You have insurance for your health, car, and house, but what about your pets? Do they have pet insurance coverage? If you don’t currently have pet insurance, you’re not alone. While more than 70% of U.S. households have pets, just 26% of those American pet parents have purchased insurance for their pets, according to a 2021 study from Liberty Mutual.
Pet insurance protects owners from paying skyrocketing medical bills when their pet gets injured or falls ill. While convenient for your peace of mind, pet-care policies can also cost hundreds or even thousands of dollars a year. You can probably do without insurance if you’re financially secure enough to pay a large sum out of pocket for emergency pet care. But if you wouldn’t be able to pay thousands for unexpected treatment, you should consider purchasing an insurance policy.
Pet insurance providers pay out millions in claims, yet the cost of premiums has dipped in recent years. This article will walk you through the pet’s responsibilities and costs, which do not go heavy on your pocket if you have pet insurance. However, the most critical information for you is the cost of pet insurance, so you can decide the type of pet insurance you will purchase. So, keep reading!
Pet insurance is a health policy that protects pet owners from unforeseen medical expenses that could incur anytime. Like other insurance plans, pet insurance also has premiums. If your pet is sick or injured, you present the bill upfront and submit a reimbursement claim to the insurance agency for reimbursement. Depending on the policy, you may also need to pay a deductible and a percentage of the bill, and policies typically exclude certain illnesses and preexisting conditions.
While the monthly premiums can add up to a few hundred dollars per year, the benefit of pet insurance is that cost will be less of a factor when deciding whether to go through with an effective procedure. Illness and injury treatments can cost pet owners hundreds or thousands of dollars. However, like any other insurance policy, pet insurance plans also have limitations that pertain to specific scenarios.
There are two primary factors when deciding on pet insurance: how much does pet insurance cost? And how much tolerance do you have to take the financial risk for your pet? These two factors help you decide which pet insurance plan you are willing to purchase.
Pet insurance acts similarly to human health insurance. You pay monthly for coverage, and when your pet needs to go to the vet, your insurance covers some, if not all, of the cost of the visit. However, you would like to consider some pros and cons of pet insurance when purchasing the pet insurance plan.
Following are the pros of having pet insurance.
Following are the cons of pet insurance that you should also consider.
This is largely because, unsurprisingly, owners with pet insurance take their animals to the vet more often than those who don’t have insurance. This is a good thing, as animals age more quickly than humans and deserve the kind of care vets can provide.
Pet insurance helps reduce the financial risk of unexpected veterinary costs. The right coverage plan can buy you priceless peace of mind and empower you to do the right thing for your dog or cat. Companies typically require a health checkup and impose a waiting period before coverage kicks in to prevent owners from getting insurance when their pet is already sick. For accident coverage, the waiting period is usually a few days.
When you need to use the insurance, you must pay the vet bill out of pocket first and then file a claim. Insurers will evaluate your claim and, if approved, either deposit the funds in your account or send a check in the mail. This process usually takes two to three business days, though it can take longer than a week for more complicated claims or if you receive reimbursement funds in the mail. Your reimbursement depends on how your plan is structured. Here are the main parts:
This sum you must pay before coverage kicks in either per year or incident and usually ranges from $0 to $1,000.
After paying the deductible, the insurer will pay a percentage of the bill, usually 50% to 100%.
Your insurer will stipulate the maximum amount it will pay in medical bills each year. You’ll need to cover any charges above the max.
Like with human health insurance, pet insurance providers alleviate some of the costs of keeping your pet healthy. You can choose from different levels of coverage, with each plan costing a monthly or annual premium based on how much coverage you select. Some plans cover basic scenarios like accidents and injuries, some only cover accidents, including injury, accident, illness, and genetic/hereditary conditions. Let’s give you an overview of what pet insurance does or does not cover.
Pet insurance plans provide coverage for various medical expenses your pet may encounter. These policies typically encompass a wide range of health issues, ensuring financial support when your pet needs it most.
