How Pet Insurance Works for Your Family

How pet insurance works and what is covered for your family
Credit - Bruno Emmanuelle - Unsplash

Pet insurance is something you pay for monthly that helps you if your pet gets sick or if you have unexpected veterinary costs. The right coverage for your pet can give you peace of mind when you want to do what’s best for your dog or cat. 

Check Out Can Pets Improve Your Health?

What is pet health insurance?

Pet health insurance is a form of health care for your pet that will reimburse certain expenses for your pet regarding injuries, sickness, and overall health. It can cover unexpected things you might not think could happen and expensive treatments. It is better to be safe than sorry when it comes to your pet to give them the happy and healthy life they deserve.

Do I need pet insurance?

Every pet owner should consider pet insurance. Even if you believe you have the money to afford the bill when you take your pet to the vet, you never know what might happen. Pet insurance can save you thousands of dollars if your pet gets sick or injured. Insurance is always a good idea in case something goes wrong because accidents can be expensive as well as scary.

What are the benefits of pet insurance?

What are the benefits of health insurance?
Credit – Tima Miroshnichenko -pexels
  • Save money when your pet is sick
  • Have reassurance that you can help your pet in case of health issues or injury
  • Can increase your options for treatment
  • Visit any vet of your choice

What does pet insurance cover?

It depends on the coverage you have for your pet, but here is a list of the different things pet insurance can cover:

  • Accidents – Covers when your pet gets hurt. Injuries and emergencies related to accidents like torn ligaments, bite wounds, cuts, broken bones, swallowed objects, and toxic ingestions are covered under these policies.
  • Illnesses – With illness coverage, you can get reimbursed for the costs of major or even minor illnesses. Examples are cancer, arthritis, ear infections, digestive problems, and urinary tract infections. 
  • Hereditary and Congenital Conditions – Covers inherited conditions and congenital disabilities that won’t appear until later in your pet’s life. 
  • Prescription Medication – Covers medication your pet might need to help them fight an infection  or take for other health reasons.

What isn’t covered by pet insurance?

Some things aren’t covered by pet insurance, so we have compiled a list of examples below:

  • Pre-existing conditions – If these conditions occurred before you got the coverage, they would not be covered by your pet insurance company. 
  • Cosmetic Procedures – Insurance does not cover tail docking, ear cropping, or claw removal. Any surgery that isn’t needed for the pet’s health and safety.
  • Breeding Costs – They don’t cover anything with breeding or pregnancy. 

What are the disadvantages of pet insurance? 

You should be aware of the four downsides to having pet insurance. 

  • You have to pay out-of-pocket and then wait for reimbursement after. 
  • There may be an annual or lifetime limit on coverage. For example, you might have a $2,500 yearly limit, which you might reach quicker than you realize.
  • If your pet has already been going through health problems before you sign up for insurance, it will not be covered. 
  • Premiums can go up over time.

What are the different types of pet insurance?

Pet insurance companies usually have three main categories:

  1. Accident Only – This is the category you will want to purchase for your pet if they are prone to accidents.
  2. Accident and Illness – Covers accidents or if your pet gets sick. It will cover things like medicine, x-rays, or if your pet needs a cast.
  3. Wellness Coverage – This covers check-ups for your pet, so you can get annual wellness visits.

Pet insurance terminology

Sometimes, when we do research on pet health insurance coverage, they can use terminology that we might not understand right away. Here is a list of a couple of terms that might come in handy when investigating different policies:

  • Complementary Treatments – Less traditional veterinary care like hydrotherapy, acupuncture, physiotherapy, chiropractic, and more. 
  • Annual Limit or Annual Maximum – This is the maximum amount the pet insurance company will reimburse you in the insurance period time frame. 
  • Copay – This is the percentage of what you are responsible for paying for the service, visit, or procedure.
  • Deductible – This is the amount you have to pay for the treatment before the pet insurance reimburses you. 
  • Lifetime Limit – This is the maximum amount your insurance will reimburse you for as long as your pet lives. 
  • Per-Incident Limit – This is the maximum amount your policy will reimburse you for each accident and illness. 
  • Premium – This is the amount you will pay for your pet insurance policy. Some factors will change the cost like your pet’s breed, location, deductible, annual maximum, and reimbursement percentage. 
  • Reimbursement Percentage – This is the amount you will get back after you claim your deductible is met. 

How does pet insurance work?

How pet insurance works as vet examines a large dog
Credit – Tima Miroshnichenko -pexels

How pet insurance works isn’t as complicated as you might think. You have to pick one insurance that suits you and your pet the best. We will outline a step-by-step process as to how you can sign up if you’re looking to start pet insurance.

1. First, decide if you are looking for accident only, accident and illness, or wellness coverage. 

2. Once you have determined what you are looking for, you should research the different companies that offer that specific pet coverage.

