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Best pet insurance companies for November 2024
Best pet insurance companies
The Bankrate team considered various key coverage categories when choosing and reviewing these companies. These included deductibles, reimbursement rates, claim turnaround times, enrollment age and payout limitations. From budget-friendly plans to premium protection options, and efficient payouts to robust coverage for pre-existing conditions, these top picks will help you find the ideal pet insurance policy to meet your needs.
Lemonade
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Lemonade offers pet insurance with a focus on simplicity and transparency. With its user-friendly platform and innovative technology, Lemonade provides a seamless insurance experience for pet owners. The company prioritizes quick and easy claims processing, removing the hassle of protecting your furry friend.
- Annual deductible options
- $100–$500
- Reimbursement percentage
- Up to 90 percent of eligible expenses
- Claim turnaround time
- 40 percent of claims are handled instantly
- Enrollment age
- 2 months up to 14 years
- Annual maximum coverage
- $5,000–$100,000
- Direct vet pay
- No
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ASPCA
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ASPCA is dedicated to providing compassionate coverage and exceptional service to pet owners. With customizable plans and comprehensive benefits, the company prioritizes the well-being of pets and their owners.
- Annual deductible options
- $100–$500
- Reimbursement percentage
- Up to 90 percent of eligible expenses
- Claim turnaround time
- Up to 30 days
- Enrollment age
- 8 weeks - no upper age limit
- Annual maximum coverage
- $5,000–unlimited
- Direct vet pay
- No
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Embrace
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Embrace Pet Insurance stands out for its commitment to offering flexible coverage options tailored to the diverse needs of pets and their owners. Pet owners can tailor their coverage with optional add-ons such as wellness rewards and prescription drug coverage.
- Annual deductible options
- Up to $1,000
- Reimbursement percentage
- Up to 90 percent of eligible expenses
- Claim turnaround time
- 5-15 business days
- Enrollment age
- 6 weeks minimum - no upper age limit*
- Annual maximum coverage
- $5,000–unlimited
- Direct vet pay
- No
*Pets over 14 are eligible for the accident-only plan
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Figo
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Figo Pet Insurance stands out for its comprehensive coverage and swift claim turnaround time, ensuring that pets receive the care they need without delay. With customizable plans and competitive rates, Figo provides pet owners with peace of mind and financial security.
- Annual deductible options
- $100-$1,500
- Reimbursement percentage
- Up to 100 percent of eligible expenses
- Claim turnaround time
- 2-3 working days
- Enrollment age
- 8 weeks minimum - no upper age limit
- Annual maximum coverage
- $5,000–unlimited payouts
- Direct vet pay
- No
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Hartville
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Hartville Pet Insurance prioritizes reliability and customer satisfaction, making it the ideal choice for pet owners seeking dependable coverage and attentive service. With prompt claim processing and responsive customer support, Hartville goes above and beyond to meet the needs of its customers.
- Annual deductible options
- $100-$500
- Reimbursement percentage
- Up to 90 percent of eligible expenses
- Claim turnaround time
- 30 days or less
- Enrollment age
- 8 weeks minimum — no upper age limit
- Annual maximum coverage
- $5,000–unlimited payouts
- Direct vet pay
- No
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MetLife
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MetLife Pet Insurance is a top choice for pet owners seeking swift coverage and comprehensive protection. With customizable plans and a commitment to meeting the diverse needs of pets, MetLife ensures peace of mind for pet owners at every stage of their pet's life.
- Annual deductible options
- $0-$2,500
- Reimbursement percentage
- Up to 90 percent of eligible expenses
- Claim turnaround time
- 10 business days
- Enrollment age
- No age limits*
- Annual maximum coverage
- $500-$25,000**
- Direct vet pay
- Yes
*Pet age restrictions may apply to some benefits.
**Unlimited payouts are subject to availability -
Pets Best
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Pets Best Pet Insurance is a standout provider renowned for its comprehensive coverage options and exceptional service. Pets Best offers a range of customizable plans designed to meet the diverse needs of pet owners.
- Annual deductible options
- Not advertised
- Reimbursement percentage
- Up to 90% of eligible expenses
- Claim turnaround time
- 5 days or less
- Enrollment age
- 7 weeks minimum-no upper age limit
- Annual maximum coverage
- $5,000-unlimited
- Direct vet pay
- Yes
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Progressive
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In partnership with Pets Best, Progressive Pet Insurance offers innovative coverage options and seamless service to pet owners. With customizable plans and user-friendly technology, Progressive prioritizes peace of mind and protection for pets throughout their lives.
- Annual deductible options
- $50-$1,000
- Reimbursement percentage
- Up to 90%
- Claim turnaround time
- 2-7 days
- Enrollment age
- 7 weeks-no upper age limit
- Annual maximum coverage
- $5,000-unlimited
- Direct vet pay
- Yes
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Spot
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Spot Pet Insurance stands out for offering affordable and straightforward coverage options tailored to pets' essential needs. With a range of deductible options and reimbursement percentages of up to 90 percent of eligible expenses, Spot Pet Insurance ensures that pet owners can find a plan that fits their budget and coverage needs.
