Is cheap pet insurance
worth it?
Is cheap pet insurance
worth it?
You’ll find pet insurance plans out there that are really cheap. But there’s a good reason for that.
We’re worth every penny!
As vet costs continue to rise, more humans are grabbing health insurance plans for their pets, as well as the rest of the family. So if things go wrong, they can easily be put right.
But before you dive straight in and pick the cheapest pet medical insurance you can find – did you know that some of the cut-rate plans out there won’t cover anything when your pet gets sick?
Let’s dig a little deeper into the cheap plans and sniff out the bits you should be thinking about when picking your pet’s coverage.
Cheap pet insurance: weighing up the real costs
You’ll find plans out there that are really cheap. But there’s normally a good reason for that. They might help you save on your monthly payments, but they only cover injuries – and not a single illness. Yep, you read that right.
These are called ‘accident-only’ plans.
Now, accidents do happen. Sometimes, we’ll spot a squirrel or a mouse and we just can’t help getting ourselves into a tight spot during the chase.
But, let’s face it – almost every pet will be ill at some point in their life. With an accident-only policy, you’ll foot the full cost of treatment when your cat or dog is sick. So, if they pick up a parasite or – worse – develop cancer, your insurance won’t pay a dime towards the cost of their treatment.
What else do I need to think about?
The fine print. To keep things cheap, some plans cut corners. Here’s what you need to look out for.
They don’t cover treatments in the long-term
Some cheap pet health insurance plans won’t cover ongoing care for a newly diagnosed condition into a new plan year. If your pet develops a chronic condition (meaning one which sticks around for life), you might find yourself facing a real problem.
Let’s say your pet’s diagnosed with diabetes this year. A cheap pet insurance plan provider might stop covering the cost of their insulin after your plan renews next year.
And when you start looking into alternatives, you’ll find that at that point, no one will cover your pet for their diabetes – because they already have it. So the cost of all their medication lands on you to take care of, and you alone.
Limits can be tricky to figure out
Almost every immediate pet insurance plan puts a limit (or ‘cap’) on how much they’ll pay out for your pet’s treatments. But what varies is how they calculate it. Your insurer might set a limit on how much you can claim for each plan year. Or in total across your pet’s lifetime. Or for each claim. Or a combination of all three!
A limit of $10,000 on how much an insurer will pay out during your pet’s lifetime is very different to having an annual cap of $10,000, which resets when your plan renews. Cheap pet insurance providers sometimes set low lifetime limits, so a plan can be a false economy – and it doesn’t do your pet any favors.
And if there’s a high annual limit, but a low lifetime limit, the annual limit might not seem so generous for long. Make sure you check in on all the details and think about how things will end up working together.
We don’t want to make you do that kind of math yourself, while you’re just trying to do the right thing for your pets. So we only set annual limits, to keep things simple.
When plans aren’t based on real fees
Some cheap pet insurance companies set fixed amounts they’ll pay to cover specific veterinary procedures and treatments. They often label these, or talk about them, as ‘usual and customary’ fees – so keep an eye out for that.
By setting fixed fees for each type of treatment, dealing with claims becomes really efficient. Which is cost-effective for the provider, and they then pass on some of those savings to their customers.
That might sound good at first, but the big problem with this type of plan is that the fixed fees might be less than what your vet actually charges. Especially if you live in a state with higher vet fees, like New York or California.
If your plan doesn’t pay you back based on the full cost of your pet’s care, you’ll end up being responsible for covering the difference. Which might be much more than you bargained for.
Picking your pet’s insurance plan
We know that with everything we’ve just talked about on your mind, picking a plan can start to feel a little overwhelming. So here are some bits and pieces to keep in mind.
Plans are cheaper when your pet is younger
It’s possible to get more out of your pet insurance by signing up early, while your pet’s still a kitten or puppy. For example, pick out a plan that starts the moment they move into your home. (Or put it into place as soon as you adopt them, if they’re a slightly older animal.)
Pet insurance doesn’t cover pre-existing conditions, so treatment for an illness that develops before the plan’s set up won’t be covered by anyone later down the line.
Don’t wait until you spot something going wrong to get your pet’s plan. It’s a big risk to take – especially when their premiums are so much cheaper while they’re young.
