Real Pet Insurance Stories And Reimbursement Examples
Read some examples of pet insurance quotes and reimbursement stories to see how pet insurance works in real life. You can also obtain a quote from our top-ranked pet insurance companies using our quote form.
If you have any outstanding questions regarding how much pet insurance costs or how to calculate any of the factors we mentioned above, be sure to ask us in the below.
Which pet insurance cost factor do you find most confusing?
Deductibles Claims And Policy Terms
It’s important to understand a policy’s deductible, reimbursement rate, maximum payout limit, waiting peroids, and exclusions before enrolling.
Your is what you need to pay before your provider will reimburse any eligible expenses.
For example, if you had a $200 deductible on a plan with a 90% reimbursement rate and your cat needed a $1,400 dental extraction… you’d ultimately save $1,080 .
Your maximum payout limit will either be “” or as an “annual limit“.
The best plans are annual limits, and many offer unlimited payouts. This means you need to meet your deductible each year, but once you do the ammount the payout is potential unlimited. Considering how many older pets develop cancer, having an unlimmited max payout can be a lifesaver.
Yourwaiting period determines when your coverage kicks in. Be aware that different plans/providers have diferent waiting periods, and they can even vary by condition – so it’s import to read the fine print.
For example, two different plans might look almost identical until you look into the fine print and find that one has a 12 month waiting period for knee injuries where as the other’s is only 30 days. If you have a larger dog who more prone to knee injuries, you most certainly would not want the plan whose knee injury coverage takes 12 months to kick in.
Key Factors that affect your cost:
- Plan type
- Policy provider
Pet Insurance Vs Dog Life Insurance: Which Do I Need
Pet insurance is designed to help you more easily afford the high costs of veterinarian care for your dog, cat, or other pet. It is possible to get dog life insurance which is a life insurance policy that pays a benefit when your dog passes away. Though expensive and often reserved for working dogs, dog life insurance helps pay for the costs associated with your dog dying. Costs may include cremation or burial as well as a service if you choose to have one.
Examples Of Monthly Pet Insurance Prices
When you compare pet insurance quotes youll find that prices vary widely for similar coverage amounts. Here are examples of monthly pet insurance costs for a medium-sized mixed breed dog for annual coverage of $5,000. Embrace, Best and TrustedPals were all found to have excellent pricing in Forbes Advisors analysis of the best pet insurance companies.
- 4 years old: $35.67
- 8 years old: $54.67
Rates are based on ZIP codes in California, Florida and Texas for $5,000 worth of annual coverage with a $250 deductible and 90% reimbursement level.
The Type Of Pet Insurance
A primary factor that determines your pet insurance cost is the type of policy you select. There are generally three types of pet medical insurance:
- Accident and illness policies are the most common and cover vet bills for various illnesses like viral infections and injuries from accidents such as broken bones. This type of policy generally covers hospitalization, surgery and diagnostic tests.
- Accident-only policies provide coverage solely for unexpected accidents such as ingesting toxins or injuries from getting stuck by a car.
- Wellness plans are usually add-ons to a pet medical insurance policy. Theyll cover some routine and preventative care expenses such as an annual wellness visit, vaccinations and flea and tick prevention.
What Are The Terms Of Your Coverage
Some pet insurance companies have certain requirements to satisfy the coverage rules. Most of the time, this is related to your pets health. Often, if your pet is over a certain age, youll be required to schedule an appointment with your local vet to rule out any pre-existing conditions.
There may also be a waiting period before the policy kicks in . Finally, some pet insurance companies will not insure pets over a certain age, since they are more likely to have claims. The bottom line? Read the fine print of your policy.
How We Review Pet Insurance Carriers
We compare pet insurers by evaluating and scoring their coverage options, terms, and limitations. Using a standard pet profile, we gather policy pricing data to see which carriers offer the best value. We also size up each companys customer service offering using a combination of our own research and third-party ratings.
Learn more: Read our Pet Insurance Review Methodology here.
