Best Pet Insurance for Dogs | The Ascent – The Motley Fool

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There are 69 million households in the U.S. that own at least one dog, accounting for 70% of all households. Dogs are an important part of the family, but 4 out of 5 pet owners are unable to afford a $5,000 vet bill. This is where pet insurance can help you care for your dog. Our expert review will help you find the best pet insurance for dogs.
Many pet insurance companies exclude pets with hereditary and congenital conditions or have age requirements for dogs to qualify. ASPCA Pet Health Insurance plans have coverage for hereditary and congenital conditions and cover dogs regardless of health conditions. ASPCA has no age limits for illness coverage enrollment and does not require an exam before pet owners get reimbursed for claims. ASPCA has a 14-day illness and accident waiting period. Pet owners can choose reimbursement from 70% to 90% of covered vet costs. ASPCA's plans have an annual deductible and an optional add-on for preventative care with no waiting period. ASPCA also offers a 10% multiple pet discount for each additional pet. ASPCA has been providing pet health insurance since 1997.
Embrace has a feature called the "Healthy Pet Deductible." For every year a dog owner doesn't receive a claim reimbursement, the deductible is reduced the next year by $50. This means if you have a $200 deductible and do not have a claim for four years, then your deductible will be $0. Once you submit a claim, the Healthy Pet Deductible resets. Waiting periods for Embrace are just two days for accidents and 14 days for illnesses, compared to 14 to 30 days for others. Many insurers also do not cover the cost of a dog's exam fee, but Embrace covers the exam fee for all covered accidents and illnesses. With Embrace, dog owners can choose reimbursement from 70% to 90% of covered vet costs. Its plans have an annual deductible and an optional add-on for preventative care. Embrace also offers a 10% multiple pet discount for each additional pet and a 5% military discount. Embrace has been providing pet health insurance since 2003.
Lemonade is a pet insurance company that uses AI to process claims quickly through its digital app. Lemonade can cover dog owners in seconds and states that claims will be approved in minutes. The insurer also offers renters, homeowners, and car insurance. Pet owners can receive a 10% bundle discount if they use Lemonade's other services and a 5% multi-pet discount. Lemonade is a public benefit corporation, a corporation created to generate social and public good. Its goal is to operate in a responsible manner while making a positive impact. Lemonade donates a portion of profits to meaningful causes customers choose, including animal welfare organizations.
Spot Pet Insurance offers pet insurance with customizable options for dog owners. Many pet insurance companies offer a limited selection of coverage options, but Spot allows dog owners to choose tailored policies, the reimbursement percentage they want, the annual limit, as well as the annual deductible. Spot offers an unlimited annual limit and there is no cap on the annual claim limit after the deductible is met. Spot is one of the few pet insurance companies that offer a 100% coverage option. It also offers low deductibles and a variety of preventive pet insurance options. Spot plans include coverage options for alternative therapy, behavioral training, and vitamins and supplements. Spot has a 14-day illness and accident waiting period and an optional add-on for preventative care with no waiting period. Spot also offers a 10% multiple pet discount for each additional pet. United States Fire Insurance Company underwrites all Spot Pet Insurance plans and has been providing pet insurance since 2006.
Figo has no lifetime maximum for care. There is also no per-incident cap, meaning there is no maximum for claim payments by condition type. While no plan covers pre-existing conditions, Figo may cover pre-existing conditions considered curable if your dog shows no signs or symptoms within 12 months of the last treatment. Figo also offers the Figo Pet Cloud app. Dog owners can use the app to connect with other pet owners, find pet parks, pet daycare centers, and more. Through the app, Figo offers free 24/7 access to a licensed veterinarian to help during emergencies. Figo has a 14-day illness and one-day accident waiting period. Dog owners can choose reimbursement from 70% to 100% of covered vet costs. Its plans have an annual deductible and Figo offers a 10% multiple pet discount for each additional pet. Figo has been providing pet health insurance since 2015.
