Red Flags When Shopping Around for Pet Insurance
When it comes time to shop around for pet insurance, there are a few things you’re going to want to look out for. While shopping around is important, so is knowing what features are really important and which ones can be sacrificed in the name of saving money.
When evaluating and comparing pet insurance companies, you will want to answer these key questions:
- How long has the company been in business?
- How long have they been in the pet insurance business?
- How many pet owners have they served, and how many of those experiences were good ones for their customers (i.e., no claims filed or reimbursements made)?
- What types of pets do they cover?
- What are the details of their coverage, and how much does it cost (i.e., how many premiums will you have to pay each month)?
- Can you deduct the pet insurance premiums from your taxes?
It’s also important to be weary of certain red flags when shopping for your dog or cat’s health insurance.
Companies that charge higher premiums for certain breeds or require you to pay extra for certain services
The first thing to look out for when shopping around for pet insurance is any company that charges higher premiums for certain breeds or requires you to pay extra for certain services. Some companies may charge more because they consider a specific breed more likely to develop certain medical conditions, while others may make the assumption that a service like routine dental care or microchipping is not necessary if your dog doesn’t have teeth or a collar (or both).
Companies that offer very low prices
When shopping around for pet insurance, you’ll likely come across companies that offer very low prices. While this may seem like a good thing, it might actually be a red flag. Some companies may be trying to attract new customers with low prices, but then raise the premiums once you have signed up.
If you’re looking at two different pet insurance plans and one has significantly lower premiums than the other, check out the company’s history and reputation before signing up!
Companies that offer a free quote but will not give you a price over the phone
If the company offers a free quote but will not give you a price over the phone, it may be a scam. They want your information, but they don’t want to give any of theirs.
Companies that require an annual maximum limit on their policies, or those charging high deductibles not related to your pet’s medical conditions
You may see annual maximum limits on pet insurance policies. If your dog gets sick and needs expensive treatment, the insurance company will pay for the first year of treatment, but then stop paying after that point. This means that if your dog gets cancer and requires chemotherapy or radiation treatments every week for months at a time, you could be stuck paying thousands of dollars out of pocket each month until their policy runs out.
Your best bet is to avoid companies with these types of limitations because they’ll only cause you headaches in the future when something goes wrong with one of your pets’ health issues–and trust us: Something WILL go wrong!
Companies with different rates based on age groups, regions and types of coverage
Another red flag is if the company has different rates based on age groups, regions and types of coverage. In general, older pets will cost more than younger ones because they’re at greater risk of developing chronic conditions such as cancer and arthritis over time – but some companies will have an additional fee associated with older pets even after taking into account these risks!
Companies that offer only one type of plan
It’s a good idea to be aware of the details of the insurance plan. Ask about the deductible and how it works. This is the amount you must pay out-of-pocket before your pet’s medical expenses are covered by the insurance company. You might also want to know if there are any limitations on using certain types of treatment or hospitals, so that you can make an informed decision about where to go for care. Also ask about coverage limits (i.e., what percentage of costs will be reimbursed). Some plans may have higher coverage limits than others; however, some policies may have lower ones as well–it all depends on what type of pet owner you are and how much money you’re willing/able spend on veterinary care each year!
The best way to make sure you’re getting the best pet insurance is to do your research. You should never be afraid to ask questions, and if you feel something doesn’t seem right about a company or policy, don’t hesitate! There are many other options out there for you and your dog–and some of them might even save money on top of it all.
