Pet Insurance Comparison
Pet insurance is about the same thing that all insurance is about: predictability. People buy insurance to make sure they don’t get surprised with a major expense that they can’t afford. Pet insurance companies set prices in much the same way that all insurance companies do. They charge less for animals that are not likely to need expensive veterinary care (young animals, healthier breeds) than for animals that are more likely to need expensive care. Policy prices also vary according to what is and isn’t covered and coverage limits.
More consumers are opting for pet insurance as more advanced and expensive medical procedures become available for pets.
When conducting your comparison of pet insurance companies and policies, here are some things you need to take into consideration.
In general, purebreds cost more to insure than mixed breeds, and dogs cost more than cats. Some insurance companies won’t insure a pet over a certain age. Others will insure the older pet, but the cost will be higher. Most exclude pre-existing conditions, so if you’re going to buy insurance, it’s a good idea to buy it before your pet has a problem. Many policies exclude treatments for hereditary conditions in certain breeds. If you are planning to get a pet soon, get a comparison quotes on those types of pet ahead of time. It may affect your decision about which type of pet to get.
Some policies cover routine care and vaccinations, while others do not. The policy that you choose will depend on your financial situation. Do you want to pay a larger monthly premium and have more expenses covered, or do you just want insurance to protect you from catastrophic expenses? Whatever you decide, make sure that your comparison is apples to apples.
Deductibles, Caps and Other Limitations
Most policies have co-pays and deductibles, just like health insurance for humans. The higher the deductible and co-pay amounts, the lower the premiums. There may be maximum amounts that a policy will pay annually or for a given issue. The insurance company may only reimburse you for the reasonable and customary amount for a given procedure. Find out what those amounts are and ask your vet if the fees he charges are in line with what insurance will pay. Do a comparison of policies with different deductibles and see which saves you more money with the expenses you expect to incur.
Reputation of the Insurance Company
Pet insurers should be registered with your state regulators. Also check the Better Business Bureau to see if there are any complaints against them, and if so, how they’ve been resolved. Ask your vet about the companies you’re considering buying a policy from.
Low Cost Pet Insurance
Choose the lowest priced policy for the features you want. If you're comparing two policies and they cover slightly different things or have different deductibles or caps, take that into consideration when looking at premiums. Your comparison should take price and benefits into consideration in order to save you money in the long run.