Fetch offers one comprehensive plan that includes what other pet insurance companies charge extra for or don't cover at all. The plan includes comprehensive dental, breed-specific conditions, and holistic care. Fetch's holistic coverage includes physical therapy, acupuncture, homeopathic, hydrotherapy, and chiropractic care all at no extra charge. Even supplements are covered as long as the pet's vet recommends them for a covered condition. Since Fetch has only one comprehensive plan that covers many services, the monthly premium might be higher than other pet insurers. It doesn't have a cheaper coverage option for accidents and illnesses only, and it also doesn't cover routine and preventive care. Fetch offers a patent-pending technology that provides tailored insights and recommendations on your dog's future health. It also sends a topical, monthly newsletter designed to help dog owners take action and improve their pet's happiness. Waiting periods vary state to state but they are no longer than 15 days. Fetch offers discounts up to 10% for members of the military, AARP members, support pets, and vets and their employees.
Most pet insurance companies are on a reimbursement basis. Dog owners have to pay the vet bill out of pocket and wait to get reimbursed from the pet insurance company. Trupanion pays the veterinarian directly, which means dog owners pay less out of pocket. Trupanion's software technology allows the veterinarian to file the claim in-office. Dog owners do not have to submit claims themselves and wait for approval and disbursement. They just need to pay their portion of the vet bill and Trupanion deals directly with the vet. Trupanion states that it can work with every hospital across North America. Trupanion has no payout caps or limits, and unlike many other pet insurers, it does not automatically increase premiums every year due to the aging of your dog. Trupanion also has flexible deductibles and hundreds of pricing options, including a $0 deductible. As opposed to annual deductibles that pet owners have to pay every year with most pet insurers, Trupanion's deductible is a condition-based, lifetime deductible that pet owners pay only once per issue and all its complications. Trupanion has a five-day waiting period for injuries and a 30-day waiting period for illnesses. Trupanion reimburses 90% of covered veterinary costs that arise from a pet getting sick or injured. The insurer has been providing pet health insurance since 1998.
Healthy Paws offers a single pet insurance plan that covers new accidents and illnesses, including injuries, cancer, genetic conditions, alternative and emergency care. Unlike some pet insurance plans, the Healthy Paws plan has no maximum limits on payouts; no per incident, annual, or lifetime caps. Healthy Paws doesn't require claim forms. Dog owners need to just take a photo of their vet bill and submit it through the mobile app or the online Healthy Paws customer center. Healthy Paws pet insurance plan includes coverage for alternative medicine, like acupuncture, hydrotherapy, herbal, massage, laser therapy, chiropractic, and homeopathy. The plan covers a holistic approach to the treatment of illnesses, looking at all aspects of a pet's life, including diet and lifestyle, to find and effectively treat the root causes of a problem. Healthy Paws has a 15-day illness and accident waiting period. For dogs enrolled before the age of 6, there is a 12-month waiting period for hip dysplasia. Dog owners can be reimbursed up to 90% of their vet bills. Healthy Paws has been providing pet health insurance since 2009.
Pet health insurance can help cover the veterinary costs for unexpected accidents and illnesses. Pet insurance reimburses you on your veterinary bills when your dog gets sick or injured. It can help you afford the best course of treatment for your dog while protecting you against financial setbacks. The right pet insurance policy can give you peace of mind that your dog is taken care of without being a financial burden.
Average premiums costs range from $20 to $50 a month. The cost for pet health insurance is based primarily on four factors:
Wellness coverage typically costs $20-$25 per month and is rolled into comprehensive coverage policies. For most pet owners, the cost of a wellness policy is what they would pay out of pocket anyway, so it may not be worth getting a standalone wellness plan.
