
The cost of pet insurance depends on many variables, such as type of animal, breed, sex, age, location, annual coverage limit, and deductible. Average premium costs can range from $20 to $50 per month.
Average accident only premiums
- Annual: $218.13
- Monthly: $18.17
- Annual: $133.61
- Monthly: $11.13
Average accident and sickness premiums
- Annual: $594.15
- Monthly: $49.51
- Annual: $341.81
- Monthly: $28.48
Wellness coverage typically costs between $20 and $25 per month and is built into full coverage policies. For most pet owners, the cost of a wellness policy is what they would pay anyway, so it might not be worth getting a wellness plan. autonomous.
Is pet insurance worth it?
Pet insurance is worth the cost if you can afford the premium, you can’t afford an unexpectedly high vet bill, and your pet will benefit from coverage. For older pets with multiple health conditions, the premium amount may not be worth it, as pre-existing conditions are not covered. Thanks to new veterinary advances, pets now have access to better diagnostics and treatments. Unfortunately, they come at a high cost.
Pet owners can expect to spend around $16,600 on veterinary care for dogs and $13,350 on veterinary care for cats. The number one accident and illness that caused dogs to visit the vet was stomach problems caused by inflammation and ingesting something dangerous. Vet bills for stomach issues can reach $29,000.
Most plans cover up to 90% of the vet bill. If a plan can cover $1,800 on a $2,000 emergency vet bill, imagine how much it could save on the animal’s life. The plans also cover prescription drugs, which can be expensive in the long run. Many of the best pet insurance companies also offer personalized information and recommendations so pet owners can improve the health and happiness of their pets.
How to choose the best pet insurance
Pet insurance is similar to health insurance for humans. They both include annual premiums, deductibles, annual limits and co-payments. Different pet insurance companies offer different options, so pet owners may need to do some research to find out which is the best insurance for their pet.
Depending on the plan, pet insurance policies may cover:
- Emergency room
- Wellness checks
Types of coverage
There are three types of pet insurance coverage: accident-only, accident and sickness, and wellness coverage. Each level determines the type of treatment covered as well as the cost.
Although most insurers offer all three types of coverage, each plan will have differences within each plan, so it’s important to shop around to compare plans.
- Accident Only (AO) Policies provide limited coverage. It does not cover most illnesses. It is less expensive than full coverage and is generally best for emergencies:
- Accidents such as car accidents
- Ingestion of foreign bodies (swallowed objects)
- Ligament tears
- Accident and Sickness (A&I) policies are also called “comprehensive” because they cover accidents as well as minor and major illnesses:
- Chronic illnesses (such as cancer, infections, and digestive issues)
- Diagnostic tests
- Prescription drugs
- Emergency care
- Wellness policies cover routine and preventative care, such as annual exams, vaccinations and teeth cleaning. These policies tend to be addendums to A&I policies. If incorporated into an A&I policy, they may include:
- Early detection diagnosis
- Dental care
- Consultations for good nutrition
Pet Insurance Plan Customizations
Different pet insurance companies offer different types of coverage for a pet’s medical care. Insurance companies offer additional coverage options such as emergency care abroad and pet injury liability coverage. In addition to the various endorsements that pet owners can add to the policy, pet owners have other ways to customize their plans.
- Annual limit: Plans usually have an annual limit ranging from $5,000 to $20,000. Some plans offer even higher amounts, including unlimited limits. However, these policies are much more expensive.
- Refund percentage: Pet owners can customize the amount of reimbursement they receive for covered veterinary expenses. Reimbursement amounts can vary from 70% to 90%.
- Annual deductible amounts: Pet owners can choose the annual deductible amounts. They can range from $100 to $500. The higher the deductible, the lower the premium amount.
- Types of illnesses and accidents: Many pet insurance companies allow pet owners to choose certain types of care. The most common include:
- Diagnostic: Blood tests, X-rays, MRIs, CT scans and lab work
- Procedures: Ambulatory, specialist and emergency care, hospitalization and surgery
- Medication: Injections or prescription drugs
While a basic pet health insurance policy covers pet owners for unexpected veterinary bills, adding preventative care to a place can help cover the expenses they are already paying.
If pet owners are already paying more than the cost of a preventative care endorsement for their pet’s ongoing health care, adding the endorsement can keep their pets healthier. Common items covered by a preventative care or wellness plan include annual physical exam, fecal or internal parasite test, heartworm test, blood test, vaccinations, flea/tick medication , routine dental cleaning, etc.
Most Important Factors to Consider When Choosing Pet Insurance
When looking for the best pet insurance company, pet owners should consider the type of medical bills their pet is already facing and the types of injuries and illnesses that are worth covering. by insurance.
Some pet owners may decide that an accident-only insurance plan is best for them, while others may want to make sure they have comprehensive coverage that includes things like as prevention costs, such as vaccinations. This can help prevent their pet from developing disease. It is also important to take into account additional costs such as veterinary visits and physical therapy, which are not included in the basic accident and illness cover.
The following factors are important to consider when comparing pet insurance companies:
- Cost and coverage. Pet owners should choose the policy that offers the best value based on their budget. Although pets are considered property, most pet owners consider their beloved pets to be members of the family. Some of the best pet insurance companies cover alternative medicine, such as physiotherapy, acupuncture, homeopathy, hydrotherapy, and chiropractic care. A good policy can provide peace of mind in case a pet suffers an unexpected injury or illness.
- Reputation and stability. Pet owners should choose an insurer who is experienced and knows what they are doing when it comes to pet insurance. Read reviews and research how long an insurer has been in business.
- Claims process. Pet owners want an insurer that makes it easy to submit a claim. Since most plans require pet owners to pay the entire bill out of pocket before being reimbursed, it is important that claims are paid promptly. Some pet insurance companies pay the veterinarian directly, excluding the pet owner. Others use a digital process where pet owners can take a picture of the vet’s bill and expect to be approved within a few days.