When your pet becomes injured or unwell, pet insurance can help pay for some of the costs associated with treating them. Since pet insurance policies aren’t standardized, and there is such a wide variety of companies and coverage options, finding the best policy for your pet needs some research and comparison shopping. Coverage, financial stability, customer service, and a variety of plans were all factors we considered as we ranked the top-rated pet insurance companies from across the country.
What Is Pet Insurance?
Insurance specifically for dogs is available. As with any insurance, there are limitations and exclusions to what this policy will pay for. You’ll pay your veterinarian out of pocket, and then submit a claim to your pet insurance company, which will determine if the costs incurred were reasonable based on the terms of your coverage. The insurance company will pay you back in accordance with the terms of your policy if and when your claim is validated.
If your policy has a 90% reimbursement rate after you’ve paid your deductible, for instance, your insurer would reimburse you for 90% of the amount you paid the veterinarian, provided that the total amount is still within your policy’s coverage limits.
How Does Pet Insurance Work?
A common misconception among pet owners is that, like human health insurance, pet insurance policies cover 100% of medical expenses when we met the deductible and the insured pet owner pays nothing out of pocket.
However, pet insurance is considered a form of property insurance and operates in a manner similar to that of vehicle or homeowner’s insurance: first, you must bear the costs of care out of pocket, and only then can you file a claim to your insurer for payment.
When a veterinarian’s cost is extremely high (due to surgery or emergency care), they may enable you to delay payment until they filed the insurance claim. Despite being property, top-rated pet insurance policies have a deductible before paying for veterinarian care.
Top Rated Pet Insurance Companies
Top pet-rated insurance companies include:
#1. Spot
Spot Pet Insurance offers accident-only and complete policies. Expenses under these policies are not covered unless the annual deductible is met. Also, there are caps on coverage each year, though you can choose unlimited annual coverage when you create your insurance. A further benefit is that Spot’s plans may cover some medical examination costs. Some of the companies we ranked that offer this feature do so for an additional fee.
One potential drawback is the necessity to fill out claims forms before submitting them. It’s not possible to just snap a picture of your paid invoice and send it in via a mobile app, as with some of the other organizations in our top picks.
U.S. Fire Insurance Company backs the policies sold by Crum & Forster Insurance Agency, which Spot uses as its insurance partner.
#2. Lemonade
Lemonade offers pet insurance for cats and dogs that covers unexpected medical costs. Additionally, it offers a variety of add-ons to its base policy, such as three distinct wellness plans and payment for vet checkups in the event of a covered condition.
Lemonade is the most affordable business in our comparison for both our dog and cat sample insurance. It shares first place with Embrace as having the quickest accident waiting period, at just two days.
Lemonade has some drawbacks, including the fact that it is not always easily accessible. Its pet insurance policies are not available in 15 states.
#3. Trupanion
The pet insurance company Trupanion covers unexpected injuries and illnesses. Congenital and breed-specific disorders are covered under this plan, provided that no symptoms have appeared before coverage began or during the waiting time specified in the policy. Trupanion has the smallest five-day accident waiting period, but the longest 30-day illness waiting period.
Trupanion stands out from the competition in part because its coverage is not capped. For covered conditions, there is no financial cap. Unfortunately, even for covered conditions, Trupanion does not pay for veterinary examinations.
The American Pet Insurance Company is the company that backs Trupanion’s coverage (APIC).
#4. Embrace
When you purchase a policy with Embrace, your cat or dog will be protected from unexpected medical costs and mishaps. Wellness Rewards is a paid add-on that can reimburse you up to $650 for things like regular dental checkups, manicures, and immunizations. The Wellness Reward Program is not top rated pet insurance policy or rider. Embrace, on the other hand, calls it a “budgeting tool.”
They share first place with Lemonade as having the quickest accident waiting period at two days. However, you won’t be covered for orthopedic difficulties for six months.
Using the Embrace mobile app, you may avoid completing our claim paperwork.. In addition, your deductible will decrease by one annual amount for every year that you go without filing a claim.
The American Modern Insurance Group, based out of Cincinnati, is the insurer backing Embrace’s policies.
#5. Pets Best
Pets Best provides two types of insurance coverage: accident-only and accident-and-illness. There are three tiers to choose from in terms of accident and sickness insurance, with the top tier including coverage for veterinarian visits, rebab, acupuncture, and chiropractic care. They offer coverage for preventive services like checkups and cleanings as a separate add-on.
The firm had one of the quickest waiting periods for accident coverage in our analysis, at only three days. When compared to other top-rated providers, we find that those with a six-month waiting time for cruciate ligament coverage are less desirable. Similar to our other top-rated providers, this one does not cover pre-existing conditions.
