How to Shop For a Pet Insurance Policy
When your pet gets sick or injured, many people won’t bat an eye at whatever it costs to make them feel better. But, as we all know, healthcare—for humans, or animals—isn’t necessarily cheap. That’s why pet insurance has become more popular in recent years.
Note that there are financial assistance options out there for pet owners struggling with vet bills. But even that may not cover total costs, or be available, which is why Southpaw Vet strongly recommends pet owners look at pet insurance policies.
We also have some recommendations and other resources to look at. But first, here’s what you might want to consider when you shop for a pet insurance policy
Coverage
Various plans offer different levels of coverage. Here are some policies to consider depending on your pet’s needs.
Accident and Illness (Comprehensive)
The policy covers veterinary expenses for accidental injuries and unexpected illnesses like diarrhea, vomiting, and bladder infections. This plan usually doesn’t include underlying conditions diagnosed before buying insurance. If your pet has a pre-existing illness, confirm the terms of coverage before committing.
Accident Only
The policy is available to different types of animals regardless of age or underlying conditions. It covers treatment costs for accidental injuries, including diagnostic services, hospitalization, surgery, and medication. Accident-only plans help with the following injuries or issues:
Laceration
Broken bones
Bee stings
Heat stroke
Toxic ingestions
Bite wounds
Animal-vehicle collisions
Wellness
This policy reimburses a flat rate for preventative and routine check-ups. In most cases, wellness covers are packaged as extras to comprehensive or accident-only policies. Although services vary with the provider, this plan typically covers:
Deworming
Dental cleaning
Vaccination
Urinalysis
Bloodwork
Microchipping
Pricing
Several factors affect the cost of insurance. The first one is age—older animals are more predisposed to illness, raising the cost of premiums. The rate also increases with the breed. For instance, French bulldogs are at a higher risk of brachycephalic airway obstruction syndrome, while German shepherds are more likely to suffer from hip dysplasia. Another factor is the type of cover. Comprehensive insurance is generally expensive because it covers more treatments.
Remember, it’s not all about premiums—deductibles also matter. These are out-of-pocket expenses before coverage begins. Assuming you have a $250 deductible, you’ll pay this amount in veterinary bills before the insurer covers the rest of your claim.
Deductibles take various forms. For instance, annual deductibles are only paid once every policy year. The insurer will reimburse veterinary costs when eligible claims exceed the deductible. Conversely, per-incident deductibles apply to every claim you file.
Another factor is the reimbursement percentage, which you receive after meeting your deductible. Say your reimbursement percentage is 80%, you’ll pay 20% and leave the rest of the bill to the insurer. The higher the deductible, the lower the reimbursement percentage and premiums. Additionally, insurers may impose enrollment fees to activate your coverage and monthly service fees on top of premiums.
Reviews
Even if you land an attractive deal at the first inquiry, you might miss out on some offers when you settle too soon. But although you should compare different premiums, don’t rely on cost alone. You need an insurer who provides affordable services without compromising coverage.
You can start by seeking recommendations from your vet and pet parents in your circle–ask about the claims process, coverage options, and general customer satisfaction. Likewise, you can check online communities for a history of client complaints. This way, you have an idea of recurring issues and the insurer’s responsiveness.
Feel free to negotiate flexible terms. Some insurers offer customizable plans for your individual needs. For example, you can enjoy multi-pet discounts if you have several animals. The provider’s financial health also matters–you don’t want to entrust your hard-earned money to a company on the verge of collapse.
Exclusions
Read the fine print to understand what your policy doesn’t cover. Providers can exclude a condition because it’s preventable, pre-existing, or too risky to insure.
Claims Process
Most insurers reimburse veterinary costs after paying the vet and submitting a claim. Providers might also require reimbursement release documents from the vet along with the claim. Upon verifying your request, insurers can mail a check or deposit money into your account within days or weeks.
Additionally, confirm the waiting period—depending on the provider and type of event, the policy only takes effect 48 hours to 60 days after buying insurance. Some companies also impose initial deductibles before covering any costs.
If you plan on moving, ask your insurer about their areas of coverage and what happens in case of a change of address. Most insurers only operate within specific states.
Recommendations
As noted, Southpaw does have some recommended pet insurance companies to check out:
Recommended Pet Insurance Companies:
Further resources:
North American Pet Health Insurance Association
American Veterinary Medical Association
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