A dog and his pet parent browse the internet for pet insurance.

How to Compare Pet Insurance Plans

The cost of pet ownership is rising faster than most dog and cat lovers are aware of. Studies from organizations including the UK-based People’s Dispensary for Sick Animals (PDSA) suggest that prospective pet buyers dramatically underestimate what they’ll spend on pet care. PDSA found that a lifetime of pet ownership costs seven times more than most survey respondents predicted.

According to the American Pet Products Association, spending on pets topped $100 billion in 2020. That eye-catching figure doesn’t take medical expenses into account, which can also easily take owners by surprise. Pet parents can get help managing some of these emergency and routine expenses by enrolling their pets in pet insurance policies.

Comparing Plans: What to Ask

There are plenty of pet insurance providers, but finding the ideal fit can overwhelm new pet owners who are exploring the market for the first time. Even veteran pet parents can find it challenging to separate world-class providers from the pack. Start the evaluation process with these three essential questions.

What’s Covered?

The pet insurance industry is growing and that means your menu of policy options is growing too. Just about every provider offers several types of policies:

Make sure to select a provider who’ll make it easy to customize your coverage and build a policy that suits both your pet’s needs and pet care budget.

What’s Not Covered?

Determining what a provider won’t cover is just as important as determining what they will cover. Pay particular attention to each provider’s definition of “pre-existing conditions” and the particular way these conditions may affect your pet’s eligibility for coverage.

How Much Will I Pay?

You can’t evaluate pet insurance plans effectively unless your familiar with the relevant terminology:

You know your pet and your pet care budget better than anyone. While an insurance agent or veterinarian can offer guidance, you’ll need to determine for yourself how much you’re comfortable paying.

If you’re concerned about costs related to veterinary care, click here to learn more about pet insurance.