- Annual deductible options
- $100-$1,000
- Reimbursement percentage
- Up to 90% of eligible expenses
- Claim turnaround time
- 80 percent of direct payments made within 5 minutes
- Enrollment age
- 8 weeks minimum-no upper limit
- Annual maximum coverage
- $2,500-unlimited payouts
- Direct vet pay
- No
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Do you need pet insurance?
The value of pet insurance depends on various factors specific to your pet’s health and lifestyle and your financial situation. While pet insurance can provide peace of mind and financial relief, it isn’t always the right solution for everyone. Consider your ability to cover unexpected vet expenses and weigh that against the cost of coverage.
How do you pick a pet insurance company?
When selecting a pet insurance provider, consider your pet's breed, age and health, as well as your financial situation. These factors will guide you in determining the type of coverage you need. It's essential to shop around and compare policies to find a company that offers optimal coverage for your pet’s specific needs. You'll also need to consider how premiums, deductibles and coinsurance costs fit your budget.
Look for flexible plan options, transparent terms and a solid reputation for customer service to ensure you're making the best choice for you and your furry friend.
Find the right options
Before applying, research the following:
- Location: Ensure the company you are interested in operates in your state.
- Pet breed: Determine which hereditary or congenital health issues the breed is prone to developing. Then, look for a company that covers those conditions.
- Special needs: Breeders, exotic pet owners and horse owners will have fewer options than dog and cat owners.
- Pre-existing conditions: If your pet has any pre-existing conditions, check to see how the insurer handles these. Some insurance companies may offer coverage for curable pre-existing conditions or for clients who have been insured for a certain period.
- Waiting periods: Pet insurance waiting periods typically range from two to 14 days for accident coverage and 14 days for illness coverage. Additionally, some insurers impose longer waiting periods of six to 12 months for orthopedic conditions or cruciate ligament issues.
- Plan options and costs. If your budget doesn’t allow for a comprehensive plan, see whether you can make an accident-only plan work.
Before committing, read the fine print and familiarize yourself with the deductibles, reimbursement rates and annual limits. This will help you know what to expect for payouts and give you a solid footing if you need to fight the insurance company over a claim.
Look for discounts
Save some money by looking for a pet insurance company that offers discounts or diminishing deductibles (deductibles that decrease when you go a certain period without filing a claim).
Common discounts include multi-pet discounts for insuring more than one pet, military or veteran discounts and reduced rates for paying annually instead of monthly. Some providers also offer discounts through affiliations, such as employer benefits or veterinary partnerships, which can make pet insurance more affordable.
Talk to experts
It doesn't hurt to ask your vet for recommendations. Veterinarians and their staff deal with pet insurance claims regularly. They may be able to tell you which companies are more likely to accept your claim and reimburse you. Your vet may even know some loopholes that can help get procedures covered.
You should also consider expert pet insurance reviews and customer experiences to understand how a company handles claims.
Pros and cons of pet insurance
When deciding whether pet insurance is right for you, it's critical to weigh the benefits and drawbacks of purchasing coverage.
Pros
- Accessibility: Unlike human health insurance, most pet insurance policies allow you to visit any licensed veterinarian, specialist or emergency clinic.
- Access to comprehensive care: Pet insurance gives you the peace of mind to pursue the best treatment options without worrying too much about costs.
- Add-ons: Additional coverage for preventative care and wellness can include benefits like physical therapy, acupuncture, dog training and routine dental procedures.
- Customization options: Many pet insurance providers offer flexible plans you can tailor to your needs. You can choose between accident-only coverage, illness plans or even wellness packages that cover routine care like vaccinations and dental cleanings.
- Financial protection: Pet insurance can significantly reduce the burden of unexpected vet bills.
- Predictable costs: Pet insurance comes with a monthly or annual premium, which can help you budget for your pet’s health care expenses. This can be especially helpful for managing finances for costly treatments over time.
Cons
- Exclusions and limitations: Pet insurance often comes with exclusions for pre-existing conditions, hereditary or congenital issues and breed-specific conditions.
- Out-of-pocket expenses: With pet insurance, you typically pay the vet bills up front and then file a claim for reimbursement. Depending on the policy, it may take time to receive the reimbursement. This could pose a challenge if you are facing a significant upfront cost.
- Policy complexity: Understanding the details and exclusions of your policy can be challenging. You might encounter exclusions or restrictions for certain procedures or treatments.
- Premium costs: The cost of pet insurance premiums can add up over time, especially if you have multiple pets. Premiums also tend to increase as your pet ages, which can make the policy less affordable down the road.
- Waiting periods: Most pet insurance policies include waiting periods before coverage kicks in. If your pet develops an illness or injury during that time, they will not be covered by the policy.
Why the right pet insurance is important
Choosing the right pet insurance is crucial because it ensures your pet receives the best possible care without causing financial strain during emergencies or unexpected illnesses. The right coverage can help you avoid difficult decisions based on costs, giving you the flexibility to prioritize your pet’s health. It also provides peace of mind, knowing you're prepared for any medical issues that may arise throughout your pet’s life.
To fully reap the benefits of pet insurance, it’s essential to thoroughly read and understand your policy and any available add-ons. Ensure the details align with your pet's specific needs and your budget.
When embarking on the journey to find the best pet insurance company and policy, start by assessing your pet's potential needs and financial considerations. Take the time to shop around until you discover the perfect match that offers appropriate coverage at a price you can afford.