5 tips for finding the best pet insurance policy

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Getting the right insurance could be the difference between life and death for a beloved pet.


Key points

  • Pet insurance can help ensure that companion animals receive the best medical care.
  • There can be big differences between different insurance policies and providers.
  • It’s important to take steps to get the best coverage, including getting multiple insurance quotes.

Pet owners often want to provide the best care for their animal companions. This means making sure pets can receive high-quality veterinary care and treatment for any illnesses or injuries that develop throughout their lives.

Purchasing pet insurance can make it possible to obtain even expensive medical services, as insurance policies can pay a good portion of the cost of covered services. But not all pet insurance policies are created equal, and people with pets will want to make sure they get the right kind of protection so their animals can get the help they need if things go wrong.

So how can pet owners find the ideal pet insurance policy? Here are five steps to make that happen.

1. Understand the terminology

Many pet insurance policies have deductibles, coinsurance costs, and coverage limits. It’s important to understand all this different language so you know what specifically a policy will cover and what’s excluded.

  • Deductibles are the amount that must be paid out of pocket. Owners want to make sure they can cover it, since an insurer won’t pay for a pet’s treatment until the deductible is met.
  • Coinsurance costs are the portion of the vet bills that the owner must pay. If there are 20% coinsurance costs and a pet needs $1,000 in care, the owner would pay $200 and the insurer would cover the rest.
  • Coverage limits are caps on the amount of money an insurer will pay. There may be an annual, lifetime and/or per incident limit.
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Pet owners should be aware of these words, as well as understand what pre-existing conditions and genetic conditions are, as many insurance policies exclude them from coverage.

2. Decide what coverage you need

Insurers offer different types of pet insurance policies, including accident-only coverage, accident and illness protection, and wellness care.

The former covers only accidental injuries, such as being hit by a car. The second covers any accident. Y diseases such as cancer or heart disease. And wellness care policies pay for routine care, like shots and an annual exam.

Pet owners should consider their budget and what level of risk they want to transfer to an insurer when deciding what type of coverage to purchase.

3. Compare prices and get quotes

There are many different pet insurers out there. Homeowners should obtain quotes from several companies before committing to purchase a policy.

By shopping around, pet owners can ensure they pay the lowest possible premiums for the most comprehensive coverage for their companion animals.

4. Check customer ratings and reviews

Some pet insurers are better than others. Customer service ratings and reviews are worth checking out. Look specifically at what people are saying about the ease of making a claim, as no one wants to fight a pet insurer for money when an animal is sick and needs quick assistance.

5. Buy a policy as soon as possible

Finally, it is important to purchase a pet insurance policy as soon as possible before an animal develops pre-existing policies that would be excluded from coverage.

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The sooner a pet owner shops for the right insurance and finds a company they trust, the better chance the policy will cover everything they need and provide the best possible protection for their animal companion.