Life with a pet is full of surprises, from playful antics to unexpected medical emergencies. While we can’t predict when our pets might fall ill or get injured, we can prepare for these moments with the right pet insurance. Pet insurance can help cover the costs of accidents, illnesses, and other emergencies, giving pet owners peace of mind when facing hefty vet bills.
Whether your pet breaks a bone, ingests something harmful, or is diagnosed with a chronic condition, pet insurance can make covering these costs manageable. This guide will help you compare pet insurance companies and find the best plan to suit your needs.
Key Insights
- The average annual premium for accident and illness coverage is $640 for dogs and $387 for cats.
- Premiums for older or larger purebred pets tend to be higher than for younger or mixed-breed pets.
- When comparing pet insurance, consider key factors such as deductibles, reimbursement rates, and coverage limits.
How to Compare Pet Insurance Quotes Effectively
Shopping for pet insurance requires a thoughtful approach. Here’s how to compare plans and find the best one for your furry friend:
1. Decide What Type of Coverage You Need
Pet insurance plans typically come in three varieties. Choosing the right one is the first step to finding the best coverage:
Accident-only: Covers injuries such as broken bones or bite wounds but does not include coverage for illnesses.
Accident and illness: This comprehensive plan covers both injuries and illnesses, from allergies to cancer. Most do not cover pre-existing conditions.
Wellness: Covers preventative care such as vaccinations, checkups, and routine blood work.
2. Factor in the Cost of Coverage
The cost of pet insurance varies based on the type of plan and several other factors. Here’s what to consider when evaluating costs:
Reimbursement Limit: The maximum amount your insurance will pay for a claim. Some plans have annual limits, while others offer unlimited coverage.
Deductible: The amount you must pay before your insurance covers the rest. Higher deductibles often mean lower monthly premiums.
Reimbursement Percentage: The percentage your insurance company will pay after the deductible is met. Common reimbursement rates range from 70% to 90%.
3. Compare Pet Insurance Quotes from Multiple Providers
Once you have a good understanding of the coverage you need, it’s time to compare quotes. Here are some tips to help you find the best policy for your budget:
Read Reviews: Check for customer feedback on how the insurer handles claims and their overall customer service.
Evaluate Costs: Make sure the premiums, deductibles, and reimbursement rates fit your budget.
Consider Your Pet’s Needs: Your pet’s age, breed, and medical history will impact the cost of insurance, so take these into account when comparing plans.
Look for Discounts: Some insurance companies offer multi-pet discounts, while others may offer savings through your employer.
Check Waiting Periods: Some insurers have waiting periods of 10–30 days before coverage begins. Insuring your pet early can help you lock in better rates.
How Pet Insurance Works
Pet insurance operates similarly to other insurance products. You pay a monthly or annual premium, and in exchange, your insurance company helps cover the cost of your pet’s medical care when needed.
In most cases, you’ll pay the vet directly and then submit a claim to your pet insurance company for reimbursement. The amount you’re reimbursed depends on your chosen reimbursement rate, coverage limit, and deductible.
Types of Pet Insurance Coverage
Understanding the types of coverage available will help you choose the best plan for your pet:
1. Accident and Illness Coverage
This is one of the most popular pet insurance plans. It covers medical treatments for accidents and a wide variety of illnesses.
2. Accident-only Coverage
Accident-only plans provide coverage for injuries but exclude illnesses. These plans typically don’t cover pre-existing conditions, dental care, or routine wellness treatments.
3. Wellness Coverage
Wellness plans help cover preventative care, such as routine exams, vaccinations, and microchipping. This type of plan is often an add-on to an accident and illness policy.
Top Pet Insurance Companies and Plans
Here’s a comparison of some of the best pet insurance companies for 2024, based on average costs and coverage options:
| Insurance Company | Average Monthly Cost for Dogs | Average Monthly Cost for Cats | Annual Limit | Reimbursement Options |
| ManyPets | $21 | $13 | Unlimited | 70%, 80% |
| Pets Best | $30 | $20 | $5,000/Unlimited | 70%, 80%, 90% |
| Figo | $32 | $16 | $5,000/Unlimited | 70%, 80%, 90%, 100% |
| Nationwide | $33 | $15 | $5,000/Unlimited | 50%, 70%, 80% |
| Embrace | $43 | $34 | $5,000/Unlimited | 70%, 80%, 90% |
Factors That Affect the Cost of Pet Insurance
The cost of pet insurance varies significantly based on several factors, including:
Age and Breed: Older pets and certain purebred animals generally cost more to insure due to their higher risk of illness.
Type of Animal: Dog insurance tends to be more expensive than cat insurance.
Location: Vet costs in urban areas tend to be higher than in rural areas, which can drive up premiums.
Pre-existing Conditions: Most pet insurance companies don’t cover pre-existing conditions, so getting coverage early can save money.
Additional Coverage Options: Adding wellness plans or dental coverage can increase premiums.
Saving on Pet Insurance: Tips and Tricks
While pet insurance is essential, there are ways to save on your policy:
Bundle Policies: Some insurers offer discounts for bundling pet insurance with other types of coverage, such as home or auto insurance.
Choose Higher Deductibles: Opting for a higher deductible will lower your monthly premiums, though you’ll pay more out of pocket when filing a claim.
Look for Discounts: Many pet insurance companies offer discounts for insuring multiple pets, being a member of certain organizations, or enrolling through an employer.
Commonly Asked Questions About Pet Insurance
How does pet insurance handle pre-existing conditions?
Most pet insurance plans don’t cover pre-existing conditions. Some may require a vet exam or medical records before starting coverage.
When should you get pet insurance for your pet?
It’s recommended to get pet insurance as early as possible to avoid any exclusions related to pre-existing conditions.
How much does pet insurance typically cost?
On average, pet insurance costs $53 per month for dogs and $32 per month for cats, but premiums vary based on your pet’s breed, age, and location.
What’s the best pet insurance?
The best pet insurance depends on your pet’s health needs and your budget. Companies like Figo and Embrace offer great coverage options, but comparing multiple plans will help you find the right fit.
What are the three main types of pet insurance?
The three main types of pet insurance are accident-only, accident and illness, and wellness plans.
Conclusion
Comparing pet insurance quotes and company plans is the best way to ensure you get the right coverage for your pet at an affordable price. By understanding your pet’s specific needs and carefully considering factors such as deductibles, reimbursement rates, and coverage limits, you can find a plan that offers peace of mind and financial protection.