Top Pet Insurance Providers in August 2023
Top Pet Insurance Providers in August 2023
in

Top Pet Insurance Providers in August 2023

Protect Your Pet and Your Wallet with Pet Insurance

When an unplanned visit to the veterinarian can potentially drain your bank account with thousands of dollars, having pet insurance becomes a smart investment. Not only does pet insurance provide financial coverage for emergency vet bills, but it also offers a reliable solution for addressing common health issues that pets may face, such as allergies, ear infections, and bite wounds. As you explore your options for pet insurance, you’ll come across various plans, benefits, coverage options, and additional perks provided by different insurers. To simplify your search, we have thoroughly evaluated 13 plans to identify the top pet insurance companies available.

The Best Pet Insurance Plans

  • Paw Protect – Best for Paying Covered Vet Bills Instantly
  • Embrace – Best for Superior Benefits
  • Spot – Best for Annual Coverage Choices
  • ManyPets – Best Cost for Unlimited Annual Coverage
  • Pumpkin – Great for Senior Cats and Dogs
  • Figo – Great for Short Waiting Period for Accident Coverage
  • Lemonade – Best Price for Kittens and Puppies
  • Pets Best – Great for Choices of Deductible
  • Trupanion – Best for Lowest Out-Of-Pocket Claims Costs

Understanding Pet Insurance

Pet insurance is a specialized insurance policy designed to cover medical expenses and potentially other costs related to your pet’s healthcare. Typically, pet insurance plans operate on a reimbursement basis, meaning you initially pay the veterinary bills and then submit a claim to the insurance company for reimbursement. Some insurers even offer the convenience of direct payment to the veterinarian, reducing your out-of-pocket expenses.

To access coverage, most plans require you to meet a deductible before the insurance kicks in. For example, you might need to cover the first $500 of vet bills before the pet insurance takes effect. Additionally, even after meeting the deductible, the insurance may not cover 100% of the vet bills. You usually have the option to select a reimbursement level, such as 70%, 80%, or 90% of the vet bills.

Coverage provided by pet insurance depends on the type of plan you choose. Generally, there are three main types of pet insurance plans available:

  1. Accident and illness plans (most common): These plans cover injuries and sickness, including conditions like broken bones, cancer, hereditary and congenital conditions, and more.
  2. Accident-only plans: These plans only cover accidents, such as broken bones, and do not include coverage for illnesses.
  3. Wellness plans (optional add-on): These plans focus on routine care, including vaccinations, annual vet visits, and preventative treatments like heartworm.

It’s important to note that pet insurance usually excludes pre-existing conditions, which are any conditions your pet had before the policy’s effective date. There may also be a look-back period, during which previous conditions are not covered. Additionally, certain expenses like boarding fees, breeding costs, grooming, routine pet food, and elective procedures like declawing or tail docking are typically not covered by pet insurance.

The mechanics of pet health insurance involve paying the vet directly and then seeking reimbursement from the insurance company. You’ll have a deductible to meet, and once it’s satisfied, the insurance company will reimburse you up to a certain maximum amount per year, which could be a set limit like $5,000 or an unlimited payout. Each policy has exclusions and waiting periods that you should carefully review, such as specific conditions not covered and the time period before coverage takes effect.

Finding the Best Pet Insurance for You

Choosing the right pet insurance can be challenging due to variations in coverage, exclusions, and pricing. Here are some steps to help you find the best pet insurance for your needs:

  1. Determine the type of plan you want: Decide whether you need comprehensive coverage, accident and illness coverage, accident-only coverage, or wellness coverage.
  2. Assess the coverage level: Consider your comfort level regarding the annual maximum, deductible amount, and reimbursement percentage. Higher coverage limits and lower deductibles may come with higher premiums.
  3. Review waiting periods: Understand the waiting periods for coverage to begin, both for general accidents and specific conditions.
  4. Explore available discounts: Look for discounts like multi-pet discounts, spay/neuter discounts, annual payment discounts, military discounts, workplace group discounts, or bundle discounts if offered by the insurer.
  5. Consider additional benefits: Take note of any additional benefits provided by the insurer, such as 24-hour vet helpline or preferred pricing on pet prescriptions.
  6. Compare prices: Research the average cost of pet insurance based on factors like the type of pet, age, breed, and location. This information can help you estimate the potential cost of coverage.

