Pet insurance checklist: Everything you need to insure your pet

Your furry friend is a beloved member of your family. You want to do everything you can to give them a happy, healthy life, but the costs can add up fast. That's why one of the best ways you can care for your pet is by investing in pet insurance.

With the right pet insurance, you can have the peace of mind of knowing you can provide your dog or cat with the care they deserve without breaking the bank. But with so many pet insurance plans out there, how do you decide which is the best?

To help you sort this out, we've put together a checklist to ensure you have everything you need to choose the right plan for your pet.

Start your pet insurance search by requesting a free quote here.

Pet insurance checklist: Everything you need to insure your pet

Shopping for pet insurance can doesn't have to be overwhelming. This checklist can help you find the perfect policy for your dog or cat.

Coverage options

The first thing to determine is how much coverage you want for your pet. There are three basic levels of pet insurance:

• Accident-only plans: These plans cover accidents such as broken bones, bite wounds and foreign object ingestion. If you want some form of coverage but are on a limited budget, an accident-only plan could be for you.
• Accident and illness plans: In addition to accidents, these plans cover illnesses ranging from ear infections to cancer. You'll pay more for this type of plan than for an accident-only plan. But since it will also cover more, it may be worth the cost if you can afford it.
• Comprehensive plans: As the name suggests, comprehensive plans are the most inclusive type of pet insurance. In addition to accidents and illness, they may cover routine and preventative care, dental cleanings, alternative therapies and more. This is the priciest type of plan, but it can provide you with the most peace of mind.

If you're not sure which plan type you should choose, your vet can help you determine how much coverage your pet might need based on its age, breed and medical history.

Exclusions

Every pet insurance policy has certain conditions and services it won't cover. The most common of these are pre-existing conditions, or illnesses and injuries your pet developed before you applied for coverage. Many policies won't cover any treatment related to pre-existing conditions.

That said, pre-existing conditions won't disqualify you from coverage for other issues, and some policies will cover conditions that clear up after a certain period. It's crucial to read each policy's fine print and ask questions so you can make an informed decision about the policy's overall value to you.

Costs

When comparing pet insurance plans, take a careful look at the following cost components:

• Premium: The premium is how much your policy costs. Costs can range from $10 to $100 per month based on factors like the coverage level, your pet's health and your location. Request quotes from several companies to see what your pet qualifies for so you can find the best coverage at the best price.
• Reimbursement policy: Unlike human health insurance, most pet insurance policies require you to pay for treatments and services when your pet receives them. You then submit a claim to the insurance provider, and get reimbursed up to a certain percentage (usually 70% to 90%). This percentage plays a significant role in how much value you can get from a policy overall.
• Deductible: The deductible is the amount you must pay out of pocket before coverage kicks in. A higher deductible can lower your premium, but it means you'll have to shell out more before you can enjoy coverage. Carefully weigh these factors and ask yourself which is more valuable to you.
• Coverage limit: Pet insurance policies limit how much they will pay out. These limits may be annual, per incident or over your pet's lifetime. Be sure you know this amount so you can properly determine how much money a policy can save you.
  

"Don't assume that the most expensive insurance is the best. This is not always the case," says Sabrina Kong, DVM. "This a competitive, growing market, sometimes the newer companies have more affordable rates."

Check out pet insurance prices here to begin comparing your policy options.

Waiting period

Most pet insurance policies have a waiting period, which is the length of time between enrollment and when your coverage begins. Waiting periods typically range from a couple of weeks to a month, although some policies have even longer periods for specific illnesses or conditions.

This is why it's important to insure your pet before they become sick. If you sense your pet may need care in the near future, look for a policy with a shorter waiting period and apply as soon as possible.

Customer reviews

Before settling on a pet insurance plan, check out customer reviews online to get an idea of how helpful customer support is, how easy it is to file claims and the overall experience of working with the company.

If a provider has consistently positive reviews, it's a good indication they offer quality service and coverage. You can also ask other pet owners you trust for recommendations.

The bottom line

"There is no one perfect plan or company," says Ashley Rossman, DVM, co-owner of Glen Oak Dog and Cat Hospital. "Pet owners need to research which company and plan work best and is affordable for them."

That said, the above checklist can guide you through the things you should consider to make an informed decision that gives your furry friend the care and protection they deserve at a price you can afford.