Pet insurance is intended to cover unexpected costs related to accidents and illnesses. Routine preventive care is considered an expected cost that is not medically required. It is therefore rare for providers to include them in their standard plans. However, emergency visits to the veterinarian are usually covered because they are deemed medically necessary.
The typical accident and illness plan covers treatment, medications and procedures needed in the event of a fracture, laceration, swallowed object, illness or corrective surgery. Many pet insurance companies offer a preventative care add-on that you can combine with your basic plan. This coverage reimburses preventive visits to the veterinarian between 70% and 100%, depending on your provider and your contract. Some insurers also offer Wellness Rewards programs that work similarly to a Health Savings Account (HSA) for your pet.
If you are not familiar with pet insurance, we recommend doing some research and choosing a provider that matches the coverage your dog needs. Here are some basics to understand as you begin your search.
Types of packages
There are three main types of pet insurance plans.
- Accident only: This plan reimburses veterinarian-recommended treatments for accident-related problems, such as broken bones.
- Accident and illness: Accident and illness insurance is more expensive, but it covers accidents as well as illness-related costs if your pet becomes ill.
- Well-being: Preventative wellness coverage typically comes as an add-on that you can add to your basic plan to cover routine care.
Premium customizations
Most providers offer at least a few options for customizing your deductible, annual coverage limit, and reimbursement rate. Adjusting this selection affects your monthly premium, so make selections that provide the coverage you need at a price you’re comfortable with.
- Deductible: Your deductible is the maximum amount you’ll pay out of pocket per year or per condition, depending on the provider.
- Annual limit: This is the maximum amount a provider will pay each year for your veterinary claims.
- Repayment rate : The reimbursement rate is the percentage of each claim that a provider will pay, typically between 70% and 90%.
A low reimbursement rate and high deductible will lower your monthly premium, but you’ll pay more out of pocket when you file a claim. A high reimbursement rate and low deductible will reduce your out-of-pocket costs but increase your monthly rate.
Best Pet Insurance Companies
There are many reputable pet insurers, each with their own pros and cons. Lemonade offers more affordable packages than many providers, as well as discounts if you bundle your pet insurance plan with the company’s homeowners, renters, or auto insurance.
Place offers unlimited, easily customizable coverage, plus a 30-day money-back guarantee. Healthy paws offers fast reimbursements and affordable unlimited coverage, while To kiss offers several discounts and dental treatments in its standard plan. Fetch is a great choice if your dog needs behavioral therapy coverage, and Trupanion has the most flexible deductibles.
When choosing a pet insurance company, review the coverage details on the website or read a sample policy. Also read customer reviews and get quotes from multiple vendors before making a decision.