Revealed – top 15 pet insurance providers in the US – Insurance Business
The situation has contributed to a booming pet health insurance sector, which posted gross written premiums of almost $2 billion during that year, up 27.5% from 2019, according to figures from the North American Pet Health Insurance Association (NAPHIA). The association added that the total was equivalent to 3.1 million insured pets, with the number expected to rise in the next few years.
Read more: Pet insurance market set to double by 2022
How does pet insurance work?
Pet insurance plans are designed to protect pet owners from the financial impact of unexpected veterinary expenses. Most policies follow a reimbursement-based model, allowing policyholders to consult or get treatment from a specialist of their choosing, but there are also a few providers that offer the option to pay the veterinarian directly.
Policies vary between insurers but each outline which conditions and expenses are covered, reimbursement rate, deductible, and maximum payout or annual limit. Each plan also has a waiting period before coverage kicks in. The time varies depending on the insurance company, but most require a waiting period of 14 days.
According to pet insurance specialist Embrace, while many people compare this type of coverage to human health insurance, the company notes how it is “actually more like car insurance.”
“Just like your car insurance doesn’t cover routine maintenance or any accidents you got into before purchasing the policy, pet insurance plans typically don’t cover routine care costs and pre-existing conditions,” Embrace wrote on its website. “Pet health insurance provides peace of mind that you can afford to get your pet the best care in the event of a costly accident or illness.”
What does pet insurance cover?
Pet insurance provides three types of coverage. These are:
1. Accident and illness coverage
The most common type of coverage, accident and illness policies cover injuries caused by accidents – including broken bones, torn ligaments, bite wounds, eye trauma, and poisoning – and sickness – including skin infections, cancer, arthritis, allergies, ear infections, diarrhea, and internal parasites.
Experts advise pet owners to get this type of cover while their pets are young as many insurance providers limit illness coverage as animals age. Doing so can also help policyholders save on premiums and reduce the impact of pre-existing condition exemptions.
2. Accident-only coverage
Some insurers offer accident-only plans, which essentially covers anything associated with sudden physical injury. This type of policy usually costs less than accident and illness plans, and suits pets with pre-existing conditions.
3. Wellness coverage
This optional coverage pays out for wellness expenses, including annual physical exams, spay or neuter procedures, routine blood panels, heartworm testing and treatment, fecal testing, urinalyses, routine vaccinations, teeth cleanings, and flea and tick treatments.
How much does pet insurance cost?
Several factors impact the cost of pet insurance policies, including the pet’s breed, age, gender, pre-existing illnesses, and geographical location. According to NAPHIA, the average annual premiums for dog insurance with accident and illness coverage were $594 in 2020. Cat insurance premiums are priced about 40% lower. The association added during that year, 83% of in-force gross written premiums were for dog insurance.
Canine Journal, meanwhile, pegged the cost of monthly premiums between $10 and $100, with the majority of policyholders paying about $30 to $50 per month.
Read more: Dog breeds with the most and least expensive insurance rates
Is it worth taking out pet insurance?
According to experts, the biggest benefit of taking out pet insurance is peace of mind. It gives pet owners the assurance that in an event of an expensive illness or accident, they can afford to give their pets the best care possible.
“You can’t predict when your dog or cat will get sick or injured, but you know it could happen at any time,” Embrace wrote. “Pet insurance protects your finances by covering your pet’s unexpected vet bills.”
Canine Journal added that the worst scenario for owners “is learning your dog has cancer but turning down treatment because you can’t afford the bills.”
“No one wants to face this decision and signing up for pet insurance can cover much of the cost,” the review site noted. “Pet insurance allows you to make the best choices when an emergency arises instead of the least expensive ones.”
Meanwhile, most veterinarians Pawlicy Advisor talked to said that they have difficult conversations with pet owners about the cost of care anywhere from five to 10 times per day.
“As healthcare costs rise across the board, pet healthcare is no exception,” according to the pet insurance marketplace. “The right coverage plan can buy you priceless peace of mind and empower you to do the right thing for your dog or cat.”
Top pet insurance providers in the US
To find out which pet insurance companies in the US provide the best coverage, consumer websites Forbes Advisor, Money, and US News analyzed the policies of different pet insurers, along with consumer reviews and feedback from industry organizations. These are the ones that came up on top. The list is arranged alphabetically. All details are up to date as of March 2022.
