Pet insurance companies use actuarial science, a discipline that uses statistical methods to analyze and manage risk, to determine premium costs and coverage.
According to NerdWallet, the average monthly pet insurance premium cost for dogs is $42.52, while for cats it is $22.12.
Embrace Pet Insurance offers a decreasing deductible feature, which reduces the policyholder's deductible by $50 for every year without a claim.
ASPCA Pet Health Insurance has no upper age limit for pets, meaning that even older pets can still be insured.
Spot Pet Insurance, according to Money, covers alternative therapy treatments like acupuncture and chiropractic care.
Pets Best offers a multi-pet discount, providing a 10% discount on premiums for insuring multiple pets.
Lemonade Pet Insurance uses artificial intelligence and behavioral economics to process claims quickly and efficiently.
Figo Pet Insurance offers a 24/7 live virtual vet service for policyholders to consult with veterinarians at any time.
Healthy Paws Pet Insurance has a 15-day waiting period for accidents, the shortest among the top-rated pet insurance companies, according to Forbes Advisor.
Pumpkin Pet Insurance provides coverage for preventative care and routine checkups, including vaccinations and dental cleanings.
AKC Pet Insurance offers a 30-day money-back guarantee, allowing policyholders to cancel their policy within the first 30 days for a full refund.
According to a Wirecutter review, Healthy Paws Pet Insurance has no annual or lifetime coverage limits, meaning that there is no cap on the amount of coverage provided.
Nationwide Pet Insurance, while not in the top-rated companies, offers exotic pet insurance for animals like birds, reptiles, and rodents.
Pet insurance plans typically do not cover pre-existing conditions, and policyholders should check with individual companies for specific exclusions.
Many pet insurance companies offer wellness plans that provide coverage for routine care, such as spaying or neutering, vaccinations, and dental cleanings, in addition to accident and illness coverage.
Pet insurance companies may offer discounts for pet owners who work in specific professions, such as military personnel or first responders.
According to Forbes Advisor, the average claim amount for pet insurance is $257, with the most common claim being for skin conditions.
Pet insurance companies may have different definitions of what constitutes an "accident" or "illness," and policyholders should carefully review their policies for specific details.
Pet insurance policies often have a waiting period, typically ranging from 14 to 30 days, before coverage becomes effective.
Pet insurance companies may require annual veterinary exams for policyholders to maintain coverage or qualify for certain discounts.