What to Look for When Getting Pet Insurance

Your furry companions are like part of your family, and like any other family member, they deserve the best care possible. Since the process of going through a veterinary hospital can be very financially draining, pet insurance can be quite helpful. With a decent package, you can mitigate the cost of unexpected accidents or illnesses. But with so many leading pet insurance providers in the country, choosing the right one can get overwhelming.

Here’s a guide on navigating the pet insurance world and securing the right cover for your cherished companion.

Factors to Consider When Comparing Insurance

• Accident and Illness Coverage:

  This is the most important aspect of many pet insurance plans, covering different expenses such as hospitalisation, surgery, diagnostics, and medicines as a result of accidents or illnesses.
  

• Wellness coverage:

  This coverage is used when your provider provides reimbursement for preventative care, including vaccination, spaying/neutering, and parasite control. Although not essentially a part of all plans, wellness coverage can be a very cost-effective way to take care of your pet’s health.

Exclusions: Remember that every policy has certain policy exclusions, so it’s essential to know what is not covered. Common exclusions include pre-existing conditions, specific breed-linked claims, and particular treatments. 

• Deductibles and Reimbursement Limits:

  A deductible is an amount you are required to pay upfront, after which the insurance coverage takes effect. Reimbursement limits cap the money an insurance company will pay per incident or yearly. So, select a plan with deductibles and limits that are suitable to your wallet and risk tolerance.

• Claim Process:

  Make sure you clearly understand the claim process. Look for those insurance companies that facilitate online claim submission options and have good customer service.

Also read: Pet Care: The Ultimate Guide to Happy Dogs

Best Pet Insurance Providers

There are several pet insurance providers in the US. That’s why, comparing one insurance company such as Lemonade with others, like Trupanion pet insurance, always helps. Let’s take a closer look at some of the leading pet insurance companies in the country: 

1.  Pets Best

   Pets Best is one of the best pet insurance companies that offers a range of choices for customising your policy and provides different forms of coverage under many plans. It is available in all 50 states with even shorter waiting periods than some other pet insurance providers-  three days for accidents and 14 days for illnesses. Additionally, all policies give pet owners access to their 24/7 Pet Helpline for answers regarding their pets at any time of day or night.
   
   Pets Best sells accident and illness policies, as well as a policy that covers accidents only. Its accident and illness plans cover accident-related injuries, cancers, hereditary conditions, and congenital conditions. It also covers hospitalisation, surgery, certain tests, and scans.

   

2. Lemonade

   Lemonade could be among one of the best choices for pet insurance in this list, but note that its plans are not sold everywhere — the insurer sells policies in 37 states. It provides customers with just one base plan covering accidents and illnesses and a far more wide-ranging array of add-ons than most companies we’ve covered.

   The waiting period is two days, or no waiting period, for accidents, depending on where you live, and 14 days for illnesses. 

   A base Lemonade pet insurance policy helps cover the costs of medication, tests, and treatments if your cat or dog has an unexpected accident or illness (provided it’s not related to a pre-existing condition, and occurs after your policy’s waiting period has ended).

   Lemonade also offers three preventative care packages that are designed to keep your pet healthy and help cover expenses you’re probably paying for routine care anyway, such as check-ups, vaccinations, and teeth cleanings. You can also customise your Lemonade policy with a mix and match of five optional add-ons—like for physical therapy, vet visit fees, and dental illness—to help take a bite out of pricey treatments, services, and trips to the vet.

3.  Spot

   Spot offers accident and illness policies for dogs and cats, in addition to an accident-only option. These options provide a very high level of flexibility for policyholders over their premium costs. The additional riders are somewhat few, although it does offer the voluntary inclusion of wellness coverage under its Wellness Rewards plan.
   
   Testing, microchipping, and examination fees are all part of the accident and illness plan that Spot provides. Their accident and illness plans cover many diseases, including cancer, dental diseases, digestive issues, or infections.
   
   Spot offers two levels of optional Wellness Rewards coverage: Gold and Platinum. It also offers a discount for insuring multiple pets.

   Also read: How Often Should You Take Your Dog To A Vet?

4. Embrace
   
   Embrace—selling pet insurance policies for dogs and cats in all 50 states—has earned a high rating amid the best pet insurance companies. It offers a range of options to move premiums up or down to as per the comfort level of the policyholders. In addition to plans covering accidents and illnesses, it offers an add-on for wellness care. 

   Embrace offers accident-and-illness plans, as well as policies covering only accidents. Dogs and cats 14 and younger are eligible for the former, while the latter is the only sign-up option for pets 15 and older. Once a pet is signed up though, the coverage they’re granted will be there for life.Embrace provides an add-on to offer routine wellness coverage at three levels: $250, $450, or $650. All of Embrace’s plans come with the Healthy Pet Deductible, which reduces deductibles to a pet owner’s policyholders $50 each year they do not submit a claim for reimbursement. The waiting periods of Embrace are 48 hours for accidents and 14 days for illnesses.

1. Trupanion
   

   This company’s offerings differ from others. Their accident-and-illness plan doesn’t have the yearly deductible counterpart, and payment can be made directly to vets—not like most companies that generally reimburse policyholders.
   
   The policies of Trupanion cover injuries and a range of illnesses, including covered procedures and conditions from diagnostic tests, surgical procedures, congenital conditions, or hereditary. The plans cover hospital stays, drugs, supplements, and herbal therapy.
   
   Trupanion’s waiting periods are much longer than most: five days for injury and 30 days for illness and it does not offer routine wellness. The company has a recovery and complementary care addendum, which will provide 90% coverage on acupuncture, chiropractic care, hydrotherapy, behavioural modification, and naturopathy, to name a few. The buyers have the option to add recovery and complementary care. 

   To summarise, pet insurance gives you maximum peace of mind and ensures that your furry friend is treated through quality veterinary care without necessarily having you break the family bank. That said, it is good to know the varying types of coverage, reimbursement structures, and key factors like deductibles and exclusions to make a better choice. 

   Always shop around for insurance plans from well-known names to rising market players. With the right pet insurance, you can assure yourself of several treasured moments with your four-legged companion by being prepared for whatever happens in the future.