How to Compare Pet Insurance Plans and Choose the Right Coverage

As a pet owner, choosing the right pet insurance  can be a challenging task. You want to ensure that you have comprehensive coverage for your furry friend, while also finding an affordable option. Here are some tips on how to compare pet insurance policies and find the best one for your pet’s specific needs.

How Do I Compare Pet Insurance Plans?

When comparing pet insurance plans, focus on coverage, exclusions, cost structure, reimbursement rates, and additional benefits. They key is not finding the cheapest plan, but the plan that best covers your pet’s breed-specific health risks and your budget. The sections below walk through exactly what to compare before you enroll.

What Coverage Should You Compare in Pet Insurance Plans?

The first thing you should consider when comparing pet insurance policies is the coverage options to ensure that the plan you choose covers everything your pet might need. Some key coverage options to look for include:

• Accidents and injuries
• Illnesses
• Hereditary and congenital (present from birth) disorders
• Chronic conditions
• Behavioral issues
• Prescription medications
• Surgery and hospitalization
• Diagnostic testing

Note: Be sure to compare coverage options against your pet’s breed-specific health risks. Some plans lack coverage for hereditary issues prevalent in certain breeds, so you will want to ensure the one that you choose offers protection for issues your pet may have a high likelihood of experiencing down the road.

What to Look for in Pet Insurance Exclusions and Limitations

While coverage is important, you also need to pay attention to the exclusions and limitations of each policy. Every pet insurance policy will have some restrictions on how and when it can be used, but it’s important to understand what they are before you sign up. Remember to compare the terms of each pet insurance policy (see How Does Pet Insurance Work?), paying close attention to the following:

• Pre-existing conditions
• Breed-specific exclusions
• Age limitations
• Waiting periods
• Maximum benefit amounts
• Deductibles and co-pays

How to Compare Pet Insurance Costs, Deductibles, and Reimbursement

Another important factor to consider when comparing pet insurance policies is the cost. You want to find a policy that is affordable but also provides adequate coverage for your pet. Variables that will have the biggest impact on out-of-pocket costs toward your pet’s care include:

• Premium rate – the price of the policy, billed monthly or annually
• Deductibles – the amount you must spend out-of-pocket per incident or policy term before insurance coverage kicks in, set at a dollar amount or percentage rate
• Co-payment – the portion of the vet bill you must cover after, defined by the policy’s reimbursement rate
• Annual or lifetime limits – the maximum amount the insurance plan will payout for claims filed within a year or throughout the lifetime of the pet, above which you must pay out-of-pocket
• Available discounts – the opportunity to reduce costs through multi-pet enrollment, policy bundles, membership affiliations, etc.

How Pet Insurance Plan Flexibility Affects Your Costs

Many pet insurance companies offer flexible terms and allow you to customize various aspects of the policy. This gives you the ability to tailor your plan to fit your budget while ensuring you receive the coverage that matters most to you and your pet. Generally, here’s how flexible terms could affect your end cost:

• Deductibles – the lower the deductible, the lower your premium rate will be, because it means you will have to pay more out-of-pocket before veterinary expenses become eligible for reimbursement
• Reimbursement rate – the lower the reimbursement rate, the higher your co-payment will be to cover the remaining percentage of vet bills
• Maximum payout – plans that offer higher or unlimited payouts are typically more expensive, as the insurance company exposes itself to greater financial risk

Why Customer Service Matters When Comparing Pet Insurance

Good customer service is also essential when it comes to pet insurance. You want to choose a company that is easy to work with and responsive to your needs. Some things to look for include:

• Hours of operation
• Contact options (phone, email, chat)
• Availability of customer service representatives
• Window of time to file a claim
• Optional filing methods
• Average time for claim reimbursement
• Ability to track claims online

Additional Benefits to Compare in Pet Insurance Plans

Some pet insurance policies offer additional benefits that can be helpful for pet owners. These can include things like:

• Wellness coverage for routine care
• Telemedicine options
• Vet direct pay

Use a Pet Insurance Comparison Tool to Find the Best Plan

Comparing pet insurance policies can be overwhelming considering the many variables to consider. The easiest way to compare pet insurance is to use a comparison tool that evaluates plans side-by-side based on your pet’s age, breed, and location. This allows you to quickly see differences in coverage, exclusions, reimbursement rates, and costs without reading dozens of policy documents.

Pawlicy Advisor is the AAHA membership Preferred Business Provider for pet insurance – they provide a comparison tool and personalized service that analyzes plans across top insurance companies to determine the best recommendation for your pet’s age, location, and breed-related needs.