3. You must decide what you can afford to pay monthly for pet insurance. We suggest narrowing down the plan options to the top three and then reviewing each policy plan. This allows you to see which one will offer a better deductible and reimbursement.

4. Once you have decided, you can start by making the first monthly payment and making an account for you and your pet. 

How much does pet insurance cost?

The average cost for dog pet insurance is between twenty to fifty dollars. The average price for cat pet insurance is six to forty dollars. It all depends on the breed and the pet’s age. The thing to remember is that the more expensive the insurance is, the more coverage you will get when it comes to refunds. The cheaper the insurance, the less coverage you will get and then you may have to pay more out-of-pocket if major health changes happen.

Best Affordable Pet Insurance 

If you are looking to get pet insurance and want something affordable, we have the best two options for you. 

1. Lemonade Pet Insurance

Lemonade pet insurance has a rating score of 96 out of 100. It offers customers a discount for paying annually. Lemonade also has a user-friendly mobile app that features AI technology and helps you get a quote, sign up for a policy, and file claims. The start of the premium monthly payment for dogs is $19.44, and for cats is $11. You can download an app and have your pet insurance right on your phone for easy access. 

2. Spot Pet Insurance

Spot pet insurance has a rating score of 91 out of 100. They offer six coverage limits, three different reimbursement options, and five annual deductibles. These options allow you to keep your monthly payment low as compared to others. The start of the premium monthly payment for dogs is $36.54, and for cats, it’s $16.51. They guarantee that your reimbursements will be paid within thirty days, which is a great reason to use Spot.

Best Expensive Pet Insurance 

If you are looking for more expensive pet insurance that guarantees more coverage and a higher reimbursement percentage, we have the best two options for your family.

1. Trupanion Pet Insurance 

Trupanion pet insurance offers unlimited annual coverage, flexible reimbursement options, and no deductible. They will not increase your monthly payment if your pet gets older, so you won’t have to worry about it increasing yearly. They offer ninety percent for reimbursement, which is pretty high. You will have to pay more per month, but you get more back from your vet appointments. The start of the premium monthly payment for dogs is $70.12, and for cats, it’s $30.88. 

2. FIGO Pet Insurance

FIGO pet insurance only has a one-day waiting period for accident coverage. They have a twenty-four-seven pet line if you are worried about something or want to ask questions about a health concern. They also offer a one hundred percent reimbursement option. The start of the premium monthly payment for dogs is $31.34, and for cats, it’s $18.18. 

Best Pet Insurance for Dogs 

If you want the best insurance for your dog, we have the best insurance options for you.

1. PetsBest Pet Insurance 

PetsBest pet insurance offers a short, three-day waiting period for accident coverage. You won’t have to fill out any forms when filing claims and they provide different reimbursement rates. You can choose which works best for you if you want seventy, eighty, or ninety percent. This pet insurance is one of the best for dogs because it lets you customize your coverage and is budget-friendly based on your dog’s breed, age, and region. The start of the premium monthly payment for dogs is $44.37.

2. Fetch Pet Insurance 

Fetch pet insurance covers vet exam fees. Some pet insurances don’t cover the exams, so that is a huge help to dog owners. It covers advertising fees and rewards if your pet gets lost or stolen by up to a thousand dollars. This is a scary reality, but nice to know that they will chip in should that happen. They cover different maximum annual coverage, reimbursement choices, and deductible choices. The start of the premium monthly payment for dogs is $34.25.

Best Pet Insurance for Cats  

If you are a cat owner and want the best coverage for your pet, we have the best two options for you.

1. ASCPA Pet Insurance 

ASCPA pet insurance is best for new pet owners and cat owners. They have five customizable and annual coverage limit options. The complete coverage plan covers behavioral issues and exam fees. They offer an additional ten percent discount on policies for additional pets. They have a twenty-four-seven pet tele-health line in case you have any questions or concerns about your pet and can’t get ahold of your vet. The start of the premium monthly payment for cats is $20.17.

2. Embrace Pet Insurance

Embrace pet insurance ensures that you can choose any licensed vet you want. There is a mobile app, so you will have all your pet’s information on your phone whenever needed. There is a short two-day waiting period for accidents.  Coverage will be effective for life if your pet is enrolled in the accident and illness plan before they turn 15 years of age. The start of the premium monthly payment for cats is $12.22. 

Check Out How Long Can You Stay on Your Parent’s Health Insurance?

Best Pet Insurance Overall?

Based on all of these factors, here are the overall best pet insurance options if you want the best for your furry friend. 

