FAQs about Pet Insurance Plan Costs

Before purchasing any type of pet insurance policy, you should review some answers to frequently asked questions regarding pet insurance plan costs that many people have. Understanding these will likely help you to choose the pet health program that is most suitable for you.

How Much does it Cost Per Month or Yearly?

Monthly insurance premiums range from a low of $15 US and as high as $75, on average a reasonable estimate is $40 US. If you pay the pet insurance provider once per year, the cost will  be somewhat lower than if you paid them each month. The discount will be between 5 and 15 percent.

Remember also that your bank account or credit card may be charged each month or yearly if you choose either option. A suggestion is that you provide one or more payments up front and if satisfied, then decide to continue or cancel your pet insurance payments.

What is the Maximum Amount of Insurance Claim that can be Paid Out?

The amount of an insurance claim paid out by a pet insurance company can vary and this is dependent on the type of policy plan chosen, options selected, the type of incident claim and the insurance provider.

The amount paid out can vary between a few hundred dollars and be as large as thousands of dollars. It is most often that pet insurance providers will compensate you for the majority of costs incurred with respect to your pet’s problems (e.g. 80 to 90 percent). You will have to pay the costs up front, submit a claim and be compensated according to the policy a few days or weeks later.

Is there a Waiting Period before the Insurance Plan goes into Effect?

A policy can become active within 24 to 72 hours for accident coverage and likely one to three weeks for illness coverage. Prior to this time it may be difficult and likely not possible to submit a claim for your pet.

Pet insurance is meant to be a proactive safeguard and purchasing a plan should not be a reaction because your pet recently became sick. Most, if not all insurance providers will not recognize a claim submitted if the circumstances seem unusual.

Is there a Deductible Payment Upfront that Must be Paid?

In many cases a fixed deductible amount may have to be paid for each accident claim or only once per year. The deductible amount paid up front is deducted from the amount of your claim. Usually the deductible amount will range from $50 US to $150 US but an additional percentage of treatment cost may be added depending on the age of the pet.

Similar to automobile insurance, a higher deductible amount will reduce the overall cost of the insurance premiums because claims for smaller amounts will be unnecessary to submit. The actual amount is dependent on the plan and the options you select.

Is there a Yearly Cap on the Amount of Claims Paid?

Some pet insurance providers may specify a maximum compensation amount for a particular procedure, annually, or over the lifetime of the pet. These are known as per incident cap, annual cap and lifetime cap respectively. These caps should be reviewed and considered before committing to any particular pet insurance plan.

Can a Pet a Few Weeks Old be Insured or is there an Additional Cost?

Most pet insurance providers will only insure a pet that is a minimum of 4 to 8 weeks old, but this can depend on the type of pet. Likely it will not be possible to insure them before this period, even if you are willing to pay an increased premium.

Are Discounts Available for Insuring Multiple Pets?

Many pet insurers will provide a discount if you choose to insure more than one pet. The discount can vary between 5 and 15 percent of the total plan cost. There may be certain conditions attached in order to receive the discount, such as choosing a particular plan.

How Long will it Take to Receive an Insurance Check?

Depending on the company, it can take anywhere from a few days to two or more weeks, but generally compensation will almost always be provided within 30 days of claim submission.

When submitting a claim it is highly important that all guidelines are properly followed and appropriate paperwork, invoices and other documents provided. This will help in eliminating any difficulties in processing the claim and ensure you receive payment as soon as possible.

What Percentage of the Total Claim will be Covered?

Usually, after the deductible amount is factored in, the pet insurer will likely pay between 80 and 90 percent of the costs incurred for veterinary treatments. This will depend on the plan selected, the type of pet, their age and the nature of the treatment.

Even with the above in mind, it is important to consider if there are caps (incident, annual, lifetime) that may reduce the amount recoverable from the insurance company.

What Types of Pets Will a Company Insure?

All pet insurance companies will provide coverage for cats and dogs, but only a few will insure birds or exotic pets such as ferrets or snakes. The reason for this is that there is a larger demand to insure dogs or cats and it is likely more complicated to provide coverage for exotic pets.

Does the Insurance Policy Depend on the Type of Pet?

Both the type of pet and its age are important when determining the costs to you and to the pet insurer. Certain breeds of either dogs or cats may have a longer life span than others and be more prone to certain types of illnesses.

The age of a pet is also highly important and some insurance companies will not insure pets over a certain age (e.g. 9 years), or charge a premium for doing so.

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