Check in with your vet before picking your plan
Getting quotes and setting up your best friend’s pet insurance online is super quick, but it might be worth popping into the clinic first for a quick chat.
Your vet can tell you what your pet’s health risks might be, based on their breed, and let you know how much various treatments might cost. Their advice could help you pick out the right coverage and high enough limits to help your pet stay healthy in the long run.
Look into prescription drug coverage
Whether it’s for something simple or serious, many pets will need a prescription at some point in their life. And some will need medication for most of their life. So you’ll probably want to pick out a plan that covers the cost of prescription drugs.
Because out of your own pocket, even $25 a month for your pet’s allergy pills can really add up over the years.
We don’t think it’s fair to vanish after only paying for a vet’s consultation fee, so all our plans come with this type of cover.
Think about more comprehensive cover
Both dogs and cats are living longer than ever (good for us!) but this doesn’t mean we’ve invincible. Sadly. So a plan which covers accidents and sicknesses, including coverage for cancer and chronic diseases can be really valuable.
We believe in flexibility, and not leaving anyone out. So, we offer protection against nearly every problem with your pet's health. Then we let you pick and choose your deductible, limit and co-pay, to help you set up monthly payments that work for you.
Affordable plans or cheap pet insurance?
The cheapest pet insurance option isn’t necessarily the best when it comes to pet insurance.
You have to pick what works for you and your pet.
And we don’t want to trim things down to compete on price, when we know the upshot is that some pets will get left without the coverage they really need. It’s not fair on them, and it’s not fair on you. Likewise, we don’t offer accident-only policies – they’re cheap pet insurance plans, but it shows, because they don’t give pets everything they might need.
So we’ve created one affordable best pet insurance plan that you can tweak to help get every cat and dog in your menagerie the right care they’re not feeling their best.
If that sounds good to you – ready to get a quote?
Share this
You might be interested in
The best pet insurance
and the best Pet Advisors
Pet insurance plans can be complicated – even when you’re dealing with a program like TrustedPals that puts you and your cat or dog first. Claims can be particularly challenging, which is why we’ve got a specially trained team of humans that can help you with the process.
We’re worth every penny!
As vet costs continue to rise, more humans are grabbing health insurance plans for their pets, as well as the rest of the family. So if things go wrong, they can easily be put right.
But before you dive straight in and pick the cheapest pet medical insurance you can find – did you know that some of the cut-rate plans out there won’t cover anything when your pet gets sick?
Let’s dig a little deeper into the cheap plans and sniff out the bits you should be thinking about when picking your pet’s coverage.
You’ll find pet insurance plans out there that are really cheap. But there’s a good reason for that.
Cheap pet insurance: weighing up the real costs
You’ll find plans out there that are really cheap. But there’s normally a good reason for that. They might help you save on your monthly payments, but they only cover injuries – and not a single illness. Yep, you read that right.
These are called ‘accident-only’ plans.
Now, accidents do happen. Sometimes, we’ll spot a squirrel or a mouse and we just can’t help getting ourselves into a tight spot during the chase.
But, let’s face it – almost every pet will be ill at some point in their life. With an accident-only policy, you’ll foot the full cost of treatment when your cat or dog is sick. So, if they pick up a parasite or – worse – develop cancer, your insurance won’t pay a dime towards the cost of their treatment.
What else do I need to think about?
The fine print. To keep things cheap, some plans cut corners. Here’s what you need to look out for.
They don’t cover treatments in the long-term
Some cheap pet health insurance plans won’t cover ongoing care for a newly diagnosed condition into a new plan year. If your pet develops a chronic condition (meaning one which sticks around for life), you might find yourself facing a real problem.
Let’s say your pet’s diagnosed with diabetes this year. A cheap pet insurance plan provider might stop covering the cost of their insulin after your plan renews next year.
And when you start looking into alternatives, you’ll find that at that point, no one will cover your pet for their diabetes – because they already have it. So the cost of all their medication lands on you to take care of, and you alone.
Limits can be tricky to figure out
Almost every immediate pet insurance plan puts a limit (or ‘cap’) on how much they’ll pay out for your pet’s treatments. But what varies is how they calculate it. Your insurer might set a limit on how much you can claim for each plan year. Or in total across your pet’s lifetime. Or for each claim. Or a combination of all three!