1. Embrace Pet Insurance

As mentioned earlier, Embrace pet insurance is common among cat owners, but it works for all pets too. The plans ensure that you can choose any licensed vet you want. There is a mobile app and a short two-day waiting period for accidents.  Coverage will be effective for life if your pet is enrolled before they turn 15 years of age, which is an important factor to consider. The start of the premium monthly payment for dogs is $29.71, and for cats, it’s $12.22. It’s reliable and affordable overall.

2. FIGO Pet Insurance

While listed as one of the more expensive options, FIGO pet insurance is very comprehensive and helpful for all pet owners. They offer a short, one-day waiting period for accident coverage. There are options for a one hundred percent reimbursement and they have a pet help line that you can call at any time of day or night. The start of the premium monthly payment for dogs is $31.34, and for cats, it’s $18.18. 

Is it better to get pet insurance or put money aside?

It all depends on what you believe would be best for your pet. Even after putting money aside, you may still need to pay for expensive procedures or visits, which you could have covered by insurance. The point of pet insurance is to save you money out-of-pocket. It’s never a bad idea to save for your pet, but having pet insurance is important for unexpected life events. By doing both, you have the money to put up for your pet until you can get reimbursed by the pet insurance company.

Is pet insurance worth it with pre-existing conditions?

Even if your pet has pre-existing conditions, you should still enroll in pet insurance for any other illnesses or accidents that might occur in the future. You will end up spending more money out-of-pocket if you don’t get back up insurance because the chances are that your pet will have other things happen besides their pre-existing condition.

Does pet insurance cover dental?

Does pet insurance cover dental?

It isn’t expected for pet insurance providers to offer dental insurance. Some companies do cover it, though. You will have to research which pet insurance plans cover dental. Each company will list everything that the plan comes with, so you will know if you are getting a plan that comes with dental coverage or not.

Can you cancel your pet insurance at any time?

Yes, you can cancel your pet insurance at any time. If you want to cancel, you should do it before your monthly payment gets taken out, so you are not getting charged for another month. In order to do this, you will need to contact the pet insurance company and tell them you want to cancel your pet insurance.

What happens to pet insurance when the pet dies?

Some pet insurance companies cover the cost when your pet dies. Once you have notified the company that your pet has passed, they will reimburse you for the month you paid if it was taken out. Every pet insurance company is different regarding their policies on a pet passing, so you must read the policy carefully to find out. 

What affects your pet insurance premiums?        

Five factors can affect your insurance premiums, which we list below:

  • Age – The older your pet is, the more likely you will have to pay more than you would for a younger pet.
  • Animal Type – It depends on the animal you have. Dogs can be more expensive than cats, but it is known that cats have fewer medical issues than dogs. 
  • Breed – Certain breeds are predisposed to medical ailments. German shepherds, French bulldogs, and English bulldogs are breeds known to have medical issues, so you may have to pay more for pet insurance. 
  • Location – Depending on where you live, your monthly payment will vary.  Those in larger metropolitan areas may pay more than those in rural locations. 
  • Insurance Type – Your payment varies based on the type of insurance you have. You get what you are paying for, so if you want more coverage, the bigger the monthly bill will be. 

How much pet insurance do I need?

It all depends on how much coverage you want or think you will need. If you want something to cover your pet’s overall health, we suggest looking at the wellness and illness plans. Those are the most important things your pet will need, so you’ll definitely want to cover them. 

How long does pet insurance take to kick in?

How long does pet insurance take to kick in?
Credit – Karsten Winegeart – Unsplash

Most pet insurance doesn’t have a waiting period. The coverage is usually fast when it comes to accident and illness coverage.  Some plans kick in after about fourteen days from the original purchase date. Each pet insurance plan is different, so you will need to check with the insurance company and see their waiting period. 

Where should you buy pet health insurance?

You can buy pet insurance online. All you have to do is search for pet insurance and find the one you feel works best for you and your pet. Here is a list of some of the best pet insurance companies in 2023 and why. 

  1. Spot – No age limit, thirty-days back guarantee, and an option for unlimited coverage. 
  2. Lemonade Cheapest pet insurance, three wellness plans available, and a thirty-day guarantee. 
  3. Trupanion Five-day waiting period for injuries and no coverage limits.
  4. Embrace – Two-day waiting period for accidents, decreasing deductibles, but only covers cats and dogs. 
  5. Pets Best – Routine care coverage availableno age limitand thirty-day back guarantee. Only covers cats and dogs. 

Ultimately, we think pet insurance is absolutely worth it because it helps pay for the expensive parts of owning a pet. It can save you a lot of money, especially as your pet gets older and may develop more health concerns. It can be a lifesaver when you aren’t sure how you will afford the cost of specific procedures or vet visits. We hope this article provides you with the different pet insurance companies that can benefit you and your pet. It is always best to be prepared for the worse so that you have peace of mind that your pet will be taken care of.

More On: