Owning a pet is such a rewarding experience, but it’s also a huge responsibility that can be very costly. If a pet sustains an injury or suddenly falls ill, pet owners may encounter hundreds or even thousands of dollars in unforeseen costs. This is why many people choose to purchase pet insurance.
Most pet insurance plans have similar basic coverage, but can differ greatly in price, benefits, and extras. To help owners decipher which one is most suited to their needs, here’s a look at the top pet insurance companies in 2023…
Embrace
Pet owners who choose Embrace will never have to worry about vet exam fees for illnesses and accidents. They have one of the shortest waiting periods for accident coverage at only 48-hours. You’ll also get a “diminishing deductible” which reduces the deductible by $50 each year there isn’t a claim paid. Customers also have access to a 24/7 pet health line.
Some potential downfalls are caps on dental illness coverage ($1,000 per year) and a 6-month waiting period for coverage of orthopedic conditions. If your vet is able to do the orthopedic exam after the policy is purchased, this waiting period is waived. Another potential con is that they don’t have a variety of options for annual coverage and deductibles.
ManyPets
ManyPets has one of the lowest prices for unlimited annual coverage, including vet exam fees for illness and accident visits. Plus their plans are available in over 40 states. An unusual but enticing offer by ManyPets is that if a customer switches from another insurer they’ll reduce the wait period for illness or accidents from 15 days to 24-hours.
Areas where they fall short against other companies are not covering pet behavioral therapy or alternative therapies, and no access to a 24/7 pet health line.
NationWide
NationWide has a longstanding reputation as a reliable insurer. They have been offering pet insurance since 1982 and according to Investopedia, now insure over one million pets. They are also one of the few companies that will cover exotic pets, in addition to cats and dogs.
Some of their perks include coverage of any vet, specialist, or emergency care provider in the world, free access to a 24/7 vet help line, and comprehensive insurance coverage of unconventional animals. Potential cons are enrolling pets before the age of 10, one deductible option ($250), and limits on reimbursements for common procedures and conditions.
Spot
Unlike other pet insurance companies with set plans, Spot will adjust benefits so they fit into the customers budget. Similar to other pet insurance companies, they offer a 24/7 pet health line and cover vet office fees for illness and accidents, microchips, and have short waiting periods. Customers with more than one pet enjoy a 10-percent multi pet discount.
Additional perks are their preventative care plans and no maximum age limit which means pet owners can insure older cats and dogs. The only downfall with Spot is that the waiting period for accident coverage can take up to 14 days. This is much longer than some of their competitors who have a waiting period of only one or two days.
Figo
Figo offers a wide variety of options to their customers not only in coverage, but also reimbursement and deductibles. They are adamant about working with their customers to help them find what works best for their budget. Another selling point is that the 24-hour waiting period for accident coverage and access to a 24/7 pet health line.
A standout feature of Figo is an upgrade option for special circumstances, such as advertising for rewards of lost pets, vacation cancellation due to pet emergency, and loss of a pet from straying or theft. They also have a Figo Pet Cloud to help owners connect with one another and find pet-friendly establishments, as well as routine wellness plans.
Potential