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Trupanion Provides More Than Traditional Pet Insurance
Our love for pets is the reason we offer insurance and why our policies are written with pets and pet owners in mind. We don’t think that traditional pet insurance has what it takes to protect pets, so we differentiate ourselves by offering ‘medical insurance for cats and dogs that puts pets first.
How Do I Choose The Best Pet Insurance Company
Choosing the best pet insurance requires estimating how much coverage you would need to cover the vet bills if your pet becomes sick or injured. While theres no way to predict the future, you can assess your coverage needs based on your lifestyle and your pets activities.
Pets with quieter indoor lifestyles are less prone to accidents or illnesses and thus can get by with a more affordable high-deductible policy. Outdoor dogs that belong to active owners might find themselves at the vet a few times a year, making a lower-deductible policy more desirable. Finally, pet owners with multiple animals will want to consider a provider with good preventive care to help head off potential future health problems.
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How Pet Insurance Works: A Case Study
A hypothetical pet insurance policy has a 10% co-pay with a $300 annual deductible, an $8,000 annual cap on policy benefits and a policy period from January 1 to December 31.
In January of 2016, the pet owner incurs a pet bill of $490. The insurance company will provide a $171 reimbursement check to the pet owner .
A few months later, the same owner incurs another veterinarian bill of $630. Because the annual $300 deductible has already been met, the pet insurance company will reimburse the pet owner $567 .
Towards the end of the year, the pet gets really sick and requires major surgery, medications and several nights at an animal hospital. The total veterinarian bill for this third visit is $8,650. The pet insurance company will only reimburse the pet owner $7,262 instead of $7,785 because the policy has an annual cap of $8,000 .
What if pet insurance doesn’t pay nearly enough, but letting go of your beloved pet is an impossible thought? There are some other options to pay for enormous veterinary bills.
Many veterinarians understand that the costs to treat pets can often be more than the owner can afford. In order to ease the financial strain, many veterinarians are willing to set up payment plans or even reduce veterinary bills in order to accommodate financially strapped owners.
If You’re On Benefits You May Be Able To Get Free Vet Treatment For Your Pet
Pet insurance, or self-insuring by putting money aside in a savings account, could prove expensive if you’re short on cash. However, charities such as the PDSA, Blue Cross and the RSPCA may be able to help.
These charities offer free or subsidised vet care for pets whose owners are on certain means-tested benefits, among other criteria. As charities, though, they rely on donations to continue their work and some, such as Blue Cross, actively ask for a contribution towards costs.
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We Encourage You To Research Other Pet Insurance Companies
At Trupanion, we strive to be upfront and honest about what our plan provides. We are a team of pet lovers who work with cats and dogs by our side, and we want all pets to receive the best insurance coverage possible.
Unfortunately, we don’t think that every pet insurance company has what it takes to protect your four-legged family members. We offer 90% coverage of eligible conditions*, no payout limits, vet direct pay, and one simple plan that always provides the best coverage, because we know it will help your pet when it matters most. We stand out in the pet insurance industry, because we do what it takes to offer peace of mind to loving pet owners.
Compare More Than 70 Cat And Dog Insurance Policies Learn About The Different Types Of Pet Insurance What Your Policy Should Cover And Have Your Pet Insurance Faqs Answered
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Is Pet Insurance Worth The Cost
Pet parents know that the cost of pet ownership is not cheap, and its impossible to say whether pet insurance will ever pay for itself simply because no one can predict the future. Ultimately, having pet insurance is worth it for some people, but not for others.
Ideally, your pet will never suffer a major illness or injury that requires extensive veterinary care. But as with all insurance, the idea is that by paying a nominal fee for coverage, youll eliminate the risk of having to pay thousands in the unlikely event that your pet does face a critical emergency. Many pet owners feel that this cost is worth knowing theyll never face a time that they cant afford a life-saving procedure for their beloved 4-legged family members.
Dr. Kenney also noted in his recent interview that “Pet insurance isn’t a one-size-fits-all type of product. A pet insurance company and policy needs to be chosen around the needs of the pet, the wants of the pet owner, and the budget available for the pet’s healthcare expenses.”
