Avoid These Mistakes When Picking Pet Insurance
Pet insurance can provide peace of mind for pet owners by helping cover unexpected veterinary expenses. However, choosing the right plan isn’t always straightforward. Many people make mistakes during the selection process. Keep reading to learn how to avoid these mistakes when picking pet insurance, and choose the best plan for your furry friend.
1. Failing to Read the Fine Print
One of the most common mistakes people make is not thoroughly reviewing the policy details. Pet insurance plans vary widely in terms of coverage. Some plans only cover accidents, while others include illnesses, wellness visits and even alternative therapies. Skimming through the terms can lead to unpleasant surprises, like discovering that certain conditions or treatments aren’t covered.
Carefully read the fine print of the policy. Pay attention to exclusions, waiting periods and any conditions that might disqualify your pet from coverage.
2. Choosing Based on Price Alone
While affordability is important, basing your decision solely on price can be a mistake. The cheapest plans often come with limited coverage, high deductibles or low reimbursement rates. This could leave you paying out-of-pocket for most veterinary expenses.
Compare the coverage and benefits provided by each plan relative to its cost. A slightly more expensive plan may save you more money in the long run if it offers better coverage.
3. Overlooking Pre-Existing Conditions
Most pet insurance companies don’t cover pre-existing conditions, which are illnesses or injuries that your pet had before the policy began. Failing to account for this can lead to disappointment when your claims are denied.
If your pet has a medical history, inquire about how the insurer defines pre-existing conditions. Some companies offer limited coverage for pre-existing conditions after a waiting period if they’re deemed “curable.”
4. Not Considering the Breed or Age of Your Pet
Certain breeds are more prone to hereditary conditions, such as hip dysplasia or heart issues, while older pets are at higher risk of developing chronic illnesses. Some insurance plans have breed-specific exclusions or age limits for new enrollments.
Choose a plan that provides adequate coverage for your pet’s specific breed and age. Some insurers specialize in coverage for senior pets or certain breeds prone to health issues.
5. Ignoring Reimbursement Policies
Pet insurance plans differ in how they reimburse claims. Some cover a percentage of the vet bill, while others offer a set amount per condition or treatment. Not understanding how reimbursement works can leave you frustrated.
Opt for plans with flexible reimbursement options, such as percentages ranging from 70% to 90%. Check whether reimbursements are based on actual vet bills or a predetermined schedule of benefits.
6. Neglecting Preventive Care
Many pet owners focus solely on coverage for accidents and illnesses, overlooking preventive care options like vaccinations, dental cleanings and wellness visits. While these are typically add-ons, they can save money in the long run.
If preventive care is important to you, look for plans that include or allow optional wellness add-ons. This ensures comprehensive care for your pet.
7. Waiting Too Long to Enroll
Delaying the enrollment of your pet in an insurance plan can be costly. As pets age, they’re more likely to develop health issues that won’t be covered as pre-existing conditions. Additionally, some insurers impose age limits for new policies.
Enroll your pet in an insurance plan as early as possible, ideally when they’re young and healthy.
8. Failing to Compare Providers
Pet insurance plans vary significantly from one provider to another in terms of coverage, pricing and customer service. Sticking with the first option you come across can result in suboptimal coverage.
Take the time to compare multiple providers. Look at customer reviews, coverage options, reimbursement rates and overall reputation before making a decision.
9. Not Budgeting for Deductibles and Copayments
Even with insurance, you’ll likely have to pay deductibles and copayments. Some pet owners fail to account for these additional costs when choosing a plan, leading to financial strain during emergencies.
Select a plan with a deductible and copayment structure that aligns with your budget. Understand the difference between annual and per-incident deductibles, as this can affect your out-of-pocket expenses.
10. Ignoring Customer Support and Claim Processes
A provider with poor customer service or a complicated claims process can make using pet insurance frustrating. Many people overlook this aspect when choosing a plan, focusing only on coverage details.
Research the provider’s customer service reputation and claims process. Look for companies with 24/7 support and user-friendly apps or online claim submission options.
4 of the Best Pet Insurance Plans in the USA
If you’re looking for reliable pet insurance, here are four top-rated providers in the USA:
1. Healthy Paws
Known for its comprehensive coverage and unlimited annual benefits, Healthy Paws covers accidents, illnesses, genetic conditions and alternative therapies. They have zero caps on payouts and an easy claims process. However, they don't offer coverage for preventive care or exam fees.
2. ASPCA Pet Health Insurance
ASPCA Pet Insurance offers customizable plans and includes options for preventive care. They also cover microchipping for your pet and have flexible coverage options. Customers also have access to a vet helpline. However, some plans have lower annual limits.
3. Embrace Pet Insurance
Embrace Pet Insurance offers breed-specific and genetic conditions, and offers a diminishing deductible feature that rewards claim-free years. They have a wellness rewards program you can take advantage of, and offer customizable deductibles. However, they have limited coverage for senior pets.
4. Trupanion
Known for direct payments to vets, Trupanion eliminates the need for reimbursement in many cases. It covers illnesses, injuries and congenital conditions. They have no payout limits and offer extensive coverage. However, there is no coverage for preventive care.