Excess And Much Do You Need To Pay
The excess is the amount you pay towards the cost of treating each illness or injury during the period of cover , which is not related to any other illness or injury treated during the same period of cover.
How much excess you pay for a claim depends on the level of cover you have and the benefit youve claimed for. Excesses are also variable by breed and the age of your pet. For most pets you will pay a fixed excess but as your pet gets older you may have to pay a percentage of the amount claimed in addition. We work hard to keep your insurance affordable as your pet gets older and this helps us to do this. The age at which this percentage excess applies varies depending on the breed of your pet and the insurance plan you have selected.
The Last Word: How To Choose A Pet Insurance Company
Our choice for the best pet insurance company in Canada may not be your top choice, because you may have unique needs and require additional services. You may have a pet that requires significantly more coverage, or you may be in a situation where a wellness package and the additional add-ons make financial sense.
Its important to consider your needs with regards to coverage, deductibles, exclusions, and reimbursement before choosing a pet insurance policy.
The real takeaway here is that you want to be prepared both mentally and financially in case an unexpected event arises. You dont want to have to be making financially crippling decisions when a familys beloved pet is on an operating table, and youre at a stressful breaking point. Instead, plan ahead, be honest about your financial situation, and invest in coverage that will serve your pet in their time of need.
Make Sure To Shop Around
If you decide to buy pet insurance make sure to shop around for a fair price.
Global News researched the cost of insuring a one-year-old American Bulldog in Toronto and received numerous online quotes. They all varied in price and coverage.
For example, for basic coverage , prices varied from $70 $105 a month. And that was with the same address and dog breed.
The Price Of Your Premium
We know how much you love your pet, so we want you to prioritise their healthcare. If your dog, cat or rabbit is injured or ill, you can make a claim without worrying about your premium costing more. We dont directly increase premiums for claims and its why we dont offer no-claims discounts. However, your pets age, increasing vet costs and advancements in veterinary medicine can all affect the premium you pay. This means your premium will increase over the lifetime of your policy.
Our premiums are carefully calculated for each individual pet based on location, age, breed and size why not get a quote from us today?
How Often Is Your Pet Home Alone
The amount of time they spend unsupervised can also increase their chances of a veterinary visit, especially for animals with curious palates.
If you leave your pet home alone, finding a pet sitter or using a pet camera can keep them out of trouble. But illness coverage will make sure they can get the veterinary care they need if they eat something dangerous or get hurt while youre away.
One Veterinarian’s Alternative To Pet Insurance
The American Veterinary Medical Association adopted a policy of encouraging its members to educate their clients about the existence of pet insurance in 2019. The policy met with enthusiasm from some who are in favor of the opportunity to, in their opinion, educate pet owners. Others pushed back saying they were not qualified to promote insurance.
After more than 25 years of veterinary practice, Tracy Leonard, DVM, is among those who do not view pet insurance as a worthwhile expense. Instead, the Dayton, Ohio, veterinarian says that she and her staff recommend CareCredit, a type of healthcare credit card that can be used for, among other things, veterinary care. Other similar cards that also allow you to finance veterinary care include Wells Fargo Health Advantage and iCare Financial. It’s important to note that healthcare credit cards are not insurance. They are simply a way to finance large medical bills over a long period of time.
Why Cheap Pet Insurance Isnt Always Worth It
It might be tempting to go with a cheap pet insurance plan, but sometimes these will only cover accidents not illnesses so just make sure to check what is covered in the policy. More restrictive policies such as Accident only will only cover accidents not illnesses, which, according to our statistics, are less likely to be claimed for. Others will limit what you can claim for with very restrictive Terms and Conditions even within a lifetime policy. With our award-winning pet insurance, well make sure that your pet has the cover they need to live a long and healthy life, without you worrying about the vet bills leaving you both with more time for walks, games and cuddles.
All our policies are subject to terms and conditions, so please read these carefully to understand what you are covered for.
Petplan is a trading name of Pet Plan Limited and Allianz Insurance plc , Registered office: 57 Ladymead, Guildford, Surrey GU1 1DB. Petplan’s trading address is: Great West House , Great West Road, Brentford, Middlesex TW8 9DX.
