How to Compare Pet Insurance Policies
There are many pet insurance companies in existence since pets have become like members of the family and are cared for accordingly. Veterinarians can do much to prolong pets' lives but it comes at a cost. Purchasing pet insurance gives owners peace of mind knowing their companion will be cared for no matter the cost. In order to be sure pets get the best coverage, compare policies before purchasing.
- Create a document or other chart for listing pros and cons of each insurer. Use heading such as deductible, co-pay, premium, pre-existing clause, wellness coverage, services excluded, breed/conditions excluded, etc.
- Create the table with enough space to make notes. Make notes or use + or - sign when deciding if an insurer has adequate coverage for the category being researched.
- Decide whether you need a policy which provides full coverage or a major medical policy. Policies are much like human health insurance. They can have varying deductibles, premium amounts, coverage, and exclusions.
- Search a quality online search engine for pet insurance reviews. Read reviews of each policy from existing customers but do not make a decision based on a personal review, as your situation may be completely different. Choose review sites that give comprehensive information on each insurer. Many single insurers offer a review website but look until you find one that offers reviews from existing policy owners and links to each of the sites. There are also blogs which exist for the purpose of providing as much information on pet insurers as possible.
- Choose an insurer which is valid in your country. There are major pet insurers in the U.S. and Canada.
- Visit each insurance site unless you have previously ruled out a particular insurer.
- Look for what breed of dogs and cats are covered.
- Look for policy costs for single pets and multiple pets per family if you have more than one pet.
- Review the policy’s pre-existing clause and how it would affect your pet(s). Sometimes pre-existing conditions are limited forever and other times it is for a period of time after the policy’s purchase.
- Decide if you need wellness benefits.
- Decide what level of deductible or co-pay you are comfortable with.
- Choose a plan which covers your pet(s) to the fullest extent possible for a price you are willing to pay.
- Recognize that all vet fees must be paid up front and then submitted for reimbursement.
- Request a quote from a few insurers who look promising.
- Review the quotes and make a decision based on the information provided and your needs.