Accidents and injuries, such as poisonings or ACL ruptures, are covered, along with chronic conditions like arthritis and allergies. Common illnesses such as ear infections and digestive issues are also included, as well as serious diseases like cancer and diabetes.
Hereditary conditions such as hip dysplasia and eye disorders fall under coverage, alongside diagnostic tests such as X-rays and blood tests. Procedures like surgeries, chemotherapy, and even alternative therapies such as acupuncture are part of comprehensive plans.
Additionally, wellness procedures like vaccinations and spaying/neutering can be included. Some policies even cover behavioral therapy to address issues like excessive barking or aggression.
Pet insurance varies in breadth and cost, with comprehensive plans offering extensive coverage at higher premiums. For those seeking more specific coverage, accident-only plans or policies focusing solely on dental care are available.
Understanding what your pet insurance covers ensures you can choose the right plan to safeguard your pet’s health without financial stress.
When shopping for pet insurance, you must know what pet insurance covers and what does not. Standard pet insurance will cover most accidents and illnesses, but there are usually some exclusions, such as
No insurance company covers the pre-existing condition of your pet. However, few pet insurers, such as Embrace, will cover your pet’s preexisting conditions, which are curable. If your pet shows no signs or symptoms of the disease for 12 months after the onset, Embrace will expire it as a preexisting condition and cover it for the pet’s life.
The cost of pet insurance is affected by various factors, from the type of pet and breed you want to insure to your location and the deductible you choose. The price you pay for pet insurance could add significant savings on veterinary care throughout the year. Each company has different coverage options, exclusions, and limitations, with varying premium costs. We have gathered information on pet insurance plans’ costs, which could be useful when you decide. Let’s proceed.
The more coverage you want, the more you have to pay for a pet insurance plan. The average monthly cost for a low level of coverage with a $5,000 annual limit is $27.59 for dogs and $14.96 for cats. Cats are usually kept indoors and visit the vet less than dogs, so they are less risky to insure.
On the other hand, dogs are more energetic and adventurous, so they are more prone to injuries and illnesses. The table below shows the average cost of pet insurance plans for dogs and cats with the most popular pet insurance companies.
Pet insurance plan | Overall average cost per month (dog) | Overall average cost per month (cat) |
24 Pet Watch | $45.49 | $22.51 |
ASPCA | $37.90 | $20.04 |
Embrace | $36.45 | $16.88 |
Figo | $42.08 | $20.40 |
GEICO | $36.45 | $21.35 |
Hartville | $37.89 | $25.15 |
Healthy Paws | $41.59 | $26.66 |
Nationwide | $71.73 | $16.03 |
Pet plan | $41.48 | $34.05 |
Insurance is a product based on risk. The more risk your pet poses to a carrier, the more you can generally expect to pay for your pet insurance plan. The cost of pet insurance depends on your pet, the coverage you buy, and where you live. Insurers will also look at
Some factors that influence pet insurance costs are not under your control. These include your pet’s breed and age and where you live. However, there are some factors that you can control if you are looking to save on pet insurance costs. By choosing a higher deductible, smaller reimbursement percentage, or reduced benefit limit, you can decrease the price of your new plan. You can also choose more affordable plans (accident-only versus accident and illness, for example), as well as look into certain discounts that your carrier may offer.
If you are ready to see which options are available to you and start shopping around, we suggest checking out our picks for the best pet insurance companies. You will find a rundown of the top carriers and what sort of coverage options they each offer to pet parents like yourself.
To help you in making a decision on pet insurance plans easier, we created a comparison chart that includes pet insurance plans, waiting periods, coverages, and some other important factors. You will find all tables below, with providers sorted in order of ranking and popularity.
The table below shows each company’s deductible, reimbursement, and payout options. Please know that not all deductibles, reimbursement levels, and payout limits are available for every dog in every state.
