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How To Choose The Right Insurance For Your Pet

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 Choose the right pet insurance
BestMoney Staff
Bestmoney Staff
Jan. 06, 20212 min read
Weigh the options and understand what you're paying for when you look for a great pet insurance provider to save you money and keep your pet healthy.

You’ve just brought home a furry bundle of joy, bought supplies and introduced him to all the other members of the family. Just as you’re about to settle in and enjoy life with your new forever friend, he needs the vet and you're stuck with a large medical bill for your littlest family member. 

Of course, it’s not fun to think about medical expenses, especially when your pet is young and full of energy. But you want to be sure you can give your pal the best care possible without having to worry about the cost. Insurance gives you exactly that: the peace of mind that you can take care of your pet’s health without breaking the bank. Selecting the right insurance for your pet is a serious matter, but it doesn’t have to be too tricky or hard. Know what to look out for, and you’re well on your way to making a long-term investment in your pet’s well being.

Check out leading pet insurers below: 

  • Low-cost full coverage
  • 90% reimbursement
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  • Customizable plans
  • 70% - 90% reimbursement
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  • Annual deductible
  • 90% reimbursement
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It’s Not All About Price: Think Value

Insurance is probably one of the few things in life you hope you’ll never need to use but still want to have. It’s probable that you won’t see the benefits immediately—it might be months, or even years before you make your first claim, which is great. It also makes it easy to get bogged down in price comparisons for their own sake. After all, it’s only natural to want to minimize your expense for something you don't use often.

Price does have its place in a decision to choose an insurer over another, however cheap insurance is cheap for a reason; the cheaper it is, the more carefully you should look at the fine print. It might sound counterintuitive, but a policy that looks very reasonably priced at face value might turn out to be much more expensive than you bargained for because of what it doesn't cover.

These may include a high deductible and low payouts, which make it pointless to even file a claim. The policy could also have exclusions which leave you with out of pocket expenses despite having paid the premium for years.

Instead of looking at the end price, try thinking in terms of value for money. Is it worth paying a given amount for the cover on offer? Look at what cover you’d get from different insurers at a similar price point.

What Does The Policy Cover?

There are different types of insurance policies on the market. Some insurance policies are “accident only,” which means they will only cover treatment if your pet has an accident. Other policies cover the treatment of both accidents and illnesses. The most comprehensive policies are “lifetime” plans that cover your pet from head to tail.

Getting comprehensive cover for your pet at a young age is a good idea, as this will keep premium to a minimum. It will also reduce the risk of illnesses later in life being excluded from cover because they were pre-existing. That said, comprehensive cover might not make financial sense for you and your pet if your pet is generally healthy. Accident cover might not be such a priority, for instance, if your pet is always indoors and isn’t very active.

Managing Expectations: Read The Fine Print

Before you commit to a policy, go through the fine print carefully and make sure you fully understand it. That way, you won’t get nasty surprises when it’s time to make a claim. 

How do they compare?

1. PetsBest

Pets Best allows you to customize your coverage, so you only pay for what you need. Its plans cover both congenital and hereditary conditions, and it doesn’t require you to use its care providers—you can take your pet to any licensed veterinarian, specialist, or clinic.

Pros Cons
  • Unlimited plans available
  • 24/7 pet helpline
  • Vague coverage exclusions
  • Wellness treatments not included

Pets Best Pets Best View Quotes

2. Spot

Spot Pet Insurance is a pet insurance agency serving cats and dogs throughout the U.S. All plans are customizable, allowing ‘pet parents’ to select the right level of coverage to fit their needs and budget.

Pros Cons
  • Preventive care add-on
  • Microchip implantation included
  • No exotic pets

Spot Pet Insurance Spot Pet Insurance View Quotes

3. ASPCA

ASPCA Pet Health Insurance Program offers Complete Coverage℠ including nearly any health concern you may have for your furry friends. Take care of your pets and receive up to 90% back with customizable coverage.

Pros Cons
  • Exam fees covered
  • Visit any vet or specialist
  • Annual limits apply

ASPCA ASPCA View Quotes

The Bottom Line

When you’re choosing the best insurance for your pet, you should base your decision on a number of factors. Resist the temptation to look at price or cover in a vacuum. Think in terms of value for money and in terms of what your pet’s real needs are.

Finally, don’t forget to go through the fine print, so you’ll know exactly what you’re getting into, and compare the top pet insurance providers for the coverage that suits you and your furry friends. 

Top 5 Pet Insurance

Pets Best

Pets Best

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Spot Pet Insurance

Spot Pet Insurance

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BestMoney Staff
Written byBestmoney Staff

Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

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