Partner content: This content was created by a business partner of Dow Jones and researched and written independently of the MarketWatch newsroom. Links in this article may result in us earning a commission. Learn More
Pet insurance provides valuable peace of mind and potential long-term savings, but when shopping for pet insurance, the options can be overwhelming. Simply knowing what to look for is difficult. How can you ensure you’re getting the best for your pet?
In this guide, we at the MarketWatch Guides Team answer this question and more while walking you through the entire pet insurance buying process.
With so many pet insurance companies in the market and with the number of pet insurance plans that vary so widely, it’s important to spend time researching your options. Take a look at our top eight pet insurance provider recommendations and compare them side by side.
When doing your research on pet insurance companies, consider what will affect your budget: premiums, deductibles, reimbursements rate, plus your pet’s health history and eligibility requirements.
By doing your homework on insurers and their plans based on cost and coverage benefits, you can make a confident investment in your pet’s future health.
Premiums, deductibles and reimbursement rates vary by provider, so get quotes from multiple companies to compare coverage options and prices. Getting multiple quotes allows you to see different add-ons and ensures you get the best value for your money. You may even find a company that offers unique coverage that suits your pet’s needs within a comfortable price range.
Check to see if you’re eligible for any discounts. Most pet insurance companies have discounts for multi-pet coverage and individuals such as teachers, first responders, veterans, active military, AARP members and people who own support and therapy animals.
Some pet insurance providers limit coverage for high-risk breeds, hereditary disorders, costly treatments and chronic health issues, while others put claim limits on specific conditions. When thinking about the coverage your pet needs, consider your pet’s age, breed-related risks, known medical history, pre-existing conditions, lifestyle and any other factors that determine your pet’s monthly premium.
Coverage varies based on the plan you choose, ranging from accident-only to more robust options. Most plans offer an accident-only coverage plan and an accident and illness plan with add-on options for each.
When looking for a pet insurance plan, evaluate each coverage as it compares to your budget and the health needs of your pet. Contact the insurance company directly if you have specific policy questions.
Most pet insurance providers let you customize your annual coverage limit, deductible and reimbursement rate. Make sure you understand these terms and how they apply to the overall cost of a specific policy.
Once you pick the pet insurance company and plan that meets your pet’s needs and your budget, complete the enrollment process online.
When you purchase a pet insurance policy, coverage doesn’t begin for a certain time period — no pet insurance policy provides immediate coverage. An insurance policy is meant to help cover treatment for a pet’s future accident or illness — not to be purchased after a pet’s accident, and then canceled after the insurance company covers treatment. Waiting periods prevent pet owners from purchasing a policy to help cover conditions they know exist. The waiting period begins as soon as you purchase a policy. Waiting periods vary between insurance companies, and also differ according to policy type.
Pet insurance companies use two main methods of claims payment:
In most cases, you’ll pay the vet bill and submit your receipt to the insurance company for reimbursement. Most insurers process claims in 10 working days. To expedite the process, submit all necessary documentation when filing your claim. Most pet insurance companies have an online platform for uploading documents and filing claims. If you have questions about your policy or the claims and reimbursement process, reach out to your pet insurance provider for help.
Before buying pet insurance, think about your budget and what kind of treatment your pet might need.
Pet insurance costs differ by providers and plans, but you should expect to pay a monthly premium of $30 to $50 for dogs and $15 to $30 for cats. Your location, reimbursement percentage, deductible, and your pet’s age and breed directly influence the cost. Opting for an additional wellness plan will increase the price.
A pet’s age and breed affect both coverage and the cost of pet insurance.
Coverage and plan options — as well as cost — depend on the company and the specific policy. Some plans are more expensive because of higher coverage limits or additional benefits. Others may be more affordable but offer less coverage. It’s a good idea to compare pet insurance plans and companies to find the coverage that best fits your pet’s needs and your budget.
Coverage varies by company and specific plans, so consider the coverage your pet needs when making a decision. Many insurance companies provide tiered options, including:
When you purchase a pet insurance policy, coverage does not begin for a certain time period. Waiting periods exist to prevent insurance fraud. An insurance policy is meant to help cover treatment for a pet’s future accidents or illnesses — not to be purchased after a health condition develops. The waiting period begins when a policy is purchased. Waiting periods vary between insurance companies, and also differ according to policy type, but usually range from a few days to a few weeks.
Most plans have a payout limit, which is the maximum amount of money the insurance company is willing to reimburse you. Most insurance companies offer one of the following payout limits:
The first question many pet owners ask when considering pet insurance is, “Is pet insurance worth it?” And for most pet owners, the answer is, “Absolutely.” If your pet is healthy and you can afford to pay a monthly premium, pet insurance can save you thousands of dollars in veterinary bills. Even if your pet is older or has a pre-existing condition, they can still be covered for non-related injuries and future illnesses. Pet insurance can be a life and money saver for pet owners, reducing the cost of everything from routine veterinary services to emergency care.
Ideally, you should buy pet insurance before your pet needs care. Most policies have a waiting period before coverage starts. And during this waiting period, your pet won’t be covered for any accidents, illnesses or injuries. Pre-existing conditions aren’t covered by pet insurance policies, and if your pet is diagnosed with a condition before you obtain pet insurance, that condition will not be covered.
Whether to buy pet insurance is a personal choice that depends on your financial situation, your pet’s health history and your risk tolerance. Similar to your own health insurance, pet health insurance is a safety net. If you never file a claim, count yourself lucky, but it’s unlikely that your pet will never become injured or sick.
In general, pre-existing conditions are not covered by pet insurance plans. However, the criteria for exclusion can vary depending on the condition. Some policies exclude coverage for certain conditions, such as hereditary and congenital conditions, or cancer. Review each policy before enrolling to ensure your pet’s plan covers conditions they are likely to develop.
Angela Beal, DVM loves using her writing to help pet owners provide the best possible care for their furry companions. Angela has worked in private practice and taught veterinary technicians for 15 years. Since 2020, she has worked full-time with Rumpus Writing and Editing, a veterinary-specific writing and editing company. Angela lives in Columbus, Ohio with her husband, two sons, and their spoiled Chihuahua mix, Yogi.
Copyright © 2023 MarketWatch, Inc. All rights reserved.
By using this site you agree to the
Subscriber Agreement & Terms of Use, Privacy Notice, and Cookie Notice.
Find the best [category]