Pet insurance is starting to be offered by companies as a voluntary benefit, but anyone can apply for a policy on their own. This article compares several pet insurance companies and the policies that they offer.
VPI has been insuring pets since 1982. The policy term is one year and can be paid monthly (for a $2.00 service fee per payment.) They base the premium off of the age of the pet and not off of previous claims, although pre-existing conditions are of course excluded. VPI does not have a lifetime cap on benefits per pet. You can purchase a $14,000 or a $9,000 annual limit plan and you can supplement that policy with vaccination and routine care coverage for $99 annually.
Each policy has a $50 deductible and covers 90% of remaining covered costs. Multiple pet discounts are available.
VPI is underwritten by National Casualty Company, which is rated A+15 for financial security. A list of policy coverages and exclusions can be found at their website.
Pets Best offers a larger variety of packages than VPI, but is not available in AK, KY, or NY. There is no annual limit on coverage, but each pet has a lifetime limit and a limit per claim. Each policy has a different deductible - $75, $100, or $300, and covers 80% of remaining costs. Vaccination and routine care is available for additional premium.
Pets Best is underwritten by North Pointe Insurance Company and is rated A- for financial security by A.M. Best.
PetCare Insurance offers several plans with coverage ranging from 70% to 100% of covered costs and deductibles between $50 and $200. This company has plans that are tailored for specific needs - accident only insurance, senior care, and liability coverage for renters. Discounts are available for having microchips registered with 24PetWatch and for insuring multiple pets.
Coverage is unavailable in AK. PetCare Insurance is a subsidiary of PetHealth, Inc. and is underwritten by Praetorian Insurance Company. Praetorian has an A.M. Best rating of A-.
Questions To Ask Before Purchasing
You should compare quotes between several companies before committing to a plan. Make sure that you can use your current veterinarian and ask how you can submit a claim. Most companies require that you pay for the medical bills and submit them for reimbursement, but some procedures may be billed directly to the veterinarian. The choices available today are much broader than in previous years, so explore your options before purchasing a policy.
