How Many Types of Pet Insurance Exist?

How Many Types of Pet Insurance Exist

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Whether you have one four-legged friend or you have an entire room of them – they’re all equal to you. Since pets are part of your family, you should protect them by taking them to the vet every time they suffer an injury, become ill, or develop a certain condition.

However, comparing pet insurance policies and plans to find the best type of pet insurance is challenging, especially if you don’t know anything about it. However, it’s not something you can skip, as learning about the types of pet insurance plans on the market is mandatory, and you will need to spot the best option that suits your pet’s needs.

Without further ado, let’s check them all out.

Types of Pet Insurance

Pet insurance companies offer different benefits and cover specific treatments and conditions, and you can read about them in the fine print of the policy you sign up for.

Here are the most popular types of insurance:

  • Accident insurance
  • Illness insurance
  • Wellness Insurance
  • Exotic Pet Insurance

Below, we will take a deeper look into each category.

Accident-Only Pet Insurance

Many pet insurance companies provide accident-only plans but don’t offer the best care for your furry friend. Numerous pet parents choose this option because it’s one of the cheapest policies, offering a fixed amount of money for every new wound or injury. Still, you should know that this policy doesn’t include any illnesses in its coverage, so you might need to pay for your pet’s health conditions on your own.

Whether you’re a parent of a young pet or a senior one – you must be aware that pet conditions are quite common. Up to 90% of the insurance claims are about pet illnesses, which means that accident-only cover may become the most expensive plan.

Remember that getting the right policy coverage is crucial even from the first moment because it’s not easy to switch it once your furry roommate is faced with an illness or health matters, including pre-existing conditions.

Illness Insurance

Accident and illness insurance plans for pets cover the most common treatments when your pet gets sick or hurt. Illness pet insurance will refund the money you spent on surgery, hospitalization, medications, and X-rays. This insurance plan is very efficient, but remember that insurance companies have an age limit for this type of policy. 

Wellness Insurance

Wellness pet insurance plans are rare because most companies skip adding them to their list of options. This policy covers wellness exams once a year, preventative care, vaccination, spray, and dental care like teeth cleaning. You can buy this plan for an additional fee as an add-on to your existing policy.

Some vet offices and clinics encourage pet parents to use their pet’s wellness plan only in their hospitals or in those that work together with them.

Exotic Pets Insurance

The last pet insurance we will discuss today is the exotic pet insurance plan. This pet insurance plan is built to refund the money pet owners spend on health matters for their pets belonging to reptiles, birds, and small animals. Since there are many animals of this type, just a few companies offer this policy. Nationwide is one of them,  and it provides Avian & Exotic Pet policy, which covers preventative care, illnesses, and accidents for exotic pets.

Which Type of Pet Insurance is Best

There isn’t one type of pet insurance to rule them all. 

When choosing the best plan for your pet, you should pay attention to your pet’s needs, age, genetic health problems, and even possible illnesses. If you’re an owner of an unusual pet, then exotic pet insurance is the best option for you, but if you have a dog or a cat – an accident and illness plan is the most suitable one.

However, no matter which type of insurance you pick for your furry friend – don’t forget to read the policy carefully, even the fine print at the bottom of the contract. Remember that it’s best to purchase the insurance policy before you and your pet need it because that way, you will deal with the vet bills easier if the unpredicted happens.

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