10 Best Pet Insurance of 2024

By and large, pet insurance companies offer two major types of coverage: comprehensive coverage (accident and illness) and accident-only. There are a few pet insurance providers that allow more flexibility letting you mix and match illness and accident coverage, or purchase certain conditions a la carte. Some companies also offer wellness plans as add-ons. Wellness plans cover the animal for routine care, vaccinations, neutering, etc. 

No pet insurance plan covers pre-existing or congenital conditions if they are present before purchasing the policy. And some have waiting periods for specific congenital conditions (hip dysplasia, cruciate ligaments), during which no claim will be allowed.That being said, each company has its own definition of pre-existing condition. Some define it as any condition that your pet may have been treated for but has recovered from in the past year or six months.

Costs can vary widely, with an accident-only policies usually being the cheapest option. Pet insurance premiums depend on a multitude of factors. Location, age, and breed all play a major part. Also, the type of plan, deductible choice, reimbursement percentage choice, and benefit limit choice all play a part.

Your plan deductible is how much money you will have to come up with before the pet insurance company starts paying. Higher deductibles ($1,000 for example) translate into lower monthly premiums. A deductible is not to be confused with a co-payment. 

Let's say you have a $500 annual deductible and have chosen an 80% reimbursement level. During the course of that year, you will have to pay 100% of vet bills for the first $500, after which your pet insurance plan kicks in 80% of all medical bills. You then get a $1,000 vet bill for surgery. Pet insurance pays $800 and you pay $200. The $200 is your co-payment.

Benefit limits come in a variety of combinations. Some of our top plans feature flat-out 100% unlimited lifetime coverage for all illnesses, procedures, and conditions. This means that after you pay your deductible, there will be no upper limit the company will pay to cover your pet's medical bills. 

Sometimes plans will say they offer unlimited annual or lifetime coverage, but still set caps by condition—meaning they'll theoretically pay an unlimited amount in the aggregate, but still have dollar  amount limits per condition. Some companies will set per-condition caps AND total annual caps. 

Still others will set lifetime limits per condition. There are also individual plans that allow you to choose your annual benefit limit in the same way you choose your reimbursement percentage or deductible. Naturally, higher benefit limits will equate to more expensive premiums.

Finally, the reimbursement model is how the pet insurance company calculates reimbursement for a procedure. Some companies will pay the actual cost of your vet bill (minus your deductible and copay), while others will only reimburse procedures based on a benefits schedule. Benefit schedules are based on the average cost of a procedure nationwide. Most companies will only use one method. However, it is possible to use different methods for each plan.

Most pet insurance companies have you pay the bill yourself, then reimburse you after you file the claim. They can either do this by sending you a check, or in some cases through direct deposit (obviously the speediest option). A few providers will pay your veterinarian or veterinary hospital directly.