Pet Insurance: Choose the Best One BEFORE You Need It!

Pet insurance is one of the best financial decisions when it comes to your pet's vet visits, accidents or injuries or an unforeseen emergency!

Owning a pet comes with responsibilities, especially regarding its overall health. Vet visits, routine care, accidents, or unexpected illnesses can quickly add up! Pet insurance can help you be prepared, but HOW do you choose the best one before you need it?

Do You Need Pet Insurance?

Pet insurance is a wise financial decision, much like human health insurance. But remember, every insurance plan has fine print, and it’s crucial to read it carefully and clearly understand what you are signing up for when it comes to:

Wellness/Routine Care Costs: Some plans offer wellness options, which can help cover vaccinations, dental cleanings, and yearly exams.

Unpredictable Vet Bills: Emergencies like accidents, illnesses, or injuries can cost thousands of dollars in unexpected medical bills. Insurance helps cover these unexpected costs (depending on your coverage).

Chronic Conditions: If your pet develops a chronic illness, such as diabetes or arthritis, insurance can pay for ongoing treatments and medications.

Peace of Mind: Knowing you have financial protection against high vet bills can:
- Give you peace of mind.
- Motivate you to visit the vet sooner.
- Allow you to better focus on your pet’s recovery.

Older Pets: Older pets, like older humans, tend to have more health issues. While insurance may cost more as pets age, it can still help manage costs related to their care.

NerdWallet: Side-by-Side Comparison of Pet Insurance for 2024

How to Choose the Right Pet Insurance

1. Know Your Pet's Needs

- Breed: Some breeds are prone to specific conditions. For instance, Bulldogs often have respiratory issues, while giant breeds like Great Danes may develop joint problems.

- Age: Younger pets generally have fewer health problems. But older pets might need more comprehensive coverage.
- Activity Level: More active pets may be more prone to injuries and accidents, while indoor pets might require less extensive coverage.

2. Compare Coverage Options

- Comprehensive: This is the most inclusive type of pet insurance. They are also the most expensive but cover the most care, including:
  - Routine & Preventative/Wellness Care.
  - Dental Cleanings.
  - Alternative therapies such as:
    - Herbal, homeopathic remedies and supplements.
    - Laser therapy.
    - Acupuncture.
    - Massage and chiropractic therapy.
  - Accidents and Illnesses: These plans cover accidents and illnesses (some may also include wellness care).
- Accident-only: Offers some coverage for a limited budget for broken bones, bite wounds and ingesting foreign objects.

- Pre-existing Conditions: Unfortunately, most plans don’t cover pre-existing conditions, so enroll your pet early before major health issues arise.

- Exclusions: Understand any exclusions, such as:
  - Specific breeds.
  - Senior pets.
  - Hereditary conditions.
  - Certain types of care (for example, dental).

- Reimbursement Level: Plans offer different reimbursement percentages, usually between 70% to 90% of the vet bill.

3. Consider Your Budget

- How much can you afford? If your budget is tight, you might opt for accident-only coverage or a plan with higher deductibles.
- Can you handle a larger deductible? A higher deductible usually means lower premiums, but you’ll pay more out-of-pocket before the insurance kicks in.

4. Look for Customer Reviews

- Claim Process: Is it easy and quick to file claims?
- Customer Service: How responsive is the company in handling concerns?
- Payout Time: Each company has a specific waiting period for payouts.

5. Ask for Recommendations

- Talk to friends, family, neighbors, vets, pet professionals and animal clubs for recommendations.

6. Read the Fine Print

- Waiting Periods: Each policy has a specific waiting period before coverage begins.
- Annual Limits: Some policies have an annual limit to what they will cover.