You undoubtedly love your pets, but your furry friends can come with quite a hefty price tag, especially when it comes to vet bills. Sometimes, it might seem like your pet's doctor's visits, prescriptions, and surgeries cost more than yours. This is even more apparent when you consider you most likely have some type of health insurance to help offset some of your medical costs. Pet insurance acts as something similar for your dog or cat, but is it useful? There are tons of options, all providing varying degrees of aid, so — how do you find the best pet insurance?
How Does Pet Insurance Work?
Basically, pet insurance can help alleviate some of the costs you incur for a slew of health issues that can pop up with your pet. Most plans cover accidents and illnesses, while some allow add-on coverage for routine care and wellness. You typically choose from several different plans based on deductible, possible maximum limits, and monthly premiums. The more coverage you get, the more you usually pay. Most of these companies feature easy online access, and several also showcase apps to help you keep everything you need to know at your fingertips.
The 7 Best Pet Insurance Companies
Every pet is different, so it’s essential to find the insurance coverage that works well for your pet. Luckily, there are lots of options, but it can become a little overwhelming. After all, choosing a pet insurance company typically entails a bit more research than what dog bowl to buy. Instead of getting lost in the hundreds of choices out there, here’s a look at the 7 best pet insurance companies to get you started.
Healthy Paws
This plan offers quite a bit of flexibility for some very competitive rates, making it a great overall value when it comes to protecting your dogs and cats. Plans start as low as $15/month for cats and $20/month for dogs, and you have the option to set your own deductible and reimbursement percentage. Plus, once you meet your deductible, there are no limits to the amount of money you can get back. Although the plan doesn’t cover pre-existing conditions, it does cover a wide range of other situations, including prescriptions, surgeries, accidents, emergency care, and more.
You can submit claims easily online or using the app, and 99% of claims are processed within 48 hours. Another benefit is you can go to any licensed veterinarian, and your coverage is accepted. Therefore, you can stick with your current vet instead of having to search within some specific network.
Pros
- No maximum limits on pay-outs (once the deductible is met)
- You can set your deductible and reimbursement percentage, keeping costs reasonable
- 90% of costs paid out in as little as two days
- You can go to any licensed veterinarian
Cons
- Does not cover preventative care or pre-existing conditions
- Limits deductible and co-pay amounts as pets get older
- The company has had past issues of overcharging customers, not giving all eligible discounts
- There is a waiting period of up to 12 months for certain conditions
Embrace
This pet insurance covers a large assortment of veterinary care while allowing you to see any licensed veterinarian. One of the biggest pluses is that it has extensive coverage for dental care, which is a super important component of your pet’s overall health. You can receive up to 90% back on your covered claim, but annual benefits are capped at $15,000. There are also add-on options covering various wellness components like wellness exams, vaccines, and even grooming and training services.
Pros
- Plans start as low as $9 a month for cats and $13 a month for dogs
- You can visit any licensed veterinarian
- Have options to add-on wellness and preventative care
- Features a diminishing deductible perk
- If you’re a GEICO customer, you might be eligible for bundling discounts
- Provides high coverage for dental care
Cons
- Has an annual cap on benefits
- To keep premiums low, deductibles can get high
Figo
Relatively new in the pet insurance world, this company has been making its mark by including holistic care in its coverage. It makes shopping for coverage simple, with just three plans to choose from, the most expensive of which consists of no caps on coverage. Specific plans also allow for up to 100% reimbursement, albeit at a higher premium. The company also features an easy-to-use app with access to a 24/7 virtual veterinarian.
Pros
- Covers holistic care
- Easy to navigate app
- 24/7 virtual vet care
- Go to any licensed veterinarian
- Some plans don’t include caps on coverage
Cons
- Less-expensive plans have higher deductibles and limits on coverage
- May require an enrollment exam
- No dental coverage
Pets Best
Offering several options to personalize your coverage, this flexible plan also provides you the ability to add-on wellness coverage. There are also several attractive discounts, such as multi-pet and military discounts, and you can choose from deductibles ranging from $50 to $1,000. You can also select your reimbursement percentage, further enabling you to control your premium costs. The company also makes submitting claims easy with its app and online access, plus it provides a 24/7 vet helpline.
Pros
- Customizable plans to help keep costs low
- Several discounts available
- Options to add-on wellness coverage
- Options for no annual limits
Cons
- No 24/7 customer service (but there is a 24/7 vet helpline)
- Watch out for potential hefty rate increases as your pets get older
MetLife
This company provides some very competitive wellness riders and routine care coverage on its policies. Although accidents and illnesses have a lower benefit cap than many other companies, your coverage starts the day after enrolling. Also, the coverage for things like wellness visits and vaccinations are a definite plus, and you can get deductibles as low as $250.
Pros
- Accident coverage kicks in the day after you enroll
- Ability to add on routine care
- Low deductibles
Cons
- Low accident and illness maximum limits
- Individual preventative treatments have their own limit
Trupanion
If you don’t want to deal with a lot of hassle and are okay with some higher premiums, this could be the coverage for you. The company offers one simple policy, whether you have a dog or a cat, and if your vet uses its direct payment software, you don’t even need to file a claim and will only need to pay a deductible (if you have one). The company offers an option of no deductible, but of course, at a higher monthly premium. Another stand-out is that Trupanion will cover certain hereditary conditions after a specific waiting period.
Pros
- Vet direct payments
- No age limit
- Can possibly cover some hereditary conditions
- 24/7 customer service
- No maximum payout limits
Cons
- Only one plan available
- Higher starting monthly premiums
24PetWatch
Unfortunately, if you have a pet, at some point you might have experienced the fear of losing your beloved companion. Whether your pet gets out of the yard or yanks the leash from your hand to chase after a frisky squirrel, it can be scary to lose sight of your best friend. 24PetWatch can help with this. In addition to coverage for various health issues, this company also offers important pet protection services to help you find a lost pet. Depending on what coverage you select, you’ll have 24/7 access to recovery specialists and a slew of other perks, as well as the ability to add on wellness coverage. The company will even consider pre-existing conditions if your pet goes 24 months without symptoms.
Pros
- Several plans to choose from, offering a variety of deductibles and limit options
- Wellness coverage option
- Lots of additional benefits available
- Lost pet assistance
Cons
- Lower age limit for enrollment than most other companies
- No 24/7 customer service
- Requires a vet exam for enrollment
Protecting your pets looks different for everyone, which is why it’s good to have so many options of coverage. However, take your time to look at all the ups and downs of a policy before you decide to sign on the dotted line. For more excellent resources to help you take care of your furry family members, check out the rest of our blog! There are always new tips and articles for you to learn more about how to raise happy and healthy pets.