No paper paperwork is required if you utilize the company’s mobile app to submit your claims.
The American Pet Insurance Company provides coverage for policies sold through Pets Best, which handles policy administration (APIC).
#6. Healthy Paws
The pet insurance coverage offered by Healthy Paws covers accidental and medical expenses. Wellness and preventative care are not covered. Healthy Paws insurance, including those offered by Trupanion, does not have coverage caps.
Healthy Paws accepts claims in a number of different methods, but if you submit yours using the website or mobile app, you won’t need to fill out any paperwork. Unfortunately, there are no multi-pet savings available via Healthy Paws, so keep that in mind if you plan on enrolling more than one pet.
The Chubb Group provides the insurance that Healthy Paws sells.
#7. Nationwide
Cats, dogs, birds, reptiles, pigs, goats, and even small animals like ferrets, rabbits, rats, and guinea pigs are all covered by Nationwide’s accident and illness coverage. Cats and dogs can also purchase wellness plans.
While the other companies we ranked do not cover preexisting conditions, Nationwide does. Your pet may become covered again if it hasn’t displayed any symptoms for at least six months after treatment.
However, Nationwide’s premium prices and age cap are major drawbacks. Nationwide has higher rates than most of the companies we examined and has an age cap of 10 years for cats and dogs enrolled in a policy. Discounts on pet insurance are periodically available to current Nationwide homeowners and vehicle policyholders.
#8. ASPCA Pet Health Insurance
The ASPCA Pet Health Insurance protects cats and dogs from unforeseen medical expenditures. We found that it was the only company on our list of the best pet insurers that also covered horses, so we included it. Accidental injury and illness coverage, as well as coverage for hereditary and congenital conditions, behavioral problems, and alternative treatments like acupuncture, physiotherapy, chiropractic care, rehabilitative therapy, hydrotherapy, and low-level laser therapy, are standard in pet insurance plans. Pet insurance covers a wide range of services, including veterinary care and microchipping.
We can add extra pets to your ASPCA account for a 10% premium discount. If you have several animals, that can work out cheaper. As a potential drawback, ASPCA Pet Health Insurance’s claims processing time can be quite lengthy, sometimes taking up to 30 days.
Other than licensing the use of the ASPCA name, ASPCA Pet Health Insurance is not affiliated with the ASPCA. United States Fire Insurance Company is the insurer and a Crum & Forster subsidiary handles policy administration.
#9. Figo
Accidental and medical expenses are covered by Figo plans for feline and canine companions. Additionally, you can pick your annual coverage limitations, with one plan even offering infinite protection. Its policies may cover preexisting conditions that are thought to be treatable.
They process the majority of claims in less than three working days, according to Figo’s website. Vet care is not included in Figo’s standard policy, but it is an available add-on.
Figo handles policy administration in-house, although the policies themselves are issued by the Independence American Insurance Company, Market America top-rated pet Insurance Company, or Markel Insurance Company.
#10. Fetch by The Dodo
Fetch by The Dodo offers health and accident insurance for pets. Covered conditions for these programs include behavioral and physical therapy as well as veterinary examinations, but there are no preventative or wellness coverage alternatives.
Veterinarians and their staff, active duty military personnel, veterans, and AARP members all qualify for various discounts. In addition to savings for not filing claims, customers can save money by adopting a pet from a shelter or rescue group. An annual wellness exam for your pet is a policy requirement for renewal.
Fetch by The Dodo policies are underwritten by XL Specialty Insurance Company and AXIS Insurance Company and administered by Fetch.
Is Pet Insurance Worth It?
A pet insurance policy’s worth depends heavily on your expectations. If your pet is currently having treatment for a chronic ailment and you would like aid with the cost of the treatment, you will likely be disappointed as no company or agency in our rating covers pre-existing conditions.
However, if you understand what your insurance covers and does not cover, and if it is affordable and matches your needs, you will be far more likely to consider it a valuable investment.
There may be years when your pet only requires an annual exam and vaccines, but if your pet is in an accident or gets a serious illness, the expense of pet insurance may be well worth it.
FAQs
What is the most overlooked pet health care issue?
Dr. Kochis said that tooth disease is the most frequently ignored health problem by pet owners.
What are 3 factors that will affect your pet insurance costs?
The premium you pay is based on a number of things. Some of these things are your pet’s age, breed, and species.
Is there an alternative to pet insurance?
Self-insurance replaces pet insurance. This is saving money each month in case your pet becomes sick or injured.
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