First off, there are four types of pet insurance covers each with slightly different requirements. Understanding what kind of coverage you have is important to know what will actually be paid for when you need it. Those four are:
- Comprehensive Coverage
- Accident Only Coverage
- Accident and Illness Coverage
- Pet Wellness Coverage
Below, we talk about what each of these coverage types means and what it actually covers. After that, we will tell you which pet insurance companies offer cheap insurance that covers everything.
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Comprehensive Coverage
Comprehensive pet insurance provides coverage for almost all types of treatments except wellness exams like routine checkups and flea prevention. As such, it is the most expensive plan you could buy.
This is the most commonly used type of pet insurance, as it helps the most when it comes time to pay for one of many potential surgeries you will need for your dog.
Here are the treatments this plan would cater for:
- Accidents and injuries e.g. sprains and poisoning
- Common illnesses e.g. ear infections and diarrhea
- Serious illness e.g. cancer and diabetes
- Hereditary conditions e.g hip dysplasia and eye disorders
- Testing and diagnostics e.g. CT scans and blood tests
- Procedures such as endoscopies and chemotherapy
- Prescription medications
- Holistic and alternative treatments e.g. chiropractic and acupuncture
Accident and Illness Coverage
This plan provides coverage for some aspects of accident and illness treatments but, like a comprehensive cover, doesn’t cover wellness examinations.
It provides coverage for these treatments:
- Accidents and injuries e.g. sprains and poisoning
- Common illnesses e.g. ear infections and diarrhea
- Serious illness e.g. cancer and diabetes
- Hereditary conditions e.g hip dysplasia and eye disorders
- Testing and diagnostics (accident and illness-related tests and diagnostics only)
- Procedures such as endoscopies and chemotherapy (accident and illness-related procedures only)
- Prescription medications (accident and illness-related medications only)
- Holistic and alternative treatments e.g. chiropractic and acupuncture
Accident Only Coverage
As the name suggests, it provides coverage for everything to do with pet accidents including:
- Accidents and injuries e.g. sprains and poisoning
- Testing & diagnostics (accident-related tests and diagnostics only)
- Procedures such as endoscopies and chemotherapy (accident-related procedures only)
- Prescription medications (accident-related medications only)
- Holistic and alternative treatments e.g. chiropractic and acupuncture
Pet Wellness Coverage
This plan provides coverage for nothing but holistic and alternative treatments e.g. chiropractic and acupuncture.
Note that, just like human health insurance coverage, the above pet insurance covers are subject to exclusions including pre-existing conditions, grooming, and experimental treatments.
How Much Does Pet Insurance Cost?
The cost will depend on the type of pet and coverage.
Accident and illness coverage for an average dog costs about $580 annually (about $48 monthly) while accident-only coverage staggers in the region of $194 per year (about $16 monthly).
Cats are slightly cheaper to cover, costing about $349 annually (about $29 monthly) for accident and illness coverage, and about $126 (about $10 per month) for accident-only coverage.
Note that different sizes and breeds of pets are often charged differently:
- Common house cat (or domestic shorthair) – between $160 and $236 annually
- Small dog breed (e.g. Yorkie) – between $368 and $882 annually
- Medium dog breed (e.g. Beagle) – between $368 and $882 annually
- Large breed dog (e.g. Labrador Retriever) – between $398 and $955 annually
Also, the older the pet, the higher the cost of insurance.
What Are Premiums?
Pet insurance covers come with price tags referred to as premiums. Basically, a premium is the price of the cover you choose for your pet. Premiums can be monthly or annually. For example, if the premium of dog insurance is quoted as $300 per year and you go ahead to choose it, you will be expected to pay $300 annually to have your dog insured.
What Is a Deductible?
A deductible is a fixed amount of money you are required to pay before the insurance firm initiates coverage. Typically, you will only have to pay a small part of the vet bill. Insurance companies do this to offset the total cost of any trip to the vet. Ideally, you want your deductible to be as low as possible.
Best Cheap Pet Insurance That Covers Everything
- GEICO: generous discounts available
- Pet Assure: known for their low monthly fees
- EMBRACE Pet Insurance: covers emergency medical attention and hospitalization at licensed clinics
- ASPCA Pet Health Insurance: offers several pet discounts (10 percent off per pet)
- FIGO: best plan includes chiropractic and acupuncture, get a quote
- Pet first Pet Insurance: wellness benefits available starting at anything between $125 and $575 yearly
To see a detailed listing review of these pet insurance providers, read our detailed article about getting pet insurance for your dog.
The Types Of Pet Insurance Policies Available
There are a variety of pet insurance policies available, and each one has its own set of benefits and coverage options. The most basic type of policy is accident-only insurance, which covers medical costs associated with accidents or injuries. This type of policy is typically the cheapest, but it does not cover routine care or illnesses. A more comprehensive policy is known as accident and illness insurance, which covers both accidental injuries and illnesses.
This type of policy is more expensive, but it provides peace of mind in knowing that your pet will be covered in the event of an accident or sickness. There are also policies that cover routine care, such as vaccinations and routine checkups. These types of policies are more expensive, but they can save you money in the long run by preventing costly medical bills.
How To Find The Best Policy For Your Furry Friend
There are a lot of things to think about when you’re looking for pet insurance. You want to make sure you’re getting the best possible coverage for your furry friend, but you also want to make sure you’re not overpaying. Here are a few tips to help you find the best policy for your pet:
First, consider your pet’s needs. What kind of coverage do you need? Does your pet have any pre-existing conditions that need to be covered? How often does your pet see the vet? Answering these questions will help you narrow down your options and find the best policy for your pet.
Next, get quotes from multiple companies. This will help you compare prices and coverage levels. Be sure to read the fine print so you understand what each policy covers.
Finally, choose a policy that fits both your budget and your pet’s needs. It’s important to find a balance between affordability and coverage. With a little research, you can find the perfect policy for your furry friend.
What To Do If You Need To Make A Claim On Your Pet’s Policy
If your pet becomes ill or injured, you may need to make a claim on your pet insurance policy. In order to do so, you will need to gather some information and documents. First, you will need to obtain a copy of your pet’s medical records from the veterinarian.
These records will detail the diagnosis, treatment, and prognosis of your pet’s condition. You will also need to provide an estimate of the veterinary expenses that you expect to incur. Once you have gathered all of this information, you will need to contact your insurance company to begin the claims process.
The company will likely require you to submit a formal claim form and may request additional documentation. If your claim is approved, the insurance company will reimburse you for a portion of your veterinary expenses. In order to maximize your chances of success, it is important to be prepared and organized when filing a claim.