Different pet insurance companies offer different pet coverage options for dogs, so you may have to do some research to find the best pet health insurance for your dog. Depending on the plan, pet insurance policies can cover:
Accident coverage covers injuries and emergencies related to accidents, like torn ligaments, bite wounds, cuts, broken bones, swallowed objects, and toxic ingestions. It can also include a wide variety of services related to accidents, such as X-rays, MRIs, ultrasounds, bloodwork, sutures, medications, hospitalization, and surgery.
Illness coverage reimburses for the costs of major and minor illnesses, such as cancer, arthritis, hypothyroidism, ear infections, digestive problems, and urinary tract infections (UTIs). It can also cover expenses from diagnosing the health condition to the treatments your dog needs to get better.
Prescription medication can help alleviate pain, reduce inflammation, or fight off an infection. They can also cover medication to manage chronic conditions, such as thyroid problems. Many plans also cover prescription food and supplements to help your dog with certain health conditions.
Other common services a pet insurance plan for dogs can cover are hereditary conditions, congenital conditions, chronic conditions, emergency care, specialty care, alternative treatment, surgeries, wellness policies, and much more. Each pet insurance company will offer different coverage options.
Even the best pet insurance companies have exclusions, which are things not included in your dog's coverage. It is important to understand what they are to avoid any surprises. Here are the most common pet insurance exclusions for dogs.
Any medical condition that a pet has before the policy starts is subject to exclusion. Some pet insurance companies review the past 24 months or a pet's entire life to establish pre-existing conditions. This also includes hereditary disorders. Some plans do not cover certain breeds due to the fact they are predisposed to certain medical conditions.
Most plans have a rider that offers preventative care. If not included, however, pet owners will have to pay for routine veterinary care out of pocket. If pets get sick due to pet owners not vaccinating their pets, then treatments will likely not be covered.
Most policies do not cover cosmetic surgeries or expenses not directly related to veterinary care. This typically covers tail docking, ear cropping, nail trimming, and cosmetic dental restoration for teeth such as veneers and crowns.
A bilateral condition is a condition or disease that affects both sides of the body. If pets have a problem with parts of their knees, hips, and other conditions that can impact both sides of a pet's body, then they are not covered. Because a pet runs a higher risk of the same condition on the other side of the body, if a pet has a pre-existing instance of a bilateral condition, the other side is typically not covered. Certain policies restrict the condition to just the first year. So if the problems arise after 12 months, then they will be covered.
Pet owners typically have to pay for costs related to pregnancy, breeding, or whelping. 
Insurance companies won’t cover deliberate injuries by a pet owner or anyone in the household. Injury and illnesses from fighting, racing, cruelty, or neglect are also not covered.
Most pet insurance policies have a traditional waiting period of two weeks. Some injuries, like bilateral problems, have other specific time periods.
There are many different companies offering different pet insurance plans for your dog. As you research them, here are some important things to keep in mind.
There are three types of pet insurance coverage: accident-only, accident and illness, and wellness coverages. Each level determines the type of care your dog is covered for as well as the cost.
The cost of a plan will depend on a variety of factors. Different pet insurance companies will offer additional endorsements that you can add to the policy. Here are other ways you can customize your pet insurance plan for your dog.
When shopping around for the best pet insurance for your dog, you should look at the different costs and coverage. You should choose an insurer that has experience and knows what it is doing when it comes to providing pet insurance. Read reviews and research how long an insurer has been in business. Also research the insurer's claims process to ensure it is easy to submit a claim. The goal is to find an insurer that offers affordable options that provide the best level of coverage to fit your needs.
Yes, some breeds of dogs cost more to care for than others. As a result, dog insurance policies take into account your dog's breed, age, location, and other factors such as annual limit, reimbursement amount, deductible, and coverage options when determining the cost for pet insurance.
Yes, older dogs require more care so insurance companies charge higher premiums. Premiums are typically lowest for younger dogs since they tend to be healthier.
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur and financial planner with over two decades of experience in the personal finance space. He is a graduate of the United States Military Academy at West Point and a Lieutenant Colonel in the Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
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