Pet Insurance Ultimate Guide

Pet insurance is a safety net for your pet friends. It ensures your pets will always have their daily and emergency necessities. 

Statistics say one in three pets end up in emergency health care wards yearly.
Source: Pet Health Statistics

Emergency health care can cost around five to fifteen hundred dollars or more. Whether you can afford to save your pet’s life or not depends on having the right pet insurance broker. 

Even if you’re lucky to avoid accidents, bills can still pile up with food, toys, vet visits, and grooming. Therefore, it’s essential to have pet care insurance for your pets.

However, it can be challenging to pick out the best pet insurance carriers. Also, pet health insurance may only be suitable for some families.

Don’t worry. This pet insurance ultimate guide will inform you all about pet health insurance. 

What Is Pet Insurance?

Pet insurance is insurance policy that helps pet parents manage pet ownership costs. In essence, its health insurance for your pets. 

None of us want to put the health of out pets in risk. Pet insurance can ensure our pet always get the best medical services.

Veterinarian care costs have increased more than ever. On average, every pet owner spends about $410 per year on vet visits. 
Source: US Pet Ownership Statistics

But pet health insurance can help you to pay vet bills, pet medication, and emergency treatments. So, when you buy pet care insurance, you no longer have to pay out of pocket for pet health care.

There are many pet insurance carriers available in the market. Each insurance offers different coverage. However, standard pet care insurance plans will cover your pet’s health care bills.

Benefits of Pet Insurance

Most of us consider pets as part of our family. Pet health insurance ensures your beloved pet will always get the best care it needs. 

Buying pet health insurance will give you financial protection and peace of mind.

There are tons of advantages to pet health insurance. Let’s discover the top benefits:

• Peace of Mind
• Coverage for All Pets
• Choose the Vet You Want
• Better Health Care for The Pet
• Save Money on Pet Maintenance
• Save Money on Pet Medical Care
• Pet Will Always Get Proper Treatment
• Expensive Medical Procedures Are Paid for
• No More Dipping into Family Funds

Peace of Mind

Pet health insurance takes away the stress of dealing with emergency medical costs. When you buy the best pet insurance, you know you’ll be able to afford the treatment no matter the cost.

As a result, you can lead a stress-free life with peace of mind.

Coverage for All Pets

Many pet care insurance companies are offering plans for different types of pets. You can get insurance for older pets too. 

However, the coverage of plans will differ based on the pet’s breed, age, and type.

Choose the Vet You Want

Pet care insurance plans allow you to go to the vet of your choice. So, you can take your pet to the doctor you trust. 

After treatment, you have to submit the bills to your pet insurance broker.

Better Health Care for The Pet

Very few of us have the financial ability to pay large medical bills out of pocket. Therefore, most people can’t afford to offer the best treatment to their pets.

But pet health insurance solves this problem. With pet care insurance, your pets get the best health care they can get.

Save Money on Pet Medical Care

Vet visits make up the most cost of pet ownership. However, you must get pet care insurance to save money on regular and unexpected vet visits. 

Once you pay the required deductible, the insurance will pay for a part of your pet’s medical bills.

Save Money on Pet Maintenance

The average pet owner has to spend around $450 per year on pet health care. 

Not all pet owners have that much money lying around. So, you see how important it is to get your pet insured. 

Pet health insurance allows you to pay monthly, quarterly, or annually. As a result, you can budget for your pet without drowning in loans.

Expensive Medical Procedures Are Paid for

Pet health insurance covers most of the cost of expensive medical procedures. 

No More Dipping into Family Funds

When emergencies occur, we have no option but to take out money from family funds. 

As a result, the emergency funds keep decreasing. This may cause problems when your family faces major financial problems. 

But pet health insurance allows you to keep the family fund intact.

Why Do You Need Pet Insurance?

Most pet owners wonder if pet insurance is worth it. Well, in 2022, about 21% of pet owners had to give up their pets due to the high cost of pet maintenance.
Source: Global Pets
So, you see how important it is to get pet health insurance for your beloved pet animals.

