There’s a reason there are about a dozen pet insurance companies in the United States – none of them are alike. About half of the pet insurance companies in the United States today have started in the past 5 to 7 years. These newer companies had the advantage of analyzing what pet owners and veterinarians liked and disliked about policies offered by previously established companies. They also listened to complaints about customer service. In short, the industry had a somewhat tarnished reputation, and the percentage of pets insured in the United States hovered around only 1% compared to about 25% in Europe.
Consequently, these new companies designed policies to address many of these perceived shortcomings. Many of these policies covered things previously excluded like hereditary and chronic conditions. Several of the newer companies also allowed pet owners to customize their policies by selecting among several annual / per-incident maximums, deductibles and copays. This allowed pet owners to design a policy that provided better coverage and at a price that would still fit their budget.
This was a good thing for pet owners and caused some of the older, more established companies to rethink and redesign their policies in order to compete with the explosive growth these newer companies were experiencing. So, if you looked into getting pet insurance for your pet in the past and decided it wasn’t worth it, you might want to take a second look today.
When investigating pet insurance for your pet, it’s best to focus on the quality of each company’s policies (what’s covered and what’s not covered ) as well as the limits of the policy (annual, per-incident, per category and lifetime). No two companies are the same in these respects. Add to that the ability to select from a range of deductibles and coinsurance options and the pet owner has a lot of things to consider – a lot more choices than in the past. As I stated earlier, more choices are a good thing, but it can also be overwhelming to many pet owners.
Therefore, many pet owners look for a shortcut by simply asking “Which company is the best? While we’ve already established that each pet insurance company is unique, your financial situation as well as your pet’s age, breed, sex and medical history are also unique. Therefore, there isn’t a one-size-fits-all answer to this question. A better question to ask is “Which company is the best one to insure my pet?”
In order to make a wise decision about whether to purchase pet insurance, and if so, which company and policy best fits your situation, be prepared to do some research and look at all of your options. I recommend that you first get a quote from every company that offers policies in the United States. Then compare what each company has to offer your pet and select a company to insure your pet. Lastly, pick a policy that this company offers that fits your budget and preferably yields the lowest out-of-pocket expense in case you have to file a large claim.