Pet Insurance Reviews

There are many factors you will want to look at when you are looking at a pet insurance plan. Of course, cost is a prime component of any plan, but you should always look at cost vs. value. Just because a plan is less money per money, does not mean it is a better plan – in fact, you could end up paying far more for your pet’s health down the line. Conversely, a plan with a high premium may be more than you need.

Some companies offer accident-only and accident and illness plans, or wellness plans. Be sure to know what plan you are signing up for because it will greatly impact what is covered. You will typically want to find a plan that has comprehensive coverage in the basic plan, or else you will either pay for additional riders or you will find basic needs are not met.

Pet insurance is different than human insurance in that you will typically pay your vet up front and then submit a claim to get reimbursed. Some companies are moving away from this model because it does still put a burden on most pet owners to have to outlay money, and others boast really quick claim processing times. For now, this is the way the majority of the pet insurance industry works, and reimbursements work in the form of percentages. Usually, you will see reimbursement levels like 70%, 80% and 90%. The more you choose to get reimbursed, the higher your monthly premium will be, but you will pay less of your actual vet costs. Pay attention to claim processing times and also how easy the reimbursement process is when you are choosing a pet insurance company. You should also verify if you can use your own vet, or if you need to choose a different vet based on what your insurance will cover.

In this digital day and age, pet insurance companies are catching up, but are still processing a lot of claims through mail and fax. There are companies who have a digital process, some who have apps, and even some who do direct deposit. While it would be great for everyone to have a seamless claim submission process that was ‘green’ and saved the planet while saving you money, the most important things are still claim turnaround time and overall claim coverage, so make sure you ask about their stats when you are making your inquiries.

There are all kinds of limits when it comes to insurance, and pet insurance is no different. There are age limits, waiting periods, annual limits on care and other exclusions that you will need to pay attention to. When we say read the fine print, we mean it! All companies operate slightly differently. For instance, some work off an annual limit, where you can spend a certain amount per year on your animal. Others work off a lifetime limit, or a condition-based limit, where the insurance company limits how much money they will allot to a certain condition, such as hip dysplasia. Other companies boast no annual limits and no lifetime limits, so these are usually the best options for people who have animals predisposed to a lot of genetic conditions that may get capped under other plans.