Our Rating System for Pet Insurance Companies
We polled 1,000 consumers who had purchased pet insurance to better understand what pet owners are looking for in an insurance provider. After comprehensively researching each provider, we compiled our data to create a detailed pet insurance rating system. We use this methodology to score companies on eight key criteria, weighted based on importance to current and potential customers. We regularly update our database and ratings as companies adjust their prices, coverage and policies.
We score each provider out of 100 based on the following key factors. We then divide a company’s total points to determine a final score on a five-star scale.
- Cost
- Plans
- Custom Coverage Levels
- Covered Treatments
- Customer Experience
- Waiting Periods
- Reputation
- Eligible Age Limit
Factors We Use to Score Pet Insurers
A pet insurance company’s performance across our key categories guides our ratings, with some factors holding more weight than others. The sections below provide a closer look at each rating category we consider.
Cost (25%)
To better understand the average cost of pet insurance, we gathered quotes for various pet insurance policies using four different pet profiles. This process helps us to rate providers in this category accurately. Our collection of quotes includes the cost of pet insurance plans in all 50 U.S. states. Pet profiles used to gather prices include:
- A five-year-old, medium mixed-breed male dog
- A two-year-old, large golden retriever female dog
- A five-year-old, mixed-breed male cat
- A two-year-old Siamese female cat
We award a provider 5% per pet profile if it offers plans below the average cost for that profile. If a pet insurer’s plans are more expensive than the average, it earns 3%. Since we request quotes for each of the sample pets listed above, companies can earn a maximum of 20% across all four profiles.
Plans (15%)
We found that the best pet insurance companies in the industry offer multiple coverage options so pet owners can choose what works best for their furry friend. Companies with various offerings, including accident and illness plans, accident-only plans, and wellness or preventive care add-ons, score the highest in this category.
We award providers 7% for offering an accident and illness plan, 3% for an accident-only plan and 5% for a wellness plan.
Custom Coverage Levels (15%)
Policy customization allows customers to better align coverage needs for their pet with their budget. Providers with more annual limit, deductible and reimbursement rate options earn the highest scores in this category. Companies can receive a total of 15% across the following three subcategories, each worth 5%.
- Annual limits: We consider the maximum amount a provider will cover for claims every year. If a pet insurance provider offers an uncapped yearly limit, it earns the maximum of 5%. If it covers over $10,000 per year, it earns 4%. Companies that cover less than $10,000 in veterinary services per year earn 3%.
- Deductibles: Four or more deductible options will earn a company the maximum of 5%. Having three deductible options earn a company 4%, two options earns it 3% and one option leaves a company with 2% in this subcategory.
- Reimbursement rate options: A provider offering various reimbursement options will score highly here. Offering a 90% reimbursement rate will net a company 3%, with 80% and 70% rate options earning companies 1% each. If a provider offers all three options, it earns the maximum of 5%.
Covered Treatment (15%)
We also score companies based on the procedures and treatments a policy covers. Those covering an extensive number of treatments and unique services, such as alternative or holistic therapies, earn more points than providers with standard or general policies.
In this category, we award 1% for each of the following if offered as an add-on. If a company includes any of these treatments in a standard insurance policy, we award 2% each.
- Alternative therapies
- Behavioral issues
- Congenital conditions
- Hereditary conditions
- Cancer
- Diagnostics
- Dental work
- End-of-life and remembrance
- Exam fees
- Microchipping
- Physical therapy
- Prescription food
- Prescription meds
- Surgery or hospitalization
- Spay and neutering procedures
Customer Experience (15%)
Our team looks at customer care through the lens of a potential policyholder, awarding high scores in this category if a pet insurance company is easily accessible, accommodating and has a meaningful digital presence.
We give providers 1% for each of the following criteria to assess overall customer care. An additional bonus percentage is awarded to companies that offer vet direct pay.
- 30-day money-back guarantee
- Website chat
- Website portal
- Mobile app
- Direct deposit for claims
- Vet chat or telehealth line
- Two or more ways to get in contact
- Phone number on website
- 24/7 customer service line
Availability is another factor we consider in the customer care category. If a provider is available in 41+ states, it earns 6%. If it’s available in less than 40 states, it earns 3%. In total, a company can earn 15% plus a bonus percentage for offering vet direct pay.
Waiting Periods (10%)
When you enroll in a pet insurance policy, companies impose a waiting period before your coverage begins. Every pet insurance provider sets its own waiting periods, which often vary for accidents, illnesses, and orthopedic and ligament conditions. Generally, accident and illness waiting periods last around 14 days or less and orthopedic conditions span six to 12 months.
Companies score higher for having shorter-than-average waiting periods, with the potential to receive a maximum of 10% in this rating category. Check out the scoring breakdown below.
- Accidents: Pet insurers that impose waiting periods of four days or less earn the highest possible 4%. Those with five- to 13-day waiting periods receive 3.5%, while more than 14 days results in 3%.
- Illnesses: Pet insurance providers with an illness waiting period of 15 days or less earn 4%. If a company’s waiting period exceeds 15 days, it earns 3%.
- Orthopedic and ligament conditions: Waiting periods are typically the longest for these conditions. Providers with zero to six-month waiting periods receive 2%, compared to 1.5% for seven to 12-month periods or 1% for 13 months or more.
Reputation (5%)
A provider with a good reputation can instill peace of mind that it will deliver on its promises. Our team considers both a company’s Better Business Bureau (BBB) rating and Trustpilot score. Overall, providers can earn a maximum of 5% in this rating category.
If a pet insurance provider has a BBB customer review score of 3.5 out of 5 stars or more, it earns 2.5%. A company with a score of less than 2.5 but more than 2 stars earns 2%. Insurers with less than 2 stars receive just 1%. Our scoring related to Trustpilot reviews is similar. Companies with 4.25 out of 5 stars or higher earn 2.5%, those with 4.25 to 3.75 stars receive 2% and having fewer than 3.75 stars results in 1%.
Eligible Age Limit (5%)
Certain pet insurance providers will not insure pets under or over a certain age. The minimum age for coverage is typically eight weeks old, and the maximum is 14 years.
We award 5% to providers that insure pets at any age and 4% to those with stringent age requirements. For example, Healthy Paws lost points for having a minimum and maximum age, and drastically changing customization features and coverage options based on a pet’s age.
The Bottom Line: How To Choose the Best Pet Insurance Company
We created our review methodology to help pet owners nationwide decide which insurance provider and plan best fits their pet’s needs. Before making our recommendations, we consider important factors such as monthly premiums, coverage options, customizability and add-ons, company reputation, and overall customer satisfaction. We use a variety of sources in our research, including secret shopper quotes, third-party customer reviews, proprietary pet owner surveys and more.
Choosing the right pet insurance company depends on your pet’s specific needs, breed, age and location. To ensure you receive the best rate and coverage available, we recommend you get quotes from at least three providers to compare coverage, premiums, deductible options and reimbursement rates before selecting a policy.