A limit of $10,000 on how much an insurer will pay out during your pet’s lifetime is very different to having an annual cap of $10,000, which resets when your plan renews. Cheap pet insurance providers sometimes set low lifetime limits, so a plan can be a false economy – and it doesn’t do your pet any favors.
And if there’s a high annual limit, but a low lifetime limit, the annual limit might not seem so generous for long. Make sure you check in on all the details and think about how things will end up working together.
We don’t want to make you do that kind of math yourself, while you’re just trying to do the right thing for your pets. So we only set annual limits, to keep things simple.
When plans aren’t based on real fees
Some cheap pet insurance companies set fixed amounts they’ll pay to cover specific veterinary procedures and treatments. They often label these, or talk about them, as ‘usual and customary’ fees – so keep an eye out for that.
By setting fixed fees for each type of treatment, dealing with claims becomes really efficient. Which is cost-effective for the provider, and they then pass on some of those savings to their customers.
That might sound good at first, but the big problem with this type of plan is that the fixed fees might be less than what your vet actually charges. Especially if you live in a state with higher vet fees, like New York or California.
If your plan doesn’t pay you back based on the full cost of your pet’s care, you’ll end up being responsible for covering the difference. Which might be much more than you bargained for.
Picking your pet’s insurance plan
We know that with everything we’ve just talked about on your mind, picking a plan can start to feel a little overwhelming. So here are some bits and pieces to keep in mind.
Plans are cheaper when your pet is younger
It’s possible to get more out of your pet insurance by signing up early, while your pet’s still a kitten or puppy. For example, pick out a plan that starts the moment they move into your home. (Or put it into place as soon as you adopt them, if they’re a slightly older animal.)
Pet insurance doesn’t cover pre-existing conditions, so treatment for an illness that develops before the plan’s set up won’t be covered by anyone later down the line.
Don’t wait until you spot something going wrong to get your pet’s plan. It’s a big risk to take – especially when their premiums are so much cheaper while they’re young.
Check in with your vet before picking your plan
Getting quotes and setting up your best friend’s pet insurance online is super quick, but it might be worth popping into the clinic first for a quick chat.
Your vet can tell you what your pet’s health risks might be, based on their breed, and let you know how much various treatments might cost. Their advice could help you pick out the right coverage and high enough limits to help your pet stay healthy in the long run.
Look into prescription drug coverage
Whether it’s for something simple or serious, many pets will need a prescription at some point in their life. And some will need medication for most of their life. So you’ll probably want to pick out a plan that covers the cost of prescription drugs.
Because out of your own pocket, even $25 a month for your pet’s allergy pills can really add up over the years.
We don’t think it’s fair to vanish after only paying for a vet’s consultation fee, so all our plans come with this type of cover.
Think about more comprehensive cover
Both dogs and cats are living longer than ever (good for us!) but this doesn’t mean we’ve invincible. Sadly. So a plan which covers accidents and sicknesses, including coverage for cancer and chronic diseases can be really valuable.
We believe in flexibility, and not leaving anyone out. So, we offer protection against nearly every problem with your pet's health. Then we let you pick and choose your deductible, limit and co-pay, to help you set up monthly payments that work for you.
Affordable plans or cheap pet insurance?
The cheapest pet insurance option isn’t necessarily the best when it comes to pet insurance.
You have to pick what works for you and your pet.
And we don’t want to trim things down to compete on price, when we know the upshot is that some pets will get left without the coverage they really need. It’s not fair on them, and it’s not fair on you. Likewise, we don’t offer accident-only policies – they’re cheap pet insurance plans, but it shows, because they don’t give pets everything they might need.
So we’ve created one affordable best pet insurance plan that you can tweak to help get every cat and dog in your menagerie the right care they’re not feeling their best.
If that sounds good to you – ready to get a quote?
Share this
You might be interested in
The best pet insurance
and the best Pet Advisors
Pet insurance plans can be complicated – even when you’re dealing with a program like TrustedPals that puts you and your cat or dog first. Claims can be particularly challenging, which is why we’ve got a specially trained team of humans that can help you with the process.