Pet Plan Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register No. 311969. Allianz Insurance plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register No. 121849. Pet Plan Limited is a subsidiary of Allianz Insurance plc.
What Are The Alternatives
Most pet owners do not adequately prepare for veterinary care when they adopt their pet, which is understandable. Who wants to think about the vet budget when theyre about to welcome a new member of the family?
Families who are too eager to introduce a pet into their lives are often tempted to adopt first and worry about expenses later.
Of course, this leads to challenges at the vet later on.
One fellow veterinarian said he has 5 to 10 difficult discussions per day with pet owners who cannot afford the cost of their animals care.
Insurance executives and veterinarians frequently say the average amount a pet owner can afford at the veterinary office for a one-time expense is approximately $1,500.
The alternative to paying for necessary care is putting your animal up for adoption, or in worse-case scenarios…euthanization. This is obviously distressing for everyone involved.
These dilemmas can and should be avoided.
As a pet owner, you only have a few financial options for covering the cost of veterinary care if you are paying out of pocket.
Pet Insurance Cost For Dogs
Out of 90 million pet dogs, there are 2.5 million insured dogs in the U.S. Dogs represented 83% of in-force gross written premium in 2020, as reported by the North American Pet Health Insurance Association.
The average monthly premium paid for dogs for an accident-only coverage was $18.17, including care for foreign body indigestion, lacerations, motor vehicle accidents, ligament tears, poisoning, and other injuries.
The average monthly premium for accidents and illnesses was $49.51 and covered accident benefits plus diseases such as cancer, infections, digestive problems, And others.
Pet insurance for dogs is growing more popular each year, as each household can expect to make visits to the vet in a year. Below are the most popular breeds in the U.S. and their respective average insurance costs.
Our Top Picks For Cheap Pet Insurance Companies Of 2021
|An enrollment fee of $25|
|Vet exam fees are covered||Monthly payments are charged a recurring $1 transaction fee|
|Customizable plans to accommodate different budgets||A minimum deductible of $200|
|Distinguishes between curable and incurable pre-existing conditions|
As can be the case with your own health insurance, pet policies come with a deductible typically between $250 and $1,000 that must be met every year before reimbursement begins.
With an Embrace Pet Insurance policy, deductibles decrease the longer there hasnt been a claim. These diminishing deductibles are reduced by $50 every year that you dont file a claim on behalf of your pet. If your pet is sufficiently healthy and suffers no accidents, your deductible can eventually be lowered to $0.
Embrace Pet Insurance also allows you to customize certain parts of your policy such as the reimbursement percentage. As a result, you can get the coverage you need while staying within your budget.
|Coverage can begin at six weeks||No discounts for multiple pets|
|A sign-up fee is not required||Preventive care plans are not available|
|Sick visit exam fees are covered||Routine care procedures are not covered|
|No lifetime claims limit|
Pre-existing conditions are not typically covered by any pet insurance plans. Whats more, depending on the company, a lot of medical issues may be considered to be pre-existing. One best way to avoid this is by insuring your pet when they are as young as possible.
Pet Insurance Cost For Cats
Cats represented 17% of in-force gross written premiums, and as of 2020, there were half a million insured cats in the U.S. There are 94 million pet cats overall in the country.
Pet insurance for cats is significantly more affordable than dogs as their care is less expensive. The average number of vet visits for cats per year is . According to , annual premiums for accident and illness coverage cost about 40% less than premiums for dogs.
How To Buy Pet Insurance
Pet insurance can be relatively expensive, so its worth shopping around for the best deal.
Comparison websites are a good place to start. But they dont all cover the whole market. So use a few different sites to make sure you dont miss any good deals.
Check out the pet insurance comparison tables on the Which? website
Several retailers sell pet insurance, and you can also buy it direct from insurers.
Among the specialists in this market are Petplan and Healthy Pets.
You might be able to get the first four or five weeks of insurance for free, under a deal that many breeders now offer.
