- Lacks a range of options for annual coverage and deductibles.
- There’s a 6-month waiting period for coverage of orthopedic conditions, but it can be waived if your pet has an orthopedic exam after you purchase the plan.
Facing unexpected emergencies like seizures or bite wounds in pets can lead to exorbitant veterinary bills. Pet insurance serves as a practical solution to manage these significant expenses effectively.
Most pet insurance plans encompass coverage for frequent issues such as allergies, gastrointestinal disorders, and ear infections. However, navigating through the myriad of options available from pet insurers can be daunting. To simplify this process, we’ve conducted an in-depth analysis of 13 different policies to identify the best pet insurance companies for this month.
Editor, Working Capital Staff
Editor’s note: At WorkingCapital, our revenue is partly generated through commissions earned from affiliate links. It’s important to clarify that these commissions have no impact on the views or evaluations made by our editorial team.
Our editorial integrity is paramount. We offer unbiased evaluations and insights, unaffected by advertisers. Our method is based on a data-driven approach, guaranteeing uniform and equitable evaluation of all financial entities and products. To gain insight into our editorial principles and the particular criteria employed in our reviews, please consult our Evaluation Method.
BEST FOR LOWEST OUT-OF-POCKET CLAIMS COSTS
On PetInsurer.com's Website
On PetInsurer.com's Website
Unlimited
50% to 100%
No deductible
GREAT FOR CHOICES OF DEDUCTIBLE
On PetInsurer.com's Website
On PetInsurer.com's Website
$5,000, Unlimited
70%, 80%, 90%
$50, $100, $200, $250, $500, $1,000
BEST PRICE FOR KITTENS AND PUPPIES
On PetInsurer.com's Website
On PetInsurer.com's Website
$5,000, $10,000, $20,000, $50,000, $100,000
70%, 80%, 90%
$100, $250, $500
GREAT FOR SHORT WAITING PERIOD FOR ACCIDENT COVERAGE
On PetInsurer.com's Website
On PetInsurer.com's Website
$5,000, $10,000, Unlimited
70%, 80%, 90%, 100%
$100, $250, $500, $750
GREAT FOR SENIOR CATS AND DOGS
On PetInsurer.com's Website
On PetInsurer.com's Website
$10,000, $20,000, Unlimited
90%
$100, $250, $500
BEST FOR ANNUAL COVERAGE CHOICES
On PetInsurer.com's Website
On PetInsurer.com's Website
$2,500, $3,000, $4,000, $5,000, $7,000, $10,000, $15,000, $20,000, Unlimited
70%, 80%, 90%
$100, $250, $500, $750, $1,000
BEST FOR SUPERIOR BENEFITS
On PetInsurer.com's Website
On PetInsurer.com's Website
$5,000, $10,000, Unlimited
70%, 80%, 90%
$100, $250, $500
BEST FOR PAYING COVERED VET BILLS INSTANTLY
On PetInsurer.com's Website
On PetInsurer.com's Website
$5,000, $10,000, Unlimited
70%, 80%, 90%
$100, $250, $500
| Company | Best For | Maximum annual coverage | Reimbursement choices | Deductible choices |
|---|---|---|---|---|
 Trupanion | Best for lowest out-of-pocket claims costs | Unlimited | 50% to 100% | No deductible |
 Pets Best | Great for choices of deductible | $5,000, Unlimited | 70%, 80%, 90% | $50, $100, $200, $250, $500, $1,000 |
 Lemonade | Best price for kittens and puppies | $5,000, $10,000, $20,000, $50,000, $100,000 | 70%, 80%, 90% | $100, $250, $500 |
 Figo | Great for short waiting period for accident coverage | $5,000, $10,000, Unlimited | 70%, 80%, 90%, 100% | $100, $250, $500, $750 |
 Pumpkin | Great for senior cats and dogs | $10,000, $20,000, Unlimited | 90% | $100, $250, $500 |
 Spot | Best for annual coverage choices | $2,500, $3,000, $4,000, $5,000, $7,000, $10,000, $15,000, $20,000, Unlimited | 70%, 80%, 90% | $100, $250, $500, $750, $1,000 |
 Embrace | Best for superior benefits | $5,000, $10,000, Unlimited | 70%, 80%, 90% | $100, $250, $500 |
 Paw Protect | Best for paying covered vet bills instantly | $5,000, $10,000, Unlimited | 70%, 80%, 90% | $100, $250, $500 |
Pet insurance functions as a healthcare policy for your animal companion, covering a range of medical expenses and potentially other related costs. These plans are generally based on a reimbursement model. This means that as a pet owner, you initially cover your pet’s veterinary bills and later file a claim with the insurance company for reimbursement. Select insurance providers offer the convenience of paying veterinarians directly, which significantly reduces your immediate financial burden.
Typically, pet insurance includes a deductible that must be met before the coverage kicks in. For instance, you may need to pay the first $500 of veterinary expenses before your insurance begins to contribute.
It’s important to note that even after fulfilling the deductible, pet insurance might not cover the entire amount of veterinary bills. Reimbursement levels are often customizable, with common options including 70%, 80%, or 90% of the incurred vet bills.
In our quest to pinpoint the leading pet insurance options, we relied on data from PetInsurer.com, applying the following criteria to score each company:
Pet Insurance Rates (40% of Score): We determined average rates for dog insurance plans, focusing on those offering unlimited coverage, a $500 deductible, and 90% reimbursement level, or the nearest available alternatives.
Special Waiting Period (10% of Score): We assessed the waiting periods for conditions like cruciate ligament issues and hip dysplasia. Insurance plans with no waiting period, less than six months, or options to waive this period received higher scores.
Direct Payment to Vets (10% of Score): Companies capable of making direct payments to veterinarians were given additional points.
24/7 Vet Health Line (10% of Score): Insurers providing round-the-clock access to a vet health line were favorably scored.
Routine Wellness Plans (10% of Score): Points were awarded to insurers offering optional plans covering routine wellness.
Coverage of Veterinary Exam Fees (10% of Score): We scored plans higher if they included coverage for veterinary exam fees, especially for illness or accident-related visits, as not all insurers offer this.
Euthanasia or End-of-Life Expenses (5% of Score): Insurance companies covering end-of-life expenses, including euthanasia, cremation, or burial fees, were acknowledged in our scoring.
Multipet Discount (5% of Score): Insurers providing discounts for insuring multiple pets received points in this category.
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Reproduction in whole or in part is strictly prohibited.
© 2023 Working Capital, LLC
WorkingCapital is not a lender or a broker. Working Capital does not offer loans, credit lines, credit cards or any type of consumer or business financing whatsoever. Rather, Working Capital provides a platform to connect borrowers with potential lenders, which may result in borrower obtaining a loan or other type of financing. The loan approval process, qualifying criteria, as well as but not limited to the terms of any financing and the terms thereof.
Reproduction in whole or in part is strictly prohibited.
WorkingCapital is not a lender or a broker. Working Capital does not offer loans, credit lines, credit cards or any type of consumer or business financing whatsoever. Rather, Working Capital provides a platform to connect borrowers with potential lenders, which may result in borrower obtaining a loan or other type of financing. The loan approval process, qualifying criteria, as well as but not limited to the terms of any financing and the terms thereof.
Reproduction in whole or in part is strictly prohibited.