So you want to insure your pet but are unsure of where to start? The best place to start is to compare the different pet insurance providers and choose which one is best for you and your pet. The way pet insurance normally works is that you first take your animal to a vet and pay for all the medical bills out of pocket. After that, you file a claim upon which you will be reimbursed by your pet insurance provider. Therefore, reimbursement without delay is of utmost importance. You also want to know what the policy covers and what it doesn’t, as well as the cost of monthly premiums. Some companies also adjust their premiums on a yearly basis and some according to the age of the pets. Beware of such companies.
Upon making a pet insurance comparison, you should pay attention to coverage, deductibles, reimbursement methods, customer service and claim limits. In this article, we compare the best pet insurance providers on the basis of the above criterion so you can choose which one is the most appropriate for you.
Pet insurance comparison of the Top pet insurance providers
Trupanion pet insurance
Trupanion is a bit unique in the sense that they provide coverage for congenital and hereditary conditions in their main plans and also coverage for hip dysplasia which is a very common condition amongst many dog breeds.
• This company operates its own insurance underwriting as opposed to most other providers who are backed by other providers. This is the reason they are able to pay 70% in claim payments for the amount paid in premiums.
• It covers prescription medication
• Provides an unlimited lifetime limit on the coverage
• Hip dysplasia coverage forms part of its core policy at no extra charge
• Also, the core policy provides cover for hereditary as well as congenital and also veterinary supplements
• The monthly premium cost is not adjusted on a yearly basis
• The company charges higher additional and deductible fees compared to other competitors. Its lowest deductible is enough to cause the monthly premiums to nearly triple.
• All policyholders will be charged a one-off administration fee of $35.
• The lowest monthly premium for Labrador retriever stands at $39.80 and the plan has a high deductible which is $1000.
ASPCA Pet Insurance
Based on the overall features that are offered by ASPCA pet insurance, we cannot recommend the company. It is instructive to note that this company pays a licensing fee in order to use the ASPCA name but in reality, it is not affiliated with the ASPCA. The company is also known for providing very low reimbursements.
• They offer a considerable range in their costs of pet plans. The cheapest is for a 10-year old Labrador retriever and costs $14.70 every month which is for accidental coverage with only $100 annual deductible.
• It covers prescription medications on some of its plans
• It is among the few companies that provide wellness coverage
• Every plan that is purchased contributes to providing care for the ASPCA animals.
• It does not have coverage for genetic or hereditary conditions except within its two highest cost plans.
• Charges a high sign-up fee of $10.50 and also has a recurrent annual fee.
• They don’t cover prescription medication in their basic package.
Although Petplan tends to be costlier compared to most other companies, it provides top-notch coverage benefits and also boasts a proven track record with regard to customer satisfaction. Judging by their coverage level, Petplan is second to none. They are also among few companies that provide cover against genetic and congenital conditions.
• Do not have lifetime claims limit
• Provides cover for genetic, chronic and also congenital conditions which other plans do not offer.
• High customer satisfaction
• Offers 5% discount for those that buy insurance plans through the internet
• Covers prescription medications
• Monthly premiums are not adjusted for conditions that are newly discovered from one year to the next
• Multi-pet discounts
• Monthly premiums are higher than most companies, starting at $37.53 which is for illness cover for a 10-year old Labrador retriever
• There are some complaints from policyholders that Petplan delays claims payment and they also usually require extensive evidence of treatment documentation.
Embrace Pet Insurance
Embrace is among the top-rated insurance companies and is also a better choice for those that have younger pets. With age cap on illness coverage, older pets aren’t covered for sicknesses and diseases with this policy.
• Its monthly premium is cheaper starting at $18.53 per month for a dog aged 10years old.
• It covers genetic conditions
• There are no incident limits on claims since they use annual the annual deductible technique of accounting.
• Has optional wellness rewards (one-off fee of $149 covers up to around $200 of the annual wellness exam of your pet). This however excludes dental costs and spay/neuter costs. This is among the few companies providing wellness coverage.
• There is age limit which means that after a given age, pets will no longer be eligible for illness coverage but only accident coverage.
• It requires a waiting period of two weeks for illness and accident coverage and another waiting period of six months for orthopedic conditions.
• Has extra prescription medication coverage
• Deductible must be met before treatment reimbursements
VPI Pet Insurance
While VPI pet insurance is among the most commonly used companies, I wouldn’t say that they are the best with regard to their reimbursements. They are affordable and they also offer timely reimbursements and give you the ability to track claims through the internet.
• They offer cruciate ligament surgery coverage after a year on their policy. This is rarely covered by other insurance plans. Note that cruciate surgery for ruptures is among most common orthopedic problems in dogs and it runs across all breeds.
• Offers wellness coverage
• Some of their plans offer physical therapy coverage
• Has a significant number of complaints for refusing to pay claims
• Unsatisfactory poor customer service
• Raise the monthly premium rates according to the age of the pet
• Prescription medication costs come at an added cost
Pet insurance comparison – Conclusion
Before choosing a pet insurance provider, it is advisable to conduct a pet insurance comparison among the top providers to determine which of them offers you the most bang for your bucks. Among the most important things that you should pay attention to when looking at a pet comparison chart is coverage, customer service, deductibles, reimbursement methods and claim limits. These are the most important things that are covered by most pet insurance comparison consumer reports.