If you have an exotic pet that youre struggling to find insurance for, a broker might be able to help.
You can find a specialist broker on the BIBA website
Pet Insurance Do You Need It
Pet insurance exists to protect you against unexpected costs related to your pet, such as vet bills. Find out how pet insurance works, what to look for, how much it might cost and some of the other things to consider if youre thinking about buying a policy.
Whats in this guide
Deductible Reimbursement And Payout Levels
When you purchase a pet insurance policy, youll select a deductible and reimbursement level. The deductible is the amount of money youll pay out of pocket every year to your veterinarian before your pet insurance coverage kicks in. Trupanion, however, offers a unique lifetime per-condition deductible: Youll pay a deductible once for every new condition, without a reset every year.
Choosing a higher deductible will lower your monthly pet insurance bill.
- Typical deductible choices are $100, $250 and $500.
Once your deductible is met, you can submit vet bills to your pet insurance company for reimbursement. Youll choose a reimbursement level when you buy the plan, and the lower your reimbursement level, the less youll pay in pet insurance premiums.
- The most common reimbursement choices are 70%, 80% or 90%.
Youll also often have a choice of an annual maximum payout level. This is the cap on how much the pet insurance plan will pay. Many pet insurance plans offer choices between $5,000 and an unlimited payout. Of course, choosing an unlimited payout will raise the premium price.
Best For Older Dogs: Hartville
No matter how old your pet is, Hartville will let them sign up for a policy. Not only can senior dogs get accident-only coverage, they can still get illness and accident coverage too.
Illness, accident, and wellness coverage for all ages
One-month trial period
Multiple pet discount
Long waiting period for injuries
Hartville pet insurance covers all dogs and cats, regardless of their age. Policies are underwritten by Crum & Forster Insurance, which is the same insurer that provides coverage for the ASPCA.
There are two policies available from Hartville. The Complete Coverage policy includes coverage for accidents and illnesses, including conditions like:
- Hereditary conditions
- Eye disorders
As an alternative, pet owners can buy an Accident-Only Coverage plan that exclusively pays for accident-related injuries and treatment, including:
- Exam fees
- Swallowed objects
In addition, Hartville sells a Preventive Care Coverage rider which pays for the cost of routine wellness visits, vaccines, and dental cleanings. You must wait 14 days before you can use your plan for accidents and illnesses.
Pet insurance through Harville starts at $138 per year, but you can easily get a quote online for your pets age, breed, and the amount of coverage you want. You can select a deductible between $100 and $500, with the option for unlimited annual coverage limits . Pet owners can save 10% on their premium for each additional pet they insure.
How We Found The Best Cheap Pet Insurance Providers
12 providers evaluated
Advertiser Disclosure:read more
If youre a pet owner, you understand the importance of protecting their health as they are valuable members of the family. However, veterinary services are often expensive, leading many pet owners to choose to purchase pet insurance.
Finding the cheapest pet insurance policy can be challenging if you are unfamiliar with the process and options. In this article, we provide our top choices for the best cheap pet insurance companies on the market.
To create this list, we reviewed a number of providers and evaluated each based on their maximum annual benefit, reimbursement options, deductible and coverage options.
Best Affordable Pet Insurance: Progressive
- Coverage Types: Accident, illness, wellness
- Starting Price: $6 to $9 per month
- Deductible: $50 to $1,000
Progressives pet insurance policies start at just $6 per month and there are multiple discounts available, making it one of the best affordable providers on our list.
Easy to get a quote online
24/7 Pet Helpline
Unlimited annual coverage limit option
Progressive doesnt underwrite its own policies
Progressive sells pet insurance through Pets Best, one of the leading pet insurance providers. There are four insurance plans available that cover accidents and illnesses, accidents only, and routine care. There is a two-day waiting period to use your coverage for accidents and 14 days for illnesses.