Emergency pet visits can cost anywhere between $500 to $2000. Unfortunately, not all of us have the financial ability to pay that amount out of pocket. 

As a result, most pet owners can not provide the medical care needed for their pets. This leads to giving up the pets for adoption. 

But getting pet health insurance can solve all of these problems. Pet insurance carriers reimburse you for most of the pet health care cost. Therefore, your pet can get the help they need without breaking the bank.

Nothing is more important than keeping our pets healthy and happy. And pet health insurance enables you to ensure that life for your pets.

Types of Pet Insurance Policy

Nowadays, pet insurance carriers offer different insurance plans. These plans strive to meet the needs of all pet owners.

Each pet health insurance plan provides different coverage and benefits. You must understand their differences to ensure you choose the best pet insurance. 

Learn about the common pet health insurance plans here:

• Illness-Only Coverage
• Accident-Only Coverage
• Routine Care Coverage
• Wellness Coverage
• Accident and Illness Coverage
• Comprehensive Pet Insurance Coverage

Illness-Only Coverage

This type of pet health insurance policy only covers treatment for pet illness. You won’t get coverage for accidents or regular checkups from this plan.

If your pet suffers from chronic health issues, this could be good pet health insurance for you.

Accident-Only Coverage

The accident-only plan provides financial reimbursement for accidents. So in case your pet falls victim to accidents, this plan will pay for medical treatments. But you won’t get a refund for illness-related treatment.

Routine Care Coverage

This will be the best pet medical insurance if you want help paying for routine pet health care. It covers regular vet visits, vaccinations, dental treatments, and other necessary procedures. 

Wellness Coverage

Wellness and routine care are similar insurance plans. Additionally, wellness plans will cover annual pet checkups. Moreover, it will cover standard procedures such as deworming, flea treatment, spaying, etc.

Accident and Illness Coverage

You never know when your pet will fall sick or get into an accident, so this plan is a good option. This insurance will provide financial help for both accidental and illness-related treatments.

But, accident and illness plans do cost more than the previously discussed ones. However, you won’t get support for a routine checkup with this plan.

Comprehensive Coverage

Comprehensive coverage is the way to go for all-around financial coverage. You’ll get not only accident & illness treatment but also preventative care. 

What Does Pet Insurance Cover?

Pet care insurance covers pets’ health problems. Here are the standard medical treatments that pet health insurance covers:

• Accidental Injuries
• Chronic Illness
• Common Diseases
• Severe Diseases
• Orthopedic Conditions
• Dental Illness or Injury
• Preventable Conditions
• Cancer Treatment
• Test and Diagnostic
• Wellness Procedures
• Integrative Physical Therapy
• Breed-Specific and Genetic Conditions

Accidental Injuries

The most common type of pet health insurance is the accident-only plan. All insurances cover accidental injuries like poisoning, choking, animal attacks, and vehicle accidents.

Chronic Illness

Chronic illnesses include diabetes, allergies, arthritis, and skin conditions. The best pet care insurance covers chronic disease with their illness-only plan.

Common Diseases

Pet care insurance covers common pet diseases too. For example, insurance covers ear infections, food poisoning, vomiting, and heartworm treatment.

Severe Diseases

You can also get reimbursement for severe pet illnesses. Heart, liver, kidney, and other major organ diseases are also covered by insurance.

Orthopedic Conditions

Pet health conditions related to bones fall in this category. Hip or elbow dysplasia, broken bones, etc., are also covered under pet health insurance.

Dental Illness or Injury

Animal insurances cover oral infections, dental cleaning, teeth extraction, and other dental treatments.

Cancer Treatment

About 32% of cats and 47% of dogs die of cancer yearly in the US. 
Source: Cancer in Pets

Moreover, cancer treatment, including cancer drugs, chemotherapy, and radiotherapy is more expensive.

