GEICO Pet Insurance Review
Geico now has a pet insurance product, and they run this through Embrace Pet Insurance. If you want more details about the Embrace products, you can check out the Embrace Pet Insurance review we update every year. For the purposes of this page, we will try to summarize the key points.
What many people don’t know is the American success story behind GEICO. Ever wonder why the name is in all caps? That’s because it’s an acronym! Started as the Government Employees Insurance Company by husband and wife team Leo and Lillian Goodwin in 1936, GEICO was originally targeted to select categories of enlisted military officers and federal employees. Over the years they have written tens of millions of auto policies and have expanded their coverage options through partnerships with various brands, such as the one with Embrace Pet Insurance.
Advantages to using Geico (Embrace)
- Bundling – you can bundle the pet insurance policy with your other policies like Auto, Renters, etc.
- GEICO backs all policies (Wellness coverage is backed by Embrace Pet Insurance)
GEICO/Embrace offers a lot of variety to their plans, which is good if you want to have the option to pay a lower monthly amount with a higher deductible. Something to note – if you want to ‘go up’ and get a better policy down the road, you will need to get recertified, which means anything your pet had treated is now a pre-existing condition. Our advice is to get the best policy you can from the beginning.
|Annual limit options||$5,000, $8,000, $10,000, $15,000 and $30,000|
|Annual deductible||$200, $300, $500, $750, $1000|
|Reimbursement||70%, 80%, 90%|
Your quote will vary depending on where you live, what type and size of animal you are insuring, if you have more than one pet (they do offer a 10% multi-pet discount) and Wellness Rewards at $250, $450 and $650 per year.
If you have a puppy, the higher amount of Wellness Rewards would work best because that year has the most expense with shots, tests, visits and more. Wellness Rewards works off a Schedule of Benefits where Embrace/GEICO will pay up to a certain amount for certain visits. Here are some of the wellness options you may take advantage of:
- Exam fees
- Flea, tick and heartworm meds
- Fecal tests
- Spay and neuter and more
GEICO/Embrace does have a top-level annual limit which is different than some other companies, but their highest choice is $30,000, which pet parents are unlikely to reach in a situation where the animal can be saved through veterinary care.
GEICO/Embrace offers a variety of annual deductibles which is great for pet parents who want the least amount of money out of pocket per incident, up to those who would rather pay more monthly. When you get a quote, manipulate the figures on their widget to see what works best for you. They even tell you which option is the most popular to help aid you in your decision.
Healthy Pet Deductible (see below) is a reward program for healthy pets.
GEICO/Embrace doesn’t cover pre-existing conditions just like all other pet insurance companies, so if you submit a claim for something deemed pre-existing, it will get denied. Luckily, you can get a Medical History Review right when you sign up (see below for details on that) and GEICO/Embrace also differentiates between curable and incurable conditions. If your pet remains symptom free for 12 months after a diagnosis, they will re-evaluate your coverage.
GEICO/Embrace has waiting periods just like all other pet insurance companies. The reason behind this is so people don’t wait until their pet gets sick to take out insurance. After all, you can’t get auto insurance after you’ve just been in an accident. For GEICO/Embrace, the waiting period is 48 hours for accidents, 14 days for illnesses, and 6 months for orthopedic conditions.
Required Vet Visit
If your pet hasn’t been seen in the last 12 months, you’ll need to have a veterinarian visit within the first 14 days of signing up for your policy, or you may violate the terms and conditions. Again, this is simply so pet parents are signing up healthy pets.
Other Cool Stuff
GEICO/Embrace offers a free Medical History Review after you purchase your policy. They will go through your veterinary records and determine if they feel your pet has any pre-existing conditions. If you don’t like what you see and you don’t see the value in the policy anymore, you can cancel within 30 days for a full refund
Healthy Pet Deductible
GEICO/Embrace offers a Healthy Pet Deductible for those pet parents who don’t file a claim. Each year that you don’t file a claim, your deductible will be lowered (diminished) by $50. For example, if you have a $200 deductible and you don’t file a claim in the first year, your deductible is now $150, meaning you only have to pay $150 for your deductible if you file a claim. Once you do file a claim, your deductible will reset.
The pet insurance industry is evolving, and stacking discounts is one way you can take advantage of this progress. Now, you can receive discounts for many things with GEICO/Embrace, and you can even stack some of these discounts. Some discounts include:
- Military Discount
- Multiple Pet Discount
- Employee Benefit Discount
- ACH Discount
- Annual Pay Discount
- Spay/Neuter Discount