Find the Best Pet Insurance for Your Needs
The Best Pet Insurance - Making Sense of it all
How do you find the best pet insurance? What pet insurance information do we need and how can we use this? What is the best pet health insurance? Which is the cheapest pet insurance? Is finding Low Cost Pet Insurance even possible?
There are many factors to consider. What is most important? Should we focus on premiums? Should we focus on Limits and Limitations? Should we focus on Deductibles, or co-insurance? There is no easy, simple answer.
For us the best pet insurance is insurance that you can depend on. A pet insurance policy you can depend on means the policy will not change. If the policy does change, you should know exactly how it will change and why it will change… and accept those conditions before you purchase your pet insurance. Otherwise your pet insurance will most likely not meet your expectations or your needs. That can lead to frustration and additional cost.
In general, here is what we have learned:
- If you insure a pet that does not have any serious illnesses or accidents, it is highly likely that you will pay more for your pet Insurance than you receive in benefits. Of course, the benefit here is that you have peace of mind of knowing your pet will be covered if it suffers a serious illness or accident.
- If you insure a pet that does have a serious illness or accident you may pay more for your pet Insurance than you receive in benefits, especially if the claim is made while the pet is still young and you continue with your policy. That is because many insurance companies will adjust your policy co-insurance and/or deductible and/or premium to attempt to recover their loss.
- You have to look at more than just the premium amount when you are looking for the cheapest pet insurance. Deductibles and co-insurance really make a big difference in how much you finally pay for your pet insurance.
- If you cancel your policy shortly after your insurance company changes the co-insurance and/or deductible and/or premium to attempt to recover their loss, you may receive more benefits than you pay in premiums. Of course if your insurance company does not change your policy, there may be no benefit in cancelling your policy. Beware of exclusions for pre-existing and bi-lateral conditions however.
- If you insure a pet that has a very serious illness or accident, and there is no limit to the amount the insurance company will pay for the claim, you will most likely receive more benefits than you pay in premiums.
- Of course, you can save $100 to $150 per month while you have your pet and use that for vet bills. You simply do not know if you will have enough saved when you need it.
For us, we were really looking for peace of mind, knowing that if needed, our insurance would be there to cover our expenses. We were willing to pay more in premiums than we received in benefits for that peace of mind. What we discovered was that once we had actually filed a large claim, that was still less than the maximum coverage that we had paid for, our Insurance Company decided to change our policy so that our coverage was greatly reduced and our peace of mind was gone.
The best pet insurance has all or most of the following features:
- The terms and conditions of the policy and any other part of the agreement are easy to understand and have no "weasel words"… you know weasel words… where you are not quite sure what they mean but you assume the best only to find out the worst.
- The Insurance Company guarantees not to change terms of the policy due to claims being paid. If they do change the terms of the policy due to claims being paid, they should tell you what would change, how it will change and under what conditions it will change. If they don't tell you… they don't sell you… move on.
- The policy has a fixed deductible that does not change as your pet ages. Yes the best pet insurance policies have this feature.
- Select the policy with the broadest range of illnesses and accidents covered in combination with the points above.
- Select the policy with the highest co-insurance rate possible in combination with the points above.
- The Insurance Company is a trusted name or is associated with a trusted name.
Where do you go from here?
The bottom line is you want no surprises. You want peace of mind.
Shop carefully and compare what is covered, what is excluded and what is guaranteed. Compare premiums and deductibles and co-insurance rates. Build models to compare pet insurance and better understand how different policies perform as claims change. You will be amazed at the differences.
We are developing a nifty modeling tool to help you compare pet insurance policies. It is called PICA (Pet Insurance Cost Analyzer). We know… yes we know… PICA is a condition where animals eat inappropriate things… like their own poop! Well our PICA will help you from buying inappropriate things… like the wrong insurance. It could save you hundreds or even thousands of dollars and help you eliminate surprises. Removing surprises is one way to get peace of mind with pet insurance.
You can find our modeling tool at our Insurance Tool Sign Up Page.
During our research we discovered a broad range of insurance companies and insurance plans, all claiming to provide the best pet insurance. It is very important that you examine each one carefully.
Understand how changes to the co-insurance percentage will cost you money. Understand how changes to the deductible will reduce how much your pet insurance company pays on each claim. Understand how premium changes will cost you more.
Do your homework! If you are serious about finding the best pet insurance,
our PICA tool
will help you compare pet insurance policies.
In the end, the decision to choose an insurance Company and buy Pet Insurance is yours and yours alone. If you decide that Pet Insurance is right for you, do your research and shop carefully.
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