The Scoop on Choosing the Best Pet Insurance
One of the most popular things right now that has a lot of people talking is pet insurance. With the introduction of the millennial age and the use of pets as trial children, more and more people are owning domesticated animals. One common denominator that correlates with owning a dog or a cat is the dreaded vet bills. This is where pet insurance comes in handy. So what things should be taken into consideration when choosing a plan? The following statistics were calculated from online research of a dog through each year of life from the age of 1 to the ripe old age of 15.
- Are there age restrictions with various pet insurance plans? Healthy Paws and Trupanion do not cover pets after the age of 13. For pets who are 15 and older, a policy with Embrace provides accident-only pet insurance coverage, while a policy with 24 Pet Watch only insures pets to the age of 10. AKC pet insurance, as well as Pet Partners, offers coverage only until the age of 8 years old. At that time coverage is terminated and an accident-only policy is issued. Therefore, yes, there are companies who have age restrictions.
- Does the deductible increase and reimbursement decrease as your pet ages? Healthy Paws pays 90% with $100 deductible up to the age of 5. At the ages of 6 and 7, the reimbursement percentage decreases to 80% with an increase in deductible to $250. Then, between the ages of 8 and 13, the deductible climbs to a whopping $1,000 with only a 50% reimbursement rate on vet expenses. Nationwide Wellness provides coverage with a $100 deductible and 90% reimbursement rate until the age of 10. After that time, only wellness is covered with a very minimal max annual payout and major medical expenses are not insurable. Figo increases the deductible three different times as a pet ages. Up until 5 years old the deductible is $100, increasing to $250 for pets between the ages of 6 and 9, and again the deductible spikes to $500 for pets 10 to 15 years old.
- What is covered? Nationwide has issued a pay schedule that provides a set reimbursement amount per incident or accident. This places responsibility on the pet owner for covering the remaining out-of-pocket expenses. Most other companies cover major illnesses and accidents until the pet reaches a certain age. A few commonly inquired about instances which are not covered under most pet insurance policies are pre-existing conditions, dental procedures, conditions related to pregnancy and breeding, or elective procedures. Routine wellness and preventative care are rarely available as insurance is designed to remove the financial burden from pet owners should an accident or injury happen to their pet.
- Is there a discount for insuring multiple pets? Of the 15 different pet insurance companies researched it was found that AKC, Pets Best and Pet Partners offer a 5% multi-pet discount while Geico offers a 10% discount. The remaining 11 companies did not offer a discount for insuring more than one pet, as each policy must be paid for individually per pet at the full premium amount.
- Will the price of your pet insurance policy increase with age? At best, there was no rate change between the first 2 years of the pet’s life. However, for example, a policy with Embrace for a 1-year old dog begins at $91.95 and continues to climb each year throughout the pet’s life, reaching a monstrous $349.95 a month by the time the pet is 15 years old. This was the most drastic increase, with all other 14 researched pet insurance companies also increased the annual premium rate every year as the pet ages.
- What sets Pin Paws Pet Care apart from all the rest? With a Pin Paws pet insurance policy, there are no age, breed or location restrictions. As a pet ages, their premium, $100 deductible and 90% annual reimbursement amount stay the same. To qualify a pet for a Pin Paws Pet Care policy, a pet can be any age. A 5-week-old puppy or a 15-year-old senior dog will receive the same coverage for the same price. Pin Paws Pet Care is not just insurance. There are many value-added benefits including a membership to whiskerDocs (24/7 pet telehealth), Pin Paws (a lost pet notification system and information stored in the cloud), and a discount prescription Pin Paws Rx card. Multi-pet insurance discounts with Pin Paws Pet Care is over 20%, which is remarkable compared to its competitors. Pin Paws pet insurance is also unique in that max annual reimbursement options are $2,000 or $5,000. There is no other competitor that offers an affordable $2,000 max annual option.
Consumer Advocate recently completed an in-depth analysis of pet insurance companies, how they work, what they cover, and how to choose the right one. After personal article research and quote engine testing, Pin Paws Pet Care reigned at the top.
With all of the various things to take into consideration when purchasing a pet insurance plan, Pin Paws Pet Care stands out and provides the most comprehensive benefits, accommodating those on a fixed income, as well as pet owners who want coverage for the entire furry family. Cats are also insurable under Pin Paws Pet Care with the same perks and benefits. For more information, contact our Customer Service department at 888-918-2386.
*Disclaimer: The statistics within this blog were obtained directly from each companies website and are true and valid statements. No numbers or facts have been forged or changed.