Keep in mind that the cost of pet insurance is influenced by various factors, including the annual maximum, deductible, reimbursement level, your pet’s age, breed, gender, and your location.

State Average cost for a veterinary visit
North Carolina $57
Florida $58
Michigan $58
Ohio $58
Texas $59
New York $67
California $72
Source: Banfield Pet Hospital

How to Purchase a Pet Insurance Plan

To find a pet insurance policy that fits your budget, the best approach is to compare quotes from various insurers. Here’s how you can obtain free pet insurance quotes:

  1. Online: Many pet insurance companies provide free quotes on their websites. You’ll typically need to provide some basic information about your pet. Alternatively, you can use a pet insurance comparison site to explore multiple options simultaneously.
  2. Phone, email, or in-person: If you prefer direct communication, you can reach out to insurance company representatives or independent insurance agents for quotes.

Is Pet Insurance Worth It?

To determine whether pet insurance is worth the investment, it’s essential to consider how a significant veterinary bill could impact your finances compared to the annual cost of pet insurance. Unforeseen accidents and illnesses can result in veterinary bills amounting to thousands of dollars.

For instance, if your dog ingests a foreign object, the average treatment cost is $3,500, based on Forbes Advisor’s analysis of veterinary expenses. Without pet insurance, you would be responsible for paying this amount out of pocket.

Let’s break down the scenario further:

  1. Premiums: Suppose you’ve been paying premiums for $5,000 in annual coverage for a medium-sized mixed breed dog over three years, totaling approximately $469 per year. So far, you’ve paid $1,407 in pet insurance premiums.
  2. Major veterinary bill: Suddenly, your dog ingests toy stuffing and requires surgery. The treatment cost is $3,500. If your policy has a $250 deductible and 80% reimbursement, your out-of-pocket expense for the treatment would be $900 ($250 deductible + 20% of $3,250 = $900).
  3. The result: Adding up the three years of premiums and the amount you paid for the foreign object treatment, you’ve paid $2,307. Without pet insurance, you would have paid $3,500 for the treatment. By having pet insurance, you avoided spending $1,193.

While some pet owners opt to save money in a separate account to cover unexpected veterinary expenses, not everyone can afford to set aside thousands of dollars for issues like cancer treatment or a broken bone. If you’re unsure about the value of pet insurance, consider the following questions:

  1. How much are you willing to pay out-of-pocket for unexpected veterinary bills?
  2. How would you manage a major, unforeseen veterinary expense related to accidents or illnesses?

Considering these factors will help you make an informed decision regarding the worthiness of pet insurance for your situation.

Most Insured Dog Breeds

Breed % of pet insurance quotes
Mixed medium (23-70 lbs.) 22.4%
Mixed small (up to 22 lbs.) 16.2%
Mixed large (over 70 lbs.) 5.7%
Golden retriever 4.3%
Goldendoodle 3.9%
German shepherd 3.5%
French bulldog 3.4%
Chihuahua 2.9%
Yorkshire terrier 2.7%
Shih Tzu 2.6%
Source: PetInsurer.com

Popularly Insured Pet Breeds

Based on data from Petinsurer.com, the following breeds have higher rates of pet insurance coverage:

Medium-sized mixed breed dogs: These lovable mutts account for 22.4% of insured pets, making them the most commonly insured type of dog. Their diverse genetic background may contribute to their popularity, as they often have fewer breed-specific health issues.

Domestic shorthair cats: Among cats, domestic shorthairs hold the highest percentage of insurance coverage at 52.5%. These cats are known for their versatility and can come in various colors and patterns. Their wide genetic pool may contribute to their overall health and lower predisposition to breed-specific conditions.

Most Insured Purebred Dogs:

Golden Retrievers: With a coverage rate of 4.3%, Golden Retrievers are among the most insured purebred dogs. They are known for their friendly nature, intelligence, and loyalty. However, they can be prone to certain health issues, such as hip dysplasia and cancer.

Goldendoodles: These popular crossbreeds between Golden Retrievers and Poodles have a coverage rate of 3.9%. Goldendoodles are valued for their hypoallergenic coat and friendly temperament, making them a sought-after choice for families.

German Shepherds: German Shepherds are another commonly insured purebred dog, with a coverage rate of 3.5%. They are highly versatile working dogs, known for their intelligence, loyalty, and protective instincts. German Shepherds can be prone to conditions like hip dysplasia and degenerative myelopathy.

Most Insured Purebred Cats:

Siamese: Siamese cats have a coverage rate of 2.3%, making them one of the most insured purebred cats. They are known for their striking blue eyes, distinctive coat color points, and vocal nature.

Maine Coon: With a coverage rate of 2.1%, Maine Coons are among the most insured purebred cats. These gentle giants are known for their large size, tufted ears, and friendly personalities. They are generally healthy cats but may be predisposed to conditions like hip dysplasia and hypertrophic cardiomyopathy.

Ragdolls: Ragdolls hold a coverage rate of 1.9%, making them popular choices for pet insurance. These affectionate and docile cats are known for their beautiful blue eyes and semi-longhair coats.

While certain breeds may have higher rates of pet insurance coverage due to their popularity or potential health issues, it’s important to note that any pet can benefit from a pet insurance plan. Pet insurance provides coverage for unexpected health problems, regardless of breed, ensuring that your furry companion receives the necessary medical care in times of need, such as for cancer treatment or torn ligaments.

Most Frequent Pet Insurance Claims

According to Embrace pet insurance, here are the most common reasons for pet insurance claims among dogs and cats in 2022:

  1. Vomiting

  2. Diarrhea

  3. Urinary tract infection

  4. Weight loss

  5. Ear infection

Top 10 Pet Poisons Found in Your Home

Your home can pose various hazards to an unsupervised and curious pet. Everyday items can be problematic if your pet gets access to them. For instance, seemingly harmless plants in your home may be toxic, and leaving a double-layer chocolate cake within your pet’s reach could lead to an emergency trip to the pet hospital.

The ASPCA Animal Poison Control Center (APCC) assisted over 401,000 animals in 2021, marking an 8% increase from the previous year when they helped over 370,500 animals. Here’s a list from the APCC of the top 10 toxins for pets:

  1. Over-the-counter medications: This includes items like acetaminophen, cold and flu medicine, ibuprofen, and vitamins and supplements.
  2. Prescription medications for people: This includes prescriptions like anticonvulsants, cardiac medications, and antidepressants.
  3. People food: While you might be tempted to share snacks with your pet, certain human foods can be toxic to them. This includes common foods like garlic, grapes, onions, protein bars, raisins, and foods containing xylitol, a sweetener found in sugar-free products like candy, energy bars, and protein powder.
  4. Chocolate: This delightful treat can be especially toxic for dogs and cats.
  5. Bouquets and plants: Various indoor and outdoor plants found in your home or garden can be dangerous. Consult a list of toxic and non-toxic plants to ensure your pet’s safety.
  6. Household toxicants: This includes items like beauty products, cleaning products, and home repair products.
  7. Veterinary products: Even items designed for pets can be hazardous if your pet consumes an entire container, such as chewable medications like calming chews.
  8. Rodenticide: If your pet ingests rodenticide, it can lead to bleeding, kidney failure, seizures, and even fatality.
  9. Insecticide: Ant sprays, bug sprays, and other pest control products can be toxic to your pet. It’s advisable to seek pet-safe alternatives.
  10. Garden products: Fertilizers, particularly those made from organic materials, may be appealing to your dog but can also be toxic.
Top No-Exam Life Insurance Options in August 2023

Top No-Exam Life Insurance Options in August 2023

Most Affordable Auto Insurance Providers (August 2023)

Most Affordable Auto Insurance Providers (August 2023)