Compare the various options before you purchase pet insurance. The table below will give an overview of the different companies. In particular, pay attention to rates, Deductibles, Waiting periods, and Coverage options. This will enable you to choose the right policy for your cat and dog.
Rates
Pet insurance rates vary depending on how old your pet is and what coverage they need. Older pets may be more susceptible to illness and accidents so providers will charge more. Pre-existing conditions may not be covered by some policies, and older pets may be rejected entirely. It is best to ask your insurance company for discounts and benefits before purchasing a policy. A multi-pet discount is also possible.
Numerous studies have been done to compare rates for pet insurance policies. One study revealed that cats tend to be less expensive than dogs. It was found that cats tend to visit the vet less than dogs and therefore, are cheaper. When comparing rates, there are several factors you need to take into consideration.
Options for coverage
Keep in mind, however, that not all pet insurance plans are the same. Some companies offer full coverage, while others provide limited coverage for specific conditions. A deductible is a requirement by many companies. This means that you must pay a predetermined amount upfront. Deductibles can range from $100 to $500, so it's important to know which is best for you and your pet.
You should also compare the costs of veterinary care and the number of veterinarian visits that are covered. Policies that only cover accidents are more affordable than policies that cover all diseases. Accident-and-illness plans, on the other hand, are more comprehensive and cover most vet visits, procedures, and hospitalization.
Deductibles
One of the most important things to consider when looking for pet insurance is the deductible. Different companies may have different deductibles. Some offer a $0 deductible, while others require you to pay up to $1000. The amount of coverage you need will depend on how old your pet is and what your budget is.
You can either choose an annual deductible, or a per condition deductible. The former is easier and more convenient for most pet owners. The latter requires that expenses are tracked by date and condition. As a result, the deductible for a new medical condition will be different each time. It might take longer before your insurance provider reimburses.
Waiting periods
It is important to think about waiting periods when choosing pet insurance policies. The waiting periods are set up by the insurance company to make sure that your pet is eligible for coverage. A 30 day waiting period is the norm for policies, though this can be extended to any length. While some insurers have shorter waiting periods than others, others may require longer ones. For instance, Trupanion imposes a 30-day waiting period for illness coverage.
Although waiting periods for pet insurance coverage can vary, there are some conditions that are never covered. For instance, most policies have a waiting period for certain diseases, such as cruciate ligament injuries. Dogs with hip dysplasia, for example, may need to wait longer than dogs with cruciate injuries.
Percentage for reimbursement
The amount of reimbursement you receive for your pet insurance policy will affect your total policy cost. Certain companies offer higher reimbursement percentages than other. An 80% reimbursement percentage means that your insurance will cover 80% of any covered expenses. If your dog gets hurt, you will only have to pay $200 from your pocket. You'll be responsible for paying a greater percentage if your dog needs regular care.
In general, the reimbursement percentages of pet insurance plans vary from 80% up to 90%. It is important to understand that higher reimbursement rates can lead to a more expensive plan. A deductible must also be paid each time you submit a claim. The most common deductible amounts are $100, $200, and $500.