The BestBenefit Plan is the accident and injury plan, which covers the following:
The Accident-Only Plan covers treatment and medical services related to accidents, such as:
- Broken bones
- Swallowed objects
- Eye injuries
Progressive also sells two preventive and routine care policies through Pets Bestthe EssentialWellness Plan and the BestWellness Plan. These plans cover the same services and treatments, but they have different annual benefits. The EssentialWellness Plan includes up to $305 in annual benefits and the BestWellness Plan includes up to $535 in annual benefits. Here is a brief list of services that these plans cover:
- Teeth cleaning
- Accident-only plan for cats: $6 per month
- Accident-only plan for dogs: $9 per month
Types Of Insurance Policies
Most insurance companies offer these three types of policies:
- Accident-Only Plans
- Wellness Plans
The cheapest plans are accident-only plans as they do not cover any illness-related vet claims.
Accident and illness is a more comprehensive insurance plan with accident benefits plus coverage for procedures such as x-rays, surgery, and hospitalization for more serious illnesses like cancer, infections, and digestive problems. It does not include routine vet visits, flea and heartworm prevention, or vaccinations.
Most plans provide an add-on or stand-alone wellness or preventive care to cover routine vet visits, vaccines, microchipping, spaying/neutering, and annual vet exams. Read more about pet coverage and what is included in each policy in our What Does Pet Insurance Cover? article.
Best For Holistic Care: Figo
- Starting price: From $92 per year
- Deductible: $100 to $1,500
Figo is the friendliest insurer for pet parents who prefer to seek alternative treatments for their pets, such as acupuncture and chiropractic care.
Base plan includes acupuncture and chiropractic care
Visit any licensed veterinarian
24/7 virtual vet visits available
30-day money-back guarantee
Exam fees not covered in base plan
Recommends an enrollment exam
Figo offers three pet insurance plans that cover accidents and injuries. Coverage is available in three tiersEssential, Preferred, and Ultimatethat include varying levels of annual coverage:
- Essential plan: $5,000
- Preferred plan: $10,000
- Ultimate plan: Unlimited
Figos accident and injury pet insurance policy includes coverage for the following treatments and services:
- Emergency services
- Chiropractic services
- Behavioral health
Figo has recently added a wellness plan to their mix. This is obtained by a Wellness Rider for preventative care and can be enhanced with the Extra Care Pack and Exam Fee power-ups.
Before you can use your coverage, youll have to wait one day for an injury visit and 14 days for an illness visit. Plus, some orthopedic conditions can have a one-year waiting period.
- Deductibles: $100 to $1,500
- Annual limits: $10,000 to unlimited
- Copays: 0 to 30%
- Waiting period: One day for illness, 14 days for accidents
- Network size: Unlimited
Some Things To Keep In Mind
- Compare insurances to find which one fits your needs best. And make sure to check the fine print.
- Do your home work and check the rules and prices regarding excess vs monthly costs. You can often get a cheaper monthly payment if you accept a higher excess cost. However these excess costs can get rather steep, so just make sure you check what you can afford before signing anything.
- Check if the breeder of your pet has an insurance.
- Check if your home insurance covers any costs for your pet.
- Most insurance companies cover dogs and cats. Make sure the insurance company covers the particular type of pet you have.
- Some usual problems in animals due to excessive breeding are considered so common that most insurance companies do not cover this in their insurance. Make sure you check if the breed of your pet comes with special clauses.
- The age of your pet can affect the insurance. Just read up on this to avoid unpleasant surprises.
Bottom Line: Is Pet Insurance Expensive
Pet insurance costs are largely customizable to your needs, with plans available for most household budgets. Most pet owners pay somewhere between $20 and $50 per month to insure a pet. Get quotes from several top insurance providers, then compare the coverage options among them. With a little research, you can find a pet insurance policy thats affordable and covers your pet’s veterinary care needs.
The Five Cheapest And Most Expensive Dog Breeds To Insure
We created our list of the most expensive dogs to insure using data from MoneySuperMarket.
They’ve given us a list of the cheapest and most expensive dog breeds to insure on accident-only policies and Lifetime policies. The data is based on hundreds of thousands of quotes generated by real consumers.