Insurer
Policy name
Coverage features
APSCA
Complete Coverage
Covers accidents, illnesses, hereditary and congenital conditions, alternative therapies, behavioral issues, chronic conditions, prescription medication, prescription food and supplements, and microchip implantation
$100, $250 or $500 deductible options
$3,000, $4,000, $5,000, $7,000 or $10,000 annual coverage limits
70%, 80%, or 90% reimbursement rates
Embrace
Simply Great Pet Insurance
Covers dental illnesses; breed-specific, congenital, and genetic conditions; cancer; chronic conditions; preventable conditions; orthopedic conditions; complementary treatments and rehabilitation; emergency care; hospitalization and surgery; specialist care; diagnostic testing; and prescription drugs
$5,000, $8,000, $10,000, $15,000, or $30,000 maximum annual coverage
70%, 80%, or 90% reimbursement choices
$200, $300, $500, $750, or $1,000 deductible choices
Fetch by The Dodo
Pet Insurance
Covers veterinary exam fees, vet visits, dental illness, breed-specific conditions, complete sick visit, injuries and illnesses, diagnostic tests, imaging and ultrasound, holistic and chiropractic care, behavioral therapy, cancer treatment, surgery, and rehabilitation
$5,000 to unlimited annual payout limit
Up to 90% reimbursement rate
$250, $300, or $500 annual deductible
Figo
Pet Insurance
Covers emergency and hospitalization, surgeries, veterinary specialists, diagnostic testing, knee conditions, prosthetics and orthopedics, hereditary and congenital illnesses, prescriptions, hip dysplasia, chronic conditions, dental illness and injury, imaging, and cancer treatments
$5,000, $10,000, or unlimited maximum annual coverage
70%, 80%, 90%, or 100% reimbursement choices
Deductible varies by pet age
Healthy Paws
Pet Insurance
Covers illnesses; accidents; hereditary, congenital, and chronic conditions; cancer; diagnostic treatment; x-rays, blood tests, and ultrasounds; surgery; hospitalization; prescription medications; emergency care; specialty care; and alternative treatment
Up to 90% reimbursement on vet bills
$100, $200, or $500 deductible options
No caps on per-incident, annual, or lifetime payouts
Lemonade
Pet Health Insurance
Covers blood tests, urinalysis, x-rays, MRIs, labwork, CT scans, and ultrasounds; outpatient, specialty, and emergency care, hospitalization, and surgery; injections and prescription meds; wellness exam; fecal or internal parasite test; heartworm test; bloodwork; vaccines; routine dental cleaning; and flea, tick, or heartworm medication
Medical advice chat
$100, $250, or $500 deductible options
70%, 80%, or 90% reimbursement options
$5,000 to $100,000 annual limits
ManyPets
Pet Insurance
Covers exam fees, blood work, lab work, ultrasounds, CT scans, MRIs, x-rays, and urinalysis; outpatient, specialty, and emergency care, including surgery and hospitalization; prescription meds and injections
Unlimited coverage
80%, 90%, or 100% reimbursement choices
$100, $250, or $500 deductible choices
Nationwide
Pet Insurance
Covers accidents and injuries; common, serious, and chronic illnesses; hereditary conditions; testing and diagnostics; holistic and alternative treatments
Unlimited coverage
50%, 70%, or 90% reimbursement options
$250 deductible
PetFirst
Pet Insurance
Accidents and illnesses; dental illness and injury; medically necessary treatment, including hospitalization, surgery, x-rays, ultrasounds, CT scans, and other diagnostic tests, and alternative and complementary therapies
Up to $10,000 in annual coverage
70% to 90% reimbursement rate
Diminishing deductible
Pets Best
Pet Insurance for Dogs and Cats
Covers accidents and illnesses; hereditary and congenital conditions; emergency care; hospitalizations and surgeries; diagnostics; prescription medications; chronic conditions; dental issues; prosthetic devices and wheelchairs; physical rehabilitation; exam fees; acupuncture and chiropractic treatments
$5,000 or unlimited coverage
70%, 80%, or 90% reimbursement options
$50, $100, $200, $250, $500, or $1,000 deductible options
Prudent Pet
Pet Insurance Essential Plan
Covers accidents and illnesses; hereditary conditions; congenital disabilities or abnormalities; emergency care; hospitalizations; surgery and specialized care; diagnostics such as bloodwork, MRIs, and CAT scans; prescription medications; radiology and diagnostic testing
$10,000 or unlimited coverage
70%, 80%, or 90% reimbursement options
$100, $250, $500, or $1,000 deductible options
Pumpkin
Pet Insurance
Covers exam fees for accidents and illnesses; dental illnesses; behavioral issues; prescription food to treat covered conditions; alternative therapies; and microchipping
90% reimbursement rate for all breeds ages 8 weeks and up
No preventive care requirements to cover certain illnesses
14-day waiting period for all covered accidents and illnesses
Discount for multiple pets
Spot
Pet Insurance
Covers accidents and illnesses; MRIs and CT scans; x-rays; surgeries; stem cell therapy; prescription medications; prescription food and supplements; medical supplies; hospitalizations; treatment for behavioral issues; cancer treatment; and microchipping
$2,500, $4,000, $5,000, $7,000, $10,000, or unlimited coverage
70%, 80%, or 90% reimbursement options
$100, $250, $500, $750, or $1,000 deductible options
Trupanion
Pet Health Insurance
Covers hereditary and congenital conditions; unidentified issues; diagnostic tests; surgeries; hospital stays; medications; veterinary supplements; herbal therapy; prosthetic devices and carts
Unlimited coverage
90% or 50% to 90%, depending on the state, reimbursement choices
Up to $1,000 lifetime per-condition deductible choices
TrustedPals
Dog and Cat Insurance
Accident and illness cover includes vet trips and treatment, prescription medication, pet food and supplements
Prescribed training and therapy cover
Wellness plan cover includes annual wellness exam, vaccinations, flea/tick preventative treatment, heartworm testing and preventative treatment, prescribed nutritional supplements, spaying or neutering, dental preventive cleaning, and prescription pet food
$4,000, $8,000, or unlimited coverage
70%, 80%, 90%, or 100% reimbursement choices
$0, $100, $250, $500, or $750 deductible options.
