How to pick the best pet insurance

What you should look for when you’re researching pet insurance options.

Picking the right pet insurance can feel overwhelming.

Because, let’s face it, it’s more than an insurance decision. It’s about your pocketbook and your beloved pet. Not to mention the fact that insurance can be confusing.

But here’s the good news. Picking the best pet insurance for you — and your pet — doesn’t have to be difficult, if you know what to look for.

Price vs. value … what’s the difference?

There are a few factors that go into picking the right pet insurance.

Before we get into the nitty-gritty details, let’s just say it. Price matters. Honestly, who doesn’t want bang for their buck? There’s an old saying that applies to pet insurance. Price is what you pay; value is what you get.

We can’t tell you what to spend, but we also want to make sure you’re getting the best pet insurance for your budget and your situation. Our goal is to help you get the most value for your money.

What’s covered with pet insurance

Let’s look into the factors that can help you determine if the affordable pet insurance you’re looking for is good pet insurance.

The plan details are what matters here — namely, what’s covered and what’s not.

Be sure to take a close look at plan details as you review your options.

• Covered conditions - These include things such as: emergency treatment and hospitalization, surgery, congenital conditions, cancer treatments, specialty care, chronic conditions, diagnostic testing, holistic and alternative care, rehab and physical therapy.
• Exclusions - These could be pre-existing conditions, pet ambulance care, pregnancy, non-routine dental treatments, repetitive activities, external parasites, prescription food and medical waste.
• Hereditary and congenital conditions – Confirm these are covered by your pet insurance. Examples of hereditary conditions are: elbow dysplasia, cherry eye, intervertebral disc disease (IVDD), and more. While hereditary conditions are passed on from the pet’s mother and father, congenital conditions happen before the pet is born. Some of these could be congenital heart disease, liver disease or nervous system conditions.
• Waiting periods – Each company sets their own waiting period, which is how long after your pet is enrolled before your coverage is active. These also usually vary by type of treatment such as office visits, accidents, illnesses, orthopedics, etc.

Your plan in action

Once you have an idea of the general aspects of pet insurance, you’re probably ready to ask yourself, “What matters the most to me in my pet insurance?”

A great first step is to consider some of the plan elements that impact your monthly premium. These would be things such as …

• Annual maximum limits
• Reimbursement percentages
• Deductibles
• Optional coverages

Like many other aspects of pet insurance, these can vary greatly from plan and by company. You can often adjust these based upon your budget and needs.

Continue on to learn about whether or not you should customize your pet insurance plan.

Should you choose a standard plan or custom one?

Think about your comfort level in dealing with insurance.

If you want a pet insurance plan where you set it and forget it, a standardized plan may be right up your alley.

Many insurance companies offer these pre-built plans. And some may only offer the pre-built ones. This makes it easy for you. So if easy is what you want, this may be a good option.

But if you’re comfortable with the basics of pet insurance and want to build one specific to you, give it a try. Best of all, many companies allow you to get a free quote. This means you can experiment without obligation.

The choice between a standardized plan or a customized one is personal. And by preparing your own quote, you can see what’s available before committing.

Things to consider if you’re customizing your pet insurance plan

Once you’re ready to build your plan, consider these three things.

1. Out-of-pocket customizations – Some of these are listed above (annual limit, deductible, and reimbursement percentage). Depending on your level of coverage, your premium could go up or down. For example, a plan with a $500 deductible will likely have a higher premium than one with a $1,000 deductible, if everything else is the same.

   Also, look into any discounts that could save you money. Examples of these are: multi-pet/policy discount, military or veteran discount, automatic bill pay premium discount, etc.

2. Wellness options – If you believe prevention is the best medicine, consider looking at which wellness options are available. These vary greatly between plans and companies. Common treatments and services include: wellness exams, vaccinations, flea, tick and heart worm meds, spay/neuter surgery, fecal and routine blood tests.

3. Additional coverages and riders – Like wellness options, the choices are virtually limitless. Popular add-ons include things like prescription drug coverage, dental coverage, alternative and holistic treatment, physical therapy, and more.

Once you have a good understanding of these, you’re better able to compare plans — as the saying goes, apples to apples and oranges to oranges.

Beyond the plan … customer experience matters

Not every insurance company will tell you this, but we believe your pet insurance is about more than just the plan.

Your pet insurance choice is also about the company.

You’re trusting your pet’s health — and your finances — with them. So, take your time and research these two major factors:

1. Customer satisfaction rating – Not every company promotes their customer satisfaction rating so it’s important to do your homework on how companies treat their customers. A company with a good customer satisfaction rating knows the importance of quality customer service.
2. Claims processing – Since most pet insurance plans are reimbursement-based, the last thing you want to do is wait for your claim to get processed. Be sure to review the claims process if they explain them online. The sooner you get paid, the better … right?

These can be the difference between having a great customer experience and a disappointing one.

Putting it all together

Deciding on a pet insurance plan has three main parts.

• One, doing research.
• Two, understanding your options.
• And three, making sure you pick the right company for you and your pet.

We hope that you found this article helpful as you research your pet insurance options. By asking the right questions, you are better empowered to pick the best pet insurance for you.

And while you’re at it … why not check out our companion article to this piece: Why Choose Physicians Mutual Pet !