Therefore, getting pet health insurance that covers cancer treatment is extremely important. 

Test and Diagnostic

You can also get financial help for diagnostic procedures. Pet X-rays, CT scans, blood tests, and more are covered by pet care insurance.

Integrative Physical Therapy

Pets need physical therapy after breaking bones or significant surgeries. Procedures such as acupuncture and laser therapy fall under integrative and holistic treatment. 

Breed-Specific and Genetic Conditions

Some pet insurance carriers offer plans for breed-specific diseases. For example, boxer dogs tend to get hip dysplasia more often than other breeds.

Additionally, you can find coverage for genetic and congenital diseases too.

Preventable Conditions and Wellness Procedures

Regular checkups, vaccination, and flea, tick, or worm prevention are preventable conditions. You can avail of pet health insurance for these procedures by choosing a wellness plan.

Pet Insurance Exclusions

Pet health insurance policies cover many pet health problems. However, they don’t cover all of them. 

To choose the best insurance for your pet, you need to know the pet health insurance exclusions too. Here are the standard pet insurance exclusions:

• Pre Existing Conditions
• Cosmetic Procedures
• Pet Training
• Pet Grooming
• Nutritional Supplements
• Experimental Medicines
• Non-Veterinary Expenses

Pre Existing Conditions

Does your pet have an illness that emerged before your insurance coverage started? Then, it’s likely that the animal insurance carriers won’t cover that. 

Some insurance does cover pre-existing chronic illnesses. So, do your research before buying one.

Cosmetic Procedures

Cosmetic and reconstructive procedures improve your pet’s quality of life or appearance. However, these are not covered by pet insurance carriers.

Pet Training

Most pet insurance carriers do not offer coverage for pet training. Therefore, insurance companies won’t reimburse your pet’s behavior or vocational training expenses.

Pet Grooming

Pet health insurance will not cover grooming expenses. Therefore, bathing, cleaning, hair dying, and grooming fall outside pet care insurance coverage.

Nutritional Supplements

Moreover, pet insurance carriers won’t pay for nutritional or dietary supplements. So, if your pet is on a prescribed diet from the vet, you’ll have to pay the bill yourself.

Experimental Medicines

Medical treatments not recognized by the state veterinary board are termed ‘Experimental Treatment’. Therefore, pet health insurance will not cover experimental medicine. Experimental medicine includes homeopathy, pseudoscience, reiki, etc.

Non-Veterinary Expenses

All expenses outside of the vet’s office fall under pet health insurance exclusions. For example, pet health insurance won’t cover pet identification, registration, and microchipping.

Also, most pet medical insurance policies do not include pet breeding and pregnancy.

Pet Insurance Eligibility

Pet health insurance plans can help manage costly veterinary bills. Moreover, animal insurance allows you to provide the best health care for your pet.

However, before getting pet health insurance, you need to ensure it’s eligible for the insurance. Popular pet insurance carriers offer insurance for many types of pets. But not all companies provide insurance for all breeds and ages of pets. Pet health insurance eligibility depends on:

• Pet Type
• Pet Breed
• Pet Age
• Pet Exclusions

Pet Type 

If your pet is a furry animal like a cat or dog, there’s no need to worry. Most pet insurance brokers offer dog insurance and cat insurance. Apart from cats and dogs, ASPCA pet health insurance covers horses as well.

Nationwide pet insurance offers animal insurance for pet reptiles, birds, rodents, and rabbits.

Pet Breed 

Pet breed also impacts pet medical insurance. Smaller breeds cost less while larger dog breeds are more expensive to insure. Some species are even banned from getting insured. 

So, ensure the pet care insurance you’re considering covers your pet animal’s breed.

Pet Age

Some pet insurance brokers only insure pets under a specific age. Some pet insurance brokers only insure pets under a specific age. Most pet insurance carriers don’t to offer dog insurance for animals older than ten years.

If you want to get insurance for your puppy, make sure it’s at least 6 to 10 weeks old.