Company | Deductible | Reimbursement | Payout options | Limit term |
Pets Best | $50, $100, $200, $250, $500, $1,000 | 70%, 80%, 90% | $5,000, Unlimited | Annual |
FIGO | $100, $250, $500, $750 | 70%, 80%, 90%, 100% | $5,000, $10,000, Unlimited | Annual |
Healthy Paws | $100, $250, $500, $750, $1,000 | 50%, 60%, 70%, 80%, 90% | Unlimited | Annual |
Embrace | $200, $300, $500, $750, $1,000 | 70%, 80%, 90% | $5,000, $8,000, $10,000, $15,000, $30,000, Unlimited | Annual |
Lemonade | $100, $250, $500 | 70%, 80%, 90% | $5,000, $10,000, $20,000, $50,000, $100,000 | Annual |
Fetch | $250, $300, $500 | 70%, 80%, 90% | $5,000, $15,000, Unlimited | Annual |
ASPCA | $100, $250, $500 | 70%, 80%, 90% | $3,000, $4,000, $5,000, $7,000, $10,000 | Annual
|
If you want to know if pet insurance will cover what you need and which are better suited for your needs, the below-mentioned table will help you decide which company will best protect your pet and finances during tough times. However, it is essential for you to know that these pet insurance providers will cover only the following if seemed necessary: emergency care, surgery, hospitalization, specialized exams, and specialty care, X-rays, blood tests, ultrasounds, cat scans, MRIs, rehabilitation, cancer, chronic conditions, euthanasia, hereditary conditions, congenital conditions, non-routine dental treatment, and prescription medications.
These coverages may have a few limitations as well. Let’s find out and help you decide on the one that meets your requirements.
Company | Behavioral Therapies | Alternative/ Holistic Therapies | Exam Fees | Wellness Care | Avg Claim Processing |
Pets Best | Yes | No | Extra fee | Yes | 25-40 days |
FIGO | Yes | Yes | Extra fee | Yes | 3 days |
Healthy Paws | No | No | No | No | 2 days |
Embrace | Yes | Yes | Yes | Yes | 5 days |
Lemonade | No | No | Extra fee | Yes | 2 days |
Fetch | Yes | Yes | Yes | No | 12-22 days |
ASPCA | Yes | Yes | Yes | Yes | 15-30 days |
In this table, you will find the information on the top 5 pet insurance providers of 2022. You can visit the providers’ websites to check them out and read our experts’ reviews as well.
Pet insurance ranking | Best overall | Best value | Fastest claim processing | Best multiple pets discount | Best newcomer |
Company | Pets Best | Figo | Healthy Paws | Embrace | Lemonade |
Policy coverage | Comprehensive | Comprehensive | More Limited | Comprehensive | More Limited |
Customer Service & Reputation | Good | Excellent, Stable | Excellent, Stable | Excellent, Stable | Uncertain, New |
Claim processing (avg) | 25 – 40 days | 3 days | 2 days | 5 days | 2 days |
Policy price (avg) | Lower | Lower | Variable | Higher | Lower |
Plan customizations | May options available | Many options available | Restricted options | Many options available | Many options available |
Pet insurance covers accidents, illnesses, and emergencies, offering financial security and peace of mind. Coverage varies by provider, so understanding the terms is crucial before choosing. It provides flexibility in choosing veterinarians and offers varying budget-friendly options.
Decide based on your situation. Calculate monthly costs versus potential vet expenses. If costs are lower with insurance, it’s likely worth it. Unlike other insurances, pet insurance is lifelong; switching plans later may exclude pre-existing conditions. Choose wisely for long-term satisfaction.
Heading out of state, whether for a weekend or long-term vacation, can be exciting —…
Tesla, the electric vehicle trailblazer, has revamped our automotive mindset. As Tesla's eco-friendly and tech-savvy…
How can you secure the best medical insurance plan without losing your mind? Let’s explore…
Master finding the best car insurance deals with this easy guide. See how Hugo car…
Are you wondering if dental insurance is really worth it? Let's explore the details with…
Ever felt like navigating insurance policies is as tricky as assembling IKEA furniture? Let’s break…