Your pet’s age, breed, where they live, and the coverage options and discounts you choose will all affect the overall cost of pet insurance.
1. Compensation Options
Most pet insurance companies allow you to customize your annual limits, deductibles, and reimbursement rates. Setting a lower annual limit, lower reimbursement rate, and higher deductible will generally result in the lowest monthly premiums, but higher out-of-pocket costs for vet visits.
2. Types of pets
Dog breeds that are at higher risk for certain health conditions will cost more in monthly premiums. Purebred pets will cost more for pet insurance because they are more susceptible to illnesses and can result in higher veterinary bills.
3. Age of your pet
Insurance premiums for older pets will always be higher than those for younger pets, but different insurers have different policies on when and how they will increase premiums.
Most pet insurance companies will insure your pet from 6 weeks of age. Some have an upper age limit, ranging from 10 to 14 years. So if you have an older dog or cat, you should look for a senior pet insurance company that doesn’t have an upper age limit.
When should I enroll my pet in the plan?
Patrick Holmboe, head veterinarian at Cooper Pet Care, suggests:
“Overall, the best time to get your pet into pet insurance is when they’re young and healthy. Basically, the earlier the better.”
Most pet insurance companies don’t cover pre-existing conditions, and a pet’s chances of developing such health issues increase with age.
“Most policies are cheaper for younger pets, and if you start early, most policies will lock in this lower price or allow you to get some sort of discount as your pet gets older.”
4. Where you live
Where you live also affects the price you pay for any type of insurance, not just pet insurance. Different states have different laws and regulations that dictate the price of insurance, the data companies can collect from consumers, and the benefits insurers must include in coverage. For example, most states allow insurance companies to collect credit score information to determine rates for things like home and auto insurance, but California and Hawaii prohibit insurers from collecting this information.
Due to differences in state laws, insurance companies take on different levels of risk depending on where the policyholder lives. Pet insurance is no exception. Our research found that there are wide variations in coverage rates from state to state.
5. Choosing a provider
The provider itself will affect the premium you pay. Each company evaluates risk slightly differently and weighs some factors more heavily than others, so the same policy may cost differently depending on the provider you choose. Our analysis shows that Lemonade offers great value by combining affordable pricing with comprehensive coverage.
6. Discounts offered
Many insurers offer discounts if you register multiple pets or pay the annual premium up front. Additionally, some insurers offer discounts for policyholders who are military personnel or animal caregivers. Compare discounts from the top companies below.
Provider Annual Payments Multiple Pets Military Animal Care Workers Lemonade✔✔✘✘Spot✘✔✘✔*Healthy Paws✘✘✘✘✘ASPCA✘✔✘✔Embrace✘✔✔✘Figo✘✔✘✘*Spot offers a 10% discount for group employees if their employer partners with a provider.
Source link
