How do I choose the right pet insurance?

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Pets! Some of our closest companions.

We pour so much love into our pets — the last thing we want is for something to go wrong. But just like humans, they can get sick or injured, often when we least expect it.

Vet bills can cost hundreds of dollars, but what if I told you there is a way to help ease this financial burden while still getting the best care for your pets? That's right, pet insurance!

Let's dive into what pet insurance is and how you can choose the best plan for you and your furry friend.

Pet insurance is essentially health insurance, but for pets! When you get a big vet bill, having insurance can help offset the costs.

It offers peace of mind knowing that if your furry companion gets sick, you won't have to worry too much about large bills and can focus on their care.

Just like with human health insurance, you'll pay a monthly fee, called a premium.When selecting your plan, you'll choose a deductible amount and a coverage percentage that suits you.

Your deductible is the amount of money you will pay out of pocket every year. Any costs beyond that amount will be partially reimbursed by the insurance company, based on your coverage plan.

Unlike most human health insurance,the insurance company will not directly pay the vet. You need to pay the bill yourself, and then the insurance company will reimburse you with a check or direct deposit.

Example:

Let's say you choose an insurance plan with a $45 monthly premium, 80% coverage, and a $500 annual deductible.

If your first vet bill of the year is $1,200:

• You pay the entire $1,200.

• $500 goes toward your deductible.

• You'll be reimbursed for 80% of the remaining $700, which is $560.

Remember:

• You will still pay the $45 premium for the month, regardless of the bill amount.

• Since you’ve now met your $500 deductible, all future eligible vet bills for the rest of the year will be reimbursed at 80%.

Finding pet insurance can feel overwhelming, but research is important.

If you type "pet insurance" into your preferred search engine, you're going to get a lot of results. Start clicking through a few to read more about what they offer.

Try using a third party website that allows you to compare companies, such as this one on Nerdwallet. This tool will help you compare popular insurance companies such as:

• Spot

• PetsBest

• Trupanion

• Petplan UK

• Embrace

• Pet Insurance Australia

• Fetch

Photo by Daria Nepriakhina 🇺🇦 on Unsplash

When you're getting quotes (an estimate of your pet insurance cost) from different companies, you'll need to answer some important questions. This helps companies calculate costs. Factors, such as age, will impact the amount you pay monthly.

• Is your pet a dog or cat?

• What age is your pet?

• Vaccination and medical records?

• What type of breed is your pet?

• What is your email, zip code, etc.?

• Pre-existing conditions/surgeries?

Pet insurance companies vary in terms of what they cover (are willing to pay for). You'll typically find these categories:

Illness

Illness coverage is going to cover costs you may pay at the vet when your pet is sick, such as:

• prescription medications

• infections

• testing

Accident

Accident coverage is going to cover costs you may pay if your pet gets hurt, such as:

• medical scans

• hospitalization

• IV fluids

Preventative Care

Preventative Care is typically an extra cost, but it will cover care that prevents illness and injury, such as:

• vaccines

• wellness exams

• dental cleaning

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Be sure to look for coverage options that will be best for your pet. For example, a puppy is going to be in need of more preventative care (wellness exams, vaccines, etc.) whereas an adult outdoor cat is going to need more illness coverage (prescription medication, testing, etc).

Photo by Syed F Hashemi on Unsplash

Pet insurance can get pricey, especially if your pet is older or has a pre-existing condition (an illness or injury they had before you got the insurance).

Thankfully, different companies offer different prices and bundles. When you get your quote, you will be able to compare prices and find something that suits your pet's needs and your financial situation.

If you want to pay a lower premium amount per month, it may help to have a higher deductible. If you prefer a lower deductible, you may have to pay more per month.

To make this decision, take into account:

• Your pet's health history and needs

• Your financial situation and risk appetite

Ready to insure your pet? Take these steps to find the insurance that works best for you: