How to Compare Pet Insurance Companies
To compare pet insurance companies, check to see if they offer the policies you want by making sure they cover your type of pet and the kind of care you anticipate needing. For example, review the exclusions, or the things they won't cover, carefully to ensure that you'll have the type of care you want, like dental or wellness checkups. If you find a company that looks promising, request a written quote that includes information such as how much the policy costs, what it covers, if it has a network of vets you have to work with, and if there are exclusions for preexisting conditions. In addition to what the company offers, you'll also want to examine their reputation by reading customer reviews and asking your veterinarian about their experiences with the company.
Identify pet insurance companies. There are only a few pet insurance companies that offer policies. In fact, four providers comprise roughly 75% of the market share. So while your list of pet insurance companies to compare may be small, you do need to spend some time comparing the different aspects and costs of their policies. You can ask your veterinarian about pet insurance companies or identify companies by searching for them on the Internet. Make sure they offer policies you want. Pet insurance policies aren't standardized so you need to pay careful attention to the fine print to make sure you know what you are purchasing. The primary types of pet insurance are health and life insurance. You can find policies that cover preventative care, death costs, and routine care. You will also need to make sure that they cover your type of pet. Most companies cover dogs and cats, but you'll have to check with the company if you have a more exotic pet. Exclusions refer to the things that a plan does not cover. It is important to look at the exclusions for the policy to make sure they work with your needs. For instance, some plans may exclude hereditary or congenital disorders. Look at company reputation. Even though there are relatively few pet insurance companies, reputation is important. Ideally, you'll find a company that has a good reputation as being honest, quick to review claims, and reimburses their customers consistently. You can find online reviews by searching the name of the pet insurance company plus reviews. Look for customer reviews from people who have either purchased these policies or have worked with the company as a veterinarian. You can also talk with your veterinarian to see if there is a particular company they think is best or that is the easiest to work with. Make sure you are eligible. Every pet insurance company will have different requirements for the pets that they will cover. Pets with pre-existing conditions are typically the most difficult to insure. Some insurance companies will deny any pets that have pre-existing conditions or they may cover certain claims as long as they aren't related to the condition. Your pet may or may not be eligible based on their age, medical history, or breed. Check to see if you are restricted by veterinary networks. Some pet insurance polices will let you remain with your current licensed veterinarian while others will make you change veterinarians to a clinician who is part of their network. Ideally, the pet insurance company does not use a veterinary network and you can use any vet that you'd like. If your current vet is part of the company's coverage network, you won't have to switch providers. Compare coverage. Pet insurance typically covers pets for injuries, accidents, and illness. Health insurance policies may also pay for wellness care and veterinarian visits. Additionally, life insurance can cover death costs for your pet. Policies may cover alternative therapies for issues like behavioral problems, hereditary or congenital conditions, and chronic conditions. Understand pre-existing condition policies. No pet insurance company will cover medical expenses related to pre-existing conditions. However, some companies may still allow pets with pre-existing conditions to enroll. They will only cover future issues that are unrelated to the pre-existing condition. Most pet insurance policies will exclude your pet if they have a pre-existing condition. Request written quotes. Some pet insurance companies may offer quotes online that are based on information that you enter on the website. These quotes can be helpful to get a general idea of what your policy would look like, but a written quote will give you much more detail. You will need to be prepared to offer information about yourself and your pet so the company can make an accurate quote. Find a low deductible. The deductible is the amount of money that you'll have to pay out of pocket for vet visits and treatments before you are eligible to get reimbursed by your insurance policy. You want to find a policy that has a low deductible so you can start to get reimbursed as early as possible. Most companies will make you pay a deductible per incident rather than per year. This means that if your deductible is $500, and your vet visit costs $200 you will not be reimbursed. However, if your pet has to have a treatment that costs $800, you will be eligible for reimbursement. Make sure you know whether the policy has an annual deductible or a per incident level. The amount that you have to pay out of pocket before you reach is called a co-payment. Compare premiums. In a pet insurance policy, the premium is the amount of money that you will pay for the policy. Pet insurance companies determine premiums based on your pet's age, their medical history, the type of coverage you want, and the likelihood you will submit a claim. Ideally, you want to choose a plan that has a relatively low premium. You will pay your premium either monthly, quarterly, or annually. Identify the maximum payout. Most policies will determine a maximum amount of money that the insurance company will give you. This can either be a certain amount each year or for the policy's lifetime. Once you reach this amount, you will not receive any more money. Higher maximum payouts usually mean you will pay higher premiums. Unless your pet develops an expensive chronic condition, like cancer, it is unlikely that you'll reach the maximum payout amount. Understand claim procedures. When you want to get reimbursed, you'll have to file a claim with the pet insurance company. Like with human insurance, the company will evaluate the claim and either accept or deny it. Each company will have a different policy for submitting claims, but it is important to get an idea of how long claim submission takes when you're looking at policies. You will want to find out how long it takes for claims to be submitted and processed. Ultimately, this determines how long it'll take for you to get reimbursed. Companies that allow online claims will typically be faster at processing claims than those that require submissions by mail. 
Identify pet insurance companies. Make sure they offer policies you want. Look at company reputation. Make sure you are eligible. Check to see if you are restricted by veterinary networks. Compare coverage. Understand pre-existing condition policies. Request written quotes. Find a low deductible. Compare premiums. Identify the maximum payout. Understand claim procedures. 