If you’re considering pet insurance for your cat, it can be hard to figure out which plan is best for you and your furry family member. There are many different pet insurance providers and plans available, so it’s important to take the time to compare coverage options, benefits, cost versus value and exclusions before making a decision.
Pets are an essential part of the family and should be treated as such, but sometimes that can mean a large vet bill. Pet insurance can help ease some of the financial stress associated with vet bills, especially for older pets. While you may still pay out of pocket expenses like your deductible and any amount that exceeds your payout limit, a good policy can help you budget for these unexpected costs.
In addition to covering vet bills, some policies also cover routine care. These include annual checkups, spay or neuter surgery, vaccinations and teeth cleaning. Some insurers offer add-ons for wellness and preventive care, as well as pet loss or theft coverage.
Choosing the right policy is also dependent on your pet’s breed and age, as some conditions are more common in certain types of animals. It’s also important to consider how much you want to be reimbursed if your pet becomes sick or injured, and whether you prefer a fixed deductible or reimbursement percentage.
Most pet owners select either an accident and illness policy or an accident-only policy. Accident and illness policies typically have higher premiums, but they offer the most coverage for your pet. Accident-only policies are cheaper, but they won’t reimburse for hereditary or congenital conditions such as hip dysplasia.
When comparing plans, it’s also important to consider the provider’s history. While the insurance industry is highly regulated, some companies go out of business, leaving customers with unpaid claims. The Healthy Paws report cites Trusted Pals, Bivvy and Otto pet insurance as examples of companies that stopped offering coverage.
The right pet insurance for your cat can save you thousands of dollars in medical fees over their lifetime. By taking the time to research the different providers and their plans, you can make a smart decision that gives your pet the best chance of living a long, happy life.
NerdWallet’s analysis takes into account factors including deductible, reimbursement rate, limits and premium to help you find the best pet insurance for your needs. Figo, Embrace and Pets Best were named our top-rated pet insurance providers because they all earned 5 stars.
Figo’s comprehensive coverage includes coverage for hereditary and congenital conditions, alternative therapies and dental illnesses. It also offers a flexible deductible, unlimited annual coverage and no lifetime limits.
The average annual payout for pet parents was $665, according to the study, which included data from more than 3,000 policyholders. However, the cost of premiums varies widely depending on your pet’s age and location, as well as the type and level of coverage selected. The cost of insurance is generally lower for younger pets and increases as they age. cat insurance