What’s the Best Pet Insurance for Me?

Pet insurance is hard to choose sometimes.  If you are considering purchasing pet insurance, it is important to understand a few terms around your pet insurance policy, as well as the price. Understanding what benefits and terms are available can help you when choosing a pet insurance policy for your furry friend.

1. Monthly BasePremium: The monthly premium is also known as the “subject premium” or “underlying premium.” This is the amount of money you will have to pay per month to insure your pet. Note that the premium will be higher for more comprehensive pet insurance policies. It also tends to be higher the older your pet. (Note that for some older pets you may not be able to get coverage; some carriers offer “older pet” insurance policies that will have some of the same benefits as a regular pet insurance policy.)

2. Wellness rider: The wellness rider is an optional protection tool that some pet insurance companies offer, which can be attached to your pet insurance policy. This provides additional wellness coverage such as vaccinations and yearly checkups. When you are considering purchasing a wellness rider for your pet insurance policy, understand carefully how this affects your policy, as some riders can actually reduce the coverage of your existing policy.

3. Deductible: This is the amount of expenses you must pay for a given service before your pet insurance coverage will pay any expenses. Thedeductible is usually annual, which means that once you cover the given amount, your pet insurance policy will cover all other expenses for the rest of that term (a year). Note that premiums with lower premiums tend to have higher deductibles, and vice versa.

4. Co-pay: This is a stated amount that the pet insurance policy may specify you must pay each time for a given service. It can be a set amount ($20 per veterinary examination), or it can be a percent of the value of the service rendered.

5. Length of Coverage: Some policies limit the length of your coverage. Pet insurance policies with time limits tend to be a bit cheaper. These are ideal for you if you want the best pet insurance coverage after an illness, accident, or operation. Otherwise, if you are interested in long-term coverage, verify that the coverage does not have a set termination date.

Next, you should get deeper and understand what you can cover. Compare pet insurance benefits!