Pet Exclusions

Pet health insurance companies don’t cover expensive or rare animals. Moreover, you won’t find insurance for dangerous animals like tigers or snakes. 

How to Choose The Best Pet Insurance

So, you’ve decided to get pet care insurance for your beloved pet. But there are so many pet health insurances available in the market. So, how to pick out the best pet insurance?

If you want pet health insurance that’ll be suitable for both your bank balance and your pet’s needs, you must consider some crucial factors.

Here are the facts you must keep in mind to choose the best pet insurance:

• Insurance Eligibility
• Payout Limitations
• Deductibles
• Reimbursement Level
• Type of Coverage
• Pre-existing Conditions
• Renewable Benefits
• Waiting Period
• Vet Networks
• Submitting & Receiving Claims

Insurance Eligibility

Firstly, make sure your pet is covered under pet health insurance. Unfortunately, many pet insurance carriers only provide insurance for specific breeds of animals. 

So, ensure your pet’s breed and age are covered by insurance.

Payout Limitations

The payout limit is the maximum amount of money insurers will reimburse you. This limit could be monthly, yearly, or lifetime. 

In addition, payout limits could also be for specific procedures or treatments.

Therefore, carefully read the insurance policies’ wording to understand the payout limit conditions. 

If your pet is accident-prone or sick, choose a policy with maximum payout. Otherwise, you may run out of reimbursement money.

Deductible

Deductible is an initial amount of money you must pay the insurance company. This deductible is necessary to activate the insurance benefits.

Most pet insurance carriers charge deductibles yearly. However, some companies charge a deductible per incident or treatment. This means you must pay a certain amount to get reimbursement for a specific treatment.

You can pay deductibles monthly or annually. So, choose a pet health insurance that matches your financial condition. 

Reimbursement Level

Reimbursement percentage is an important thing to consider when choosing pet health insurance.

Pet insurance carriers compensate you for a specific portion of the medical bill. The reimbursement level decides how much of the vet bill you’ll be refunded for. Most pet insurance carriers offer 70 to 90% reimbursement.

Type of Coverage

The coverage type you choose is also crucial. Make sure to pick a plan suitable for your pet’s health condition. 

If your pet is more accident-prone, go for the accident-only plans. On the other hand, for older pets, choose the comprehensive plan.

Pre-existing Conditions

Many pet insurance carriers don’t cover the cost of existing pet illnesses. Therefore, if your pet has pre-existing diseases, get insurance that covers such conditions.

Renewable Benefits

It’s always important to read the policy contract carefully. Some insurance companies consider an illness they’ve paid for as an existing condition. As a result, when renewing the insurance, they refuse to pay reimbursement for the same illness or accident if it occurs again. So make sure your policy doesn’t come with such conditions.

Waiting Period

After you’ve paid the deductible you have to wait for a specific time for the insurance to activate. Additionally, pet insurance carriers specify waiting periods. It is an estimate of how long they’ll take to reimburse you for the medical bills.

This waiting period varies depending on the incident. But don’t go for ones that require a waiting period of more than 15 days.

Vet Networks

Most pet health insurance companies allow choosing your preferred vet. But some companies work with a network of veterinarians. As a result, they only pay reimbursement when you go to their specified vets.

Therefore, ensure you have access to a specified vet in your area when choosing such insurance plans.

Submitting & Receiving Claims

Check the process of submitting claims. Make sure that you can easily submit and track the claim. 

Also, go for an insurance company with a more accessible reimbursement policy. Some companies directly deposit the money in your account, which is more convenient.

How to Buy Pet Insurance

Now that you know how to pick out the best pet insurance, let’s discuss how to buy pet medical insurance.