For example, lets say your pet is hit by a car and is rushed to the nearest veterinary hospital. After an emergency surgery, the total bill comes to $2,500. Without pet insurance, youd be on the hook for the full amount. However, if you had a mid-tier policy with a $500 deductible and an 80% reimbursement rate, youd only be responsible for $1,000 out of pocket.
The Pet Insurance Ownership Gap
Nearly three-quarters of pet owners currently do not have pet insurance despite a high awareness of its availability, according to a national survey of 1,000 adults by Liberty Mutual Insurance. Unfortunately, 63% of pet owners say they wouldnt be able to afford unexpected medical care for their pet.
Pet insurance can be an affordable solution for unexpected veterinary bills. For example, an accident and illness pet insurance plan pays for medical expenses for accidental injuries like a broken bone or treatment if the pet has a skin condition.
We often hear how surprised people are when they see their vet bill after an accident, illness or even a wellness appointment, but these costs could be greatly reduced with pet insurance, says Luke Bills, a spokesperson for Liberty Mutual.
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Pros And Cons Of Pet Insurance Comparison Sites For Dogs
In general, services like Go Compare, Compare the Market and Moneysupermarket have been great for consumers.
Theyve encouraged competition between pet insurance companies, made customer reviews and recommendations of pet insurance policies more transparent, and brought prices down for dog owners.
However, there have also been some negative consequences to their popularity. Some insurance companies have created cheaper dog insurance policies that have low levels of cover, with the objective of appearing at the top of pet insurance comparison tables.
Price comparisons are a great resource but if you use them be sure to check the policies have enough cover for your pet and that you compare policies with like-for-like cover levels and features.
If You Cannot Afford Pet Insurance
Whether you have insurance or not, dont be afraid to discuss the cost of treatment with your vet. Being concerned about the cost doesnt mean you dont love your pet! There is often more than one possible treatment option for a problem, so if price is an issue, let your vet know, so you can discuss all the alternatives. If your vet doesnt make you feel comfortable about such conversations, you may want to consider finding another vet.
And speaking of finding a vet, the cost of treatment can in fact vary among vets even in the same city. So along with whatever else youre doing when youre looking for a vet whether its asking friends for recommendations, reading reviews, etc.also call around and ask the prices of basic things you know you will need, such as exam fees and vaccinations.
While few vets offer their own payment plans, some accept CareCredit, a kind of credit card for veterinary care. You do need to be approved for this, as you would with a regular credit card. The benefit over a regular credit card, however, is that under the right circumstancesif you meet certain requirements and make your payments on timeyou may not pay any interest.
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Why Choose Petplan For Your Pet Insurance
Pet insurance policies are a relatively new product in New Zealand, and were proud to have brought the best pet insurance NZ has to offer to the market. Petplan itself began life way back in 1976 in the United Kingdom and is now one of the biggest names in pet insurances. We were lucky enough to have the opportunity to bring this much-needed product to New Zealand in 2004, and since then weve never looked back. We love giving pet owners like you the chance to ensure that your precious pets can be appropriately cared for should disaster strike.
However, while there are now many pet insurance providers on the market not all companies and policies are equal. Some companies offer cut-price pet insurance, but do they provide the comprehensive coverage that you need? At Petplan, weve developed a range of policies to cover a variety of situations, so that you can choose the option that best meets your needs and your budget. After all, whats the point of insurance if it doesnt give you the benefits that you need?
How We Came Up With Our Top 10 Dog Insurance List
We used research from independent financial services review firms and awards given to the companies.
These services look at the quality of cover, for example, the level of vet fee cover, and ratings of the service customers receive.
The rest of this article focuses on explaining how to find the best policy for your needs, such as, why the cheapest policy isnt always best when it comes to pet insurance for dogs.
Don’t forget we have a separate review covering the best pet insurance for cats, a review for people with multiple pets that looks at the best multi pet discounts policies available, and comparisons of the pet insurance options for rabbits and exotic pets.
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Which Pet Insurers Are Not Reviewed
Are any pet insurance providers excluded from your comparison? The pet insurance market is growing rapidly, and new providers are continually entering. We dont rank companies until they have a five-year history in the pet insurance industry due to frequent price fluctuations, and we want to ensure that they will still be around. However, we do review them.
