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Pet Insurance Shopping Secrets
Published: 07/30/2010
It’s not as easy as looking for the insurance provider that charges less. You must take into account: incidence caps, maximum yearly payouts, coverage details, exclusions, deductibles. Look at Competitor Comparison Chart for a good starting point.
Saving on Pet Insurance
- Get a Family Plan. PetFirst offers special plans designed for multi-pet households that can save you money.
- Enroll before your pet gets too old. While Pet First does offer senior pet insurance options, you can secure a better rate if you get insurance before your dog or cat turns 10.
- Pay annually. Most providers will offer a discount if you elect to make one payment rather than pay monthly.
What to Watch For
- Waiting Periods- Make sure you understand when your pet’s coverage is effective. Some insurance providers have wait periods as long as 30 days. PetFirst’s accident and routine care coverage are effective the day after you enroll. PetFirst’s illness coverage is effective 14 days later.
- Routine Care- Some providers do not offer coverage for routine wellness care. A plan with this coverage will insure everyday vet expenses like vaccinations, teeth cleanings, and office visits are covered.
- Provider Networks- Some pet insurance providers offer larger discounts, but force you to use veterinarians in a particular network. This can be difficult when you move, or if you don’t live near a networked vet. This can also be a problem if your pet has an emergency in off hours.
- AM Best Underwriter Rating- Check out the Insurance Underwriters AM Best rating. This gives you an excellent insight into the quality and stability of the company.
- Exclusions – Make sure you understand what is not covered by your insurance plan. You don’t want to be surprised after you file a claim.
- Per Incident Caps- Usually the pet insurance provider will have a spending cap on a per incident basis. Be sure to check the cap rates before you sign up for a plan.