Choosing the Best Pet Insurance for Your Dog

Anyone who has experienced a sudden illness or injury with their dog knows that the bills can add up very quickly. Nobody wants to have to turn down necessary treatments because they are unable to afford them. Pet insurance is a smart way to reduce that risk and help pet owners have some peace of mind when emergencies occur. 

Choosing a pet insurance company can be extremely overwhelming for pet owners. There are many different factors to consider and compare. It can be difficult to know where to start! Let’s look at some of those factors.

• Types of Coverage: All companies offer a basic accident and illness combined plan for pets, and most also have an optional wellness plan to cover routine care. As a way to keep costs low, some companies also offer an accident-only plan. 

• Deductible: This is the amount that must be paid out of pocket before the insurance company will start reimbursement. Generally, this will reset every year. Some companies, however, offer lifetime deductibles per condition rather than an annual overall deductible. This can be helpful if your dog develops a chronic illness or requires expensive treatments for a single issue. On the other hand, costs can add up quickly if your dog experiences several different health conditions while enrolled in this type of plan.

• Reimbursement Rate: Once you meet your deductible, your insurer will pay a certain percentage of vet bills for covered conditions. Most will let you choose between several options, ranging from 50% to 100%. Others only have one rate. 

• Maximum Annual Benefit: Most companies set a limit on how much they will pay out per year. This can range from $2500 to unlimited benefit. 

• Premium: Monthly payments for any plan will depend on the previous three factors. If you want more complete coverage, premiums will be higher. Choosing a higher deductible and a lower reimbursement rate and maximum annual benefit will give you a lower premium. This cost also will depend on your dog’s breed, age, and the number of claims paid out while your dog is insured.

• Reimbursement Method: Most insurance companies will pay reimbursements to the owner, usually via check or direct deposit. This means you will need to have the ability to cover the full bill until reimbursement if your vet does not have payment plans. Less commonly, you will find companies that pay the vet directly. 

• Waiting Period: A new insurance plan will not be effective immediately. These waiting periods can vary by state, so it is important to know when your policy will go into effect. They may also have different effective dates for accidents, illnesses, cruciate injuries, hereditary conditions, hip dysplasia, and even some curable pre-existing conditions. 

• Pre-existing Conditions: Pet insurance policies will not cover issues that started before the waiting period is over, with some rare exceptions. Some companies will cover a curable pre-existing condition after it has been cured, requiring no further treatment and showing no symptoms for a certain length of time. Of course, this means it is best to get your dog insured as early in life as possible, so they have fewer conditions that will not be covered. 

• Extras: If you would like to have coverage for extras such as holistic treatments, behavioral conditions, physical therapy, and rehab, it is very important to look closely at what is included in the policy. Many plans will only cover treatments like these through an optional add-on, which will increase your premium. 
• Financial Strength: Be sure to stick with companies that are trusted to make payments as agreed.

There are numerous options to look into when you are choosing a pet insurance company. To help simplify this process, this chart shows eight of the most popular choices. See their Pros and Cons below the chart.

ASPCA

• Pros: Option for unlimited annual benefit, may cover curable pre-existing conditions after a waiting period, includes behavioral treatments/alternative therapies/physical therapy

• Cons: Some options are unavailable on the website when choosing a plan so you may have to call for a quote 

 Embrace

• Pros: Deductible may decrease if no claims are made, option for unlimited annual benefit, may cover curable pre-existing conditions after a waiting period, includes behavioral treatments/alternative therapies/physical therapy
• Cons: Prescriptions only covered with an add-on, prescription food only covered with the wellness plan

Fetch

• Pros: Includes behavioral treatments/alternative therapies/physical therapy
• Cons: No accident-only plans, higher deductible options

Healthy Paws

• Pros: Unlimited annual benefit, wider range of reimbursement rates
• Cons: No accident-only or wellness plans, greater limits on coverage based on pet’s age at the time of enrollment, does not cover behavioral treatments

Lemonade

• Pros: Many options to customize your policy and keep premium costs low, short waiting period
• Cons: Only available in 37 states, no accident-only plans

Nationwide

• Pros: Some plans include behavioral treatments/alternative therapies/physical therapy
• Cons: Lower reimbursement rate options

Pets Best

• Pros: Wide range of deductible options, unlimited annual benefit option, short waiting period, includes behavioral treatments, some plans include alternative therapies/physical therapy
• Cons: Not all plans cover prescriptions

Trupanion

• Pros: Lifetime per condition deductible may be beneficial if your pet develops a chronic condition while insured, unlimited annual benefit, reimbursement is paid directly to your vet
• Cons: Per condition deductible can be expensive if your pet has several issues while insured, fewer options to customize coverage to lower premium costs, no accident-only or wellness plans

While there are many more options to choose from, this should give you a good starting point in your research. Once you understand the factors involved, you can decide which are most important for you and your dog, and make an educated decision. Whether you prefer lower deductibles, unlimited annual benefit, coverage for physical therapy and rehab, or anything in between, there will be a company that is a good fit for you.