Visit our alphabetical company catalog for a comprehensive listing of all the pet insurance companies we cover, along with basic stats, including their founding year, headquarters location, underwriter, customer service options, and support hours. We also list deductible, payout limit, and reimbursement options for each company so you can make a quick side-by-side comparison.
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.
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Check Whether Your Pet Is Eligible
Puppies and kittens typically must be from 6 to 10 weeks old to be insured, depending on the company. Senior pets may not be eligible for first-time enrollment with some companies, or may qualify only for accident coverage. Once the pet is enrolled, though, most plans will offer coverage for life as long as you continue paying the premiums.
Additional Expenses To Keep In Mind
- Reimbursements You pay for all vet visits and charges and then file for a reimbursement. The best plans typically reimburse 90 percent of a covered expense.
- Payout caps Most plans stop reimbursing after youve reached your policys maximum coverage amount. Most policies have an annual expense cap, but some have caps per incident or even for the animals lifetime. Expect to pay higher premiums for higher caps.
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Pet Insurance Quote Comparison
The cost of each pet insurance policy is unique to your pet. Its calculated based on a vast number of variables, including but not limited to your pets age, breed, location , health conditions, etc.
We calculate our price of policy ratings based on quotes we run in addition to reader and consumer feedback. Since the price for your pet may vary significantly from that of others for any given provider, we encourage you to get quotes from multiple companies. You can also examine our below to see examples of pricing.*
*You should expect annual increases in your premiums from most pet insurance companies. These rates and increases will vary based on your location, changes in vet costs, and more.
Cost And Coverage Comparisons
If youre unsure where to start, you may want to read our experts take on whether pet insurance is worth it. It addresses common questions such as how pet insurance works, what it covers, statistics, reimbursement stories, whether its worth it for everyone, and more.
You should expect annual increases on your premiums from most pet insurance companies. These rates and increases will vary based on your location, changes in vet costs, and more.
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Can My Pet Get Coronavirus
The CDC states there is no evidence that pets can significantly spread the virus, and animal-to-human transmission is highly unlikely. Nonetheless, there have been recorded animal cases and deaths related to COVID-19. Although the chances of spreading the virus are extremely low, it doesnt hurt to be prepared, especially with the new, more transmissible delta variant.
The general rule is to treat your pet as you would a person, maintain distance whenever possible, and wear a face-covering to avoid transmission. Extra precautions should be taken if you have either received a positive test or suspect being infected. Have another person take care of your pet while youre infected, if possible.
Though extremely rare, there have been cases of serious illness in pets who have contracted the virus that causes COVID-19. You may be interested in pet life insurance if you wish to cover your pets economic value or burial costs in the unfortunate case that they pass away from Coronavirus-related complications.
What Is Pet Insurance
Pet insurance is a health insurance policy for your pet that pays for medical expenses and sometimes other costs. Pet insurance plans are typically reimbursement-based, meaning you pay up-front for the pets vet bills and submit a claim to the insurance company.
Theres usually a deductible to pay before coverage starts. For example, you might pay the first $500 in vet bills before the pet insurance starts to pay.
Even after your deductible, the pet insurance may not pay 100% of vet bills. You can typically choose your reimbursement level. Common reimbursement options are 70%, 80% or 90% of your vet bills.
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The Benefits Of Insuring Your Pets With Petplan
As pet owners ourselves, we want you to be completely comfortable with the cover and benefits provided by our policies. When you insure with Petplan NZ you can expect:
- Affordable pet health cover. We dont want to price our policies out of the market, but we do want to give you value-for-money.
- Ongoing cover for the lifetime of your pet. We offer genuine ongoing cover for the lifetime of your pet, as long as you dont take a break in cover.
- Peace of mind. Theres no longer any need to make a decision about whether you go ahead with a treatment as you have the peace of mind that your bills will be taken care of.
- Low out of pocket expense. We keep excesses low. Theres no point in having cover if you cant afford to pay the excess.
- Minimal waiting time. Were known for our timely payouts.
We are a member of the Insurance Council of NZ and adhere to the Fair Insurance Code,which provides you with assurance that we have high standards of service to our customers.