Here’s a step-by-step guide to explain the steps included in the pet health insurance purchase process:

• Research Pet Insurance Carriers
• Compare Several Price Ranges
• Compare Coverage Types
• Get Advice From Your Vet
• Choose a Pet Insurance Broker
• Pick The Deductible
• Select the Reimbursement 
• Enroll with The Insurance
• Complete Necessary Formalities
• Pay The Deductible
• Complete The Waiting Period
• Start Getting Benefits

Research Pet Insurance Carriers

There are many pet insurance carriers available in the market. Go through their offered plans, policies, and reviews. 

Getting a clear idea about which animal insurance offers what benefits will help you make an informed decision.

Compare Several Price Ranges

Compare the premium for your specific pet among several insurance companies. You can do this by entering your pet’s information on the insurance company’s website. 

This process will allow you to find the insurance plan that best suits your financial condition.

Compare Coverage Types

When you have a list of insurance companies that fall within your budget, compare the coverage types. 

Read the policy documents carefully to understand what falls under coverage and what doesn’t. Then, choose the policy that offers the most coverage and flexibility.

Get Advice From Your Vet

Consult with your veterinarian. He will be able to direct you about which plans are essential for your pet’s health.

Choose a Pet Insurance Broker

Now pick a pet insurance broker that matches your budget and your pet’s needs. Make sure to read all the documents properly so there are no surprises for later.

Pick The Deductible

Choosing the right deductible is extremely important. Most pet insurance carriers offer an annual deductible between $100 to $1000. 

However, if you don’t submit the amount within the year, your pet won’t be reimbursed for any medical bills. 

Some insurance also offers per-incident deductibles and lifetime deductibles. Consider all your options and choose the one suitable for your finances.

Select the Reimbursement 

Reimbursement level is the percentage of money the insurance company will refund you after you file a claim. But first, you have to decide on the rate. 

Remember if you choose a higher reimbursement percentage, you’ll have to pay more premium. You’ll generally find options between 50 to 90% reimbursements.

Additionally, choose the max reimbursement limit in a year. The lower the limit, the less expensive the premium.

Enroll with The Pet Health Insurance

Now, submit your application to the selected insurance company. Select your payment frequency and wait to hear back from them.

Complete Necessary Formalities

Some pet health insurance companies require you to submit a pet’s health report. They may ask you to bring the pet for overall evaluation too. 

So, complete all the steps and finalize the insurance policy.

Pay The Pet Insurance Deductible

Now, pay out the fixed deductible amount to start getting benefits. You can pay the money monthly or pay it upfront. Paying upfront may come with some discounts.

Complete The Waiting Period

Once the deductible is submitted, wait for the specified time. Each company has a different waiting period. 

Start Getting Pet Insurance Benefits

After the waiting period is over, your pet is now insured. You can get reimbursement for vet bills covered by the insurance.

How Does Pet Insurance Work?

So, how does pet health insurance work? Pet health insurance works similarly to any other insurance. Each pet care insurance might have a slightly different procedure. But here’s a general overview of how your pet health insurance will work:

• You buy pet health insurance with a set deductible, reimbursement percentage, and annual max payout limit. 
• All these will decide how much of your pet’s health bills the insurance will pay for. 
• After you’ve finished paying the deductible, you have to enter a waiting period for the insurance policy to become active.
• Then, when your pet requires medical care, you take it to the vet.
• Pay the vet the total pet care bill and get the necessary documentation for the money you paid. 
• Next, you must file an insurance claim for the bill through the insurance company’s website or app, including the required documents.
• Some pet health insurance companies pay veterinarians directly. Such services make it more convenient for pet owners. 
• Then, you wait for the pet care insurance company to approve your claim.
• Once the insurance company approves your claim, they’ll send you reimbursement money via mail or deposit it in your account.

Here’s an example to give you a better understanding of how the pet health insurance process works:

You have chosen an annual $100 deductible and 90% reimbursement level. To get reimbursement for a $500 vet bill, you must first pay the $100 deductible. 

After you’ve completed the deductible payment, submit the vet bill. Now, as you chose 90% reimbursement, the insurance company will refund 90% of the $500 vet bill, which is $450. As a result, you are only paying $50 of a $500 vet bill! 

