A Guide to Choosing the Best Pet Insurance Plan

Having a pet is like adding a new family member, bringing immense joy and companionship. However, pet ownership also comes with responsibilities, both big and small. From food and supplies to vet visits and unexpected medical expenses, the costs can add up quickly. This is where pet insurance comes in, helping provide financial protection for unexpected accidents and illnesses.

Pet insurance providers typically offer a variety of plans that can be tailored to your pet's needs. You can usually customize your coverage by selecting an annual limit, deductible, and reimbursement rate that fits your budget and lifestyle. The ideal policy for your pet may depend on factors like breed, age, location, health history, and lifestyle. Let's explore these factors in detail to help you choose the perfect insurance plan for your furry companion.

How Does Pet Insurance Work?

Different Types of Pet Insurance Plans

There are generally 3 major types of insurance plans –

Accident-only insurance - Accident-related injuries like broken bones, accidental poisoning, bite wounds, bee stings, heat stroke, getting hit by a car, lacerations, and swallowed objects are typically covered under this plan.

Any type of diagnostic tests, treatment, surgery, exam fees, and prescription medication for emergency vet care due to an accident could be covered, depending on the provider.

Annual exams, vaccines, or other routine care are not covered here. Apart from that, any type of illness, chronic conditions like cancer, pre-existing conditions, behavioral problems, and routine check-ups are also not covered.

Accident and Illness – This can also be considered a comprehensive coverage plan. It typically offers the broadest coverage for your pet.

Urgent illnesses like ear infections, bladder infections, vomiting, and diarrhea and chronic conditions like diabetes, allergies, kidney disease, and arthritis may be covered on top of all the accident-related injuries above. Apart from these, this kind of plan may also include coverage for behavioral problems, dental illnesses, prescription medications, and supplements.

What it typically doesn’t include is pre-existing conditions, breeding and pregnancy, cosmetic procedures, cloning, grooming, and medical procedures that are not deemed necessary.

Preventative Care – More than a plan, this is an add-on that you can add to your policy for an extra cost. Preventive care plans can help cover the eligible costs of routine vet visits and certain types of preventive care services.

Routine care like annual exams, vaccinations, flea and heartworm prevention, dental cleanings, fecal tests, urinalysis, and spay/neuter surgeries may be covered under a preventative care plan, depending on your provider.

How to Choose the Right Pet Insurance Plan for Your Pet?

There are a few different factors to consider when wondering how to choose the right pet insurance plan. Aside from your plan, you’ll also want to evaluate your deductible, reimbursement rate, annual limit, and premium.

Premium – Your premium is the amount of money you pay monthly or annually in exchange for the coverage and benefits included your chosen pet insurance policy.

Deductible – This is the amount you pay for eligible veterinary expenses before your pet insurance kicks in and starts to cover your eligible vet bills. So, if your pet has a covered surgery performed which costs $1000, and your deductible is $200, you must satisfy the $200 deductible first. Then, your plan can reimburse you for the eligible costs of the remaining $800.

Reimbursement Percentage – This is the amount of your covered cost you can get back after submitting a claim for a condition or service covered under your pet insurance policy. This is sometimes referred to as your “co-insurance”

Annual Limit – This is the maximum amount a pet insurance provider will reimburse you for covered veterinary expenses during a 12-month policy period.

Factors to Consider When Choosing the Best Pet Insurance Plan

Certain breeds are predisposed to specific health issues. For instance, larger breeds may be more prone to bloating and gastrointestinal problems.¹ In these cases, an accident and illness plan might be a wise choice. While dogs may be generally more susceptible to certain medical conditions than cats, treatment for certain conditions, like cancer, in felines can easily exceed $3,000.²

If comprehensive coverage is your priority, consider an accident and illness plan with a preventive care add-on. However, be aware that some providers have age restrictions on certain coverages for older pets. (Spot plans don't have these restrictions!)

For budget-conscious pet parents who mainly want protection against unexpected accidents, an accident-only plan might be a good fit. This option is especially suitable for young, energetic breeds who are more likely to get into accidents like falls or ingesting foreign objects.

What Do Pet Insurance Plans From Spot Cover?

Accident and Illness plans from Spot can help cover the eligible costs of:

Spot’s preventive care add-ons can help cover the eligible costs of:

Conclusion

Choosing a pet insurance plan ultimately boils down to two key factors: your budget and your comfort level with risk. While it's tempting to believe your pet will always remain healthy, the reality is that accidents and illnesses are an unfortunate part of life. If you prefer to be prepared for the unexpected and help avoid the financial burden of unforeseen vet bills, a comprehensive plan with wellness coverage can be a great choice.