Everything You Need to Know About Pet Insurance

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What Is Pet Insurance?

Pet insurance is similar to health insurance for humans. It helps cover the cost of your pet’s veterinary care. You purchase a policy, pay premiums, and submit claims for covered services. If approved, the insurer reimburses you for the costs, minus any deductible or coinsurance payments.

How Does Pet Insurance Work?

Understanding how pet insurance works will help you choose the best policy for your pet. Here are some key terms to know:

Deductible

When you file a pet insurance claim, you must pay a deductible out of pocket before your coverage kicks in. Most plans let you choose the deductible, which generally ranges from $100 to $500. Plans with higher deductibles usually cost less.

Reimbursement Rate

The reimbursement rate indicates how much of the vet bill you’ll be reimbursed for. You can usually choose from rates ranging from 60% to 90%, with some plans offering a 100% option. Generally, plans that reimburse more have higher premiums.

Coinsurance

Coinsurance is the portion of the vet bill you’re responsible for paying. If your policy has an 80% reimbursement rate, your coinsurance is 20%.

Waiting Period

There’s usually a waiting period before your pet’s care is covered. Typical waiting periods are:

• Two days for accidents
• 14 days for illness
• Six months for orthopedic problems

Annual and Lifetime Limits

Some policies limit the total amount they’ll reimburse per year; others have no annual limits. You can generally choose your annual limit when purchasing a policy. There may also be lifetime limits, capping the total reimbursement over your pet’s lifetime.

Renewal

Most policies renew automatically after one year. When your new policy year begins, your annual deductible and limits reset. Premiums may increase as your pet ages or as veterinary costs rise. You’ll generally receive a notice of your upcoming renewal in advance.

What Does Pet Insurance Cover?

There are three main types of pet insurance coverage:

Accident-Only Coverage

This type covers treatment for accidents or injuries such as:

• Car accidents
• Cuts and lacerations
• Torn ligaments
• Broken bones
• Accidental poisoning
• Eating foreign objects

Accident and Illness Coverage

This type covers both accidents and illnesses, including:

• Diabetes
• Cancer
• Infections
• Urinary tract infections
• Digestive problems
• Arthritis

Coverage can vary widely between providers and plans. Some plans may cover alternative treatments, breed-specific issues, dental accidents, and more.

Wellness Plans

Wellness plans cover preventive care such as vaccinations, annual exams, and dental cleanings. These plans typically reimburse you up to a set maximum for each treatment.

What Doesn’t Pet Insurance Cover?

Most policies exclude pre-existing conditions. Other exclusions may include:

• Breed-specific disorders
• Cosmetic treatments
• Conditions caused by neglect
• Breeding or pregnancy
• Preventive care (unless you purchase a wellness plan)
• Injuries due to abuse

How Much Does Pet Insurance Cost?

The cost of pet insurance varies based on your pet and the coverage you choose. According to the North American Pet Health Insurance Association (NAPHIA), the average annual cost ranges from $116 to $625 for cats and $204 to $1,263 for dogs. Premiums tend to rise as your pet ages.

How to Buy Pet Insurance

Follow these steps to simplify shopping for pet insurance:

1. Decide What Type of Coverage You Need

Consider accident-only policies for lower costs or accident and illness insurance for comprehensive coverage. Evaluate your pet’s lifestyle and health to determine the best fit.

2. Investigate Insurance Providers

Check if your homeowners or auto insurance carrier offers pet insurance. Visit insurance company websites to compare offerings and eliminate those that don’t meet your needs.

3. Get Multiple Pet Insurance Quotes

Prices can vary widely, so get quotes from several carriers. Use comparison sites to gather quotes quickly and ensure you’re comparing similar coverage options.

4. Review Policy Details

Examine what is covered and excluded, waiting periods, and reimbursement timelines. Review sample policies to understand the rules and requirements for maintaining coverage.

5. Purchase Your Policy

Pay your premium to start coverage and set up autopay to avoid missing payments. Your policy will be usable once waiting periods are over.

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