How Much Is Pet Insurance?

Pet health insurance costs can vary depending on several factors. The primary deciding factors are:

• Pet Type 
• Pets Breed
• Pets Age
• Deductible
• Coverage Type
• Your Location

Pet Type

Firstly, the pet health insurance cost will differ based on your pet type. For example, pet care insurance carriers charge $56/month on average for good dog insurance. On the other hand, cat insurance plans cost around $30/per month. 

Pets Breed

Yes, pet health insurance cost varies based on pet breed too. For example, on average good dog insurance for your Australian Shepherd will cost $30. But dog insurance for a Rottweiler costs a whopping $80.

Pets Age

The cost of pet medical insurance increases with the age of your pet. For example, while dog insurance for a 3-month-old is $26/month, the same insurance for a 10-year-old will be $73 or more.

Deductibles

Pet health insurance costs also vary based on the deductible you pay. However, pay attention to the type of deductible along with the amount. 

Some pet insurance carriers make you pay for per-incident or per-condition deductibles. So, make sure you choose a plan suitable to your financial situation.

Coverage Type

Pet health insurance coverage decides the cost of pet health insurance. The more services you include, the more you’ll pay. 

Comprehensive coverage is the best as it covers regular, accidental, and illness treatment.

Location

Yes, your location also impacts your pet’s health insurance cost. For example, vets and medical treatments in metropolitan areas cost higher than in rural or suburban areas. As a result, pet insurance carriers charge higher premiums in city areas. 

Best Pet Insurance Companies

Pet health insurance is not a one-size-fits-all product. The pet insurance broker and insurance coverage you choose depend solely on your pet and your financial condition.

However, the variety of pet insurance carriers and plans can become overwhelming. 

Here is a list of the best pet insurance companies available in the market:

• Nationwide Pet Insurance
• ASPCA Pet Insurance
• Lemonade Pet Insurance
• Healthy Paws Pet Insurance
• Pumpkin Pet Insurance
• MetLife Pet Insurance
• Spot Pet Insurance
• Embrace Pet Insurance
• Trupanion Pet Insurance

Cons of Pet Insurance

Pet health insurance is a wonderful way of protecting your pet’s health and well-being. However, it might not be for every family. 

Consider the limitations of pet health insurance before getting one:

Doesn’t Cover Routine Visits

Most pet insurance carriers don’t cover routine visits. As a result, you’ll still be paying for regular vet visit costs on top of the insurance premiums.

Large Upfront Costs

You have to pay the pet’s medical bills out of pocket first. Then, your pet health insurance company will reimburse you afterward. So, keep it in mind.

Max Payout Limits

If your pet has recurring health issues, max payout limits could be an issue for you. You’ll likely cross the max insurance limit and must pay the total bill yourself.

You May Never Use All The Benefits

Only a few pet insurance carriers offer coverage for existing illnesses. So, you’ll have to pay for the chronic illnesses out of pocket. 

Pet care insurance plans include tons of benefits. Most of which you’ll end up never using. Your pet may never need acupuncture or chemotherapy, but you still pay for the what-ifs.

Conclusion

Pet care insurance is an excellent way to ensure the best health care for your pet. Moreover, pet health insurance allows you to save money on expensive vet bills.

This pet insurance ultimate guide has explained all the whats, whys, and hows of pet health insurance. Now, it’s time to choose the right pet health insurance plan.

It’s always best to get your pets insured earlier. So start looking for the best pet insurance for your pet friend today!

Pet Insurance FAQ

Hopefully, you’ve got answers to all your pet care insurance queries from this ultimate guide.

However, if you have further questions, check out these commonly asked questions about pet health insurance.

Want to know more about pets? Check out these article:

Pets – The Ultimate Guide to Pets

Pet Adoption Ultimate Guide

Pet Grooming Ultimate Guide

Pet Food Guide

The Complete Guide to Pet Supplies