As the parent to pets, a pet owner, it is important to make sure you are capable of taking care of your cat or dog whenever they require medical attention. With all the costs that can occur, it is wise to protect your pet, and your savings account by purchasing a pet insurance policy. Ross Martin from TheZebra says pet insurance “is one of the best ways to ensure your pet’s health and wellness.”
But obviously, there are plenty of pet insurance plans to choose from. So, how can you make the most informed decision as to just how worth it is to have a policy for your pet and which plan is providing you the most value?
Pinpoint the perfect option for your furry loved one by comparing rates and results online to stay inside your budget.
Getting free pet insurance quotes online
All pet insurance quotes are free. Therefore, any company that is pushing you to make a purchase before providing you with a pet insurance quote should already come as a red flag. Move right along to a reputable pet insurance company.
Online pet insurance quotes, such as the ones offered by Pumpkin, make it easy for you by prompting you to answer a series of simple questions about your cat or dog. You will also have the added benefits of no upper age limits for new enrollments of pets or any reduced coverage issues for aging dogs or cats.
There are no pricey insurance add-on fees for important coverage benefits, like behavioral issues, dental illnesses, and sick visit exam charges. You won’t have to worry about annual wellness exams, dental exams, or vaccine requirements for particular conditions to be covered or per-condition deductible required each time your pet experiences a new illness or accident.
Also, you won’t be confronted with any 6-month or 1-year extended waiting periods for knee injuries or hip dysplasia, lower reimbursement rate options for aging pets and certain breeds (everyone gets a 90% reimbursement rate on covered vet costs), or any sort of annual limit options without guidance on what your pet requires.
Factors that affect pet insurance quotes
The cost of pet insurance quotes will depend on the insurance plan that you pick and particular information that applies to your pet. The key factors that pet insurance companies consider when pricing a policy include:
Age of your pet
As a rule of thumb, generally, the younger that your pet is when you start their coverage, the lower their premium will be because they tend to have more health issues as they age.
Gender
Being that there are typically fewer claims filed for female pets than male pets, there are some insurers that charge more for male cats or dogs.
Policy details
The rate that you will be charged for your policy is also affected by the annual coverage maximum, deductible amount, policy type, and reimbursement percentage.
Type and breed of your pet
Certain breeds of pets, especially dogs, are more susceptible to particular health issues, and this will affect pet insurance quotes.
Where you live
Veterinary costs vary by location, and therefore, your geographic area is taken into consideration, with urban locations generally getting higher pet insurance quotes.
Deductibles
With annual deductible plans, the insurer begins reimbursing veterinarian costs after you’ve paid the annual deductible amount in vet fees.
With per-incident deductible plans, you have to pay a new deductible price for each pet insurance claim, which leaves more of the financial burden on you. This is the reason why plans with an annual deductible usually cost 4% to 6% more than a per-incident plan.
Reimbursement percentage
Reimbursement percentages are the portion of the medical expenses that the pet insurance company will cover once the deductible has been met. Therefore, the higher your reimbursement percentage is, the less of your pet’s medical expenses you will be responsible for.
This is the reason why it’s important to be aware of the main medical coverages that are included in your policy and which ones you will be responsible for.
Premiums
These fees are the annual or monthly payments to keep your coverage current. Before you are tempted to grab the lowest pet insurance quote possible, remember, it is tempting; it usually means your policy won’t cover as much.
The average accident and illness pet insurance plans for dogs tend to have a premium of around $48.78. Sometimes you can save some money by paying up for a full year instead of the monthly installment fees.
Coverage
There are pet insurance providers that have annual coverage caps that are limited to the amount that they will cover, while others provide unlimited annual coverage.
Waiting periods
Pet insurance policies have waiting periods that occur before the coverage can become effective, with certain conditions having longer waiting periods than others.
Value of pet insurance
When it comes to the common question of, is pet insurance worth it, the answer is most certainly “yes.” Over a pet’s lifetime, you can expect to pay $13,350 on vet care for cats and $16,600 on vet care for dogs.
For example, with Pumpkin pet insurance plans paying back 90% of covered vet bills, that comes to $2700 of coverage if the vet bill was $3000.
Common types of pet insurance
The quote that you receive for pet insurance policies is greatly affected by the type of pet insurance plan you pick.
Accident and illness plan
Accident and illness plans offer coverage of health and medical conditions and hereditary and congenital issues. These common plans vary depending on which company you go with but generally include coverage for:
- Allergies
- Broken bones
- Cancer
- CT scans or MRI
- Diabetes
- Digestive issues
- Emergency care
- Hip dysplasia
- Hospitalization
- Ingesting foreign objects
- Lab tests
- Prescriptions medications
- Ultrasounds
- Urinary tract infections
- X-rays
Accident-only plan
Accident-only plans strictly cover injuries that result from an accident, including problems such as ingested toxins or bite lacerations. These plans are created to cover emergencies only and exclude illness or other conditions.
Wellness plan
Insurers tend to allow you to add wellness or routine care coverage to a pet insurance plan for resources such as vaccinations, routine wellness exams, and dental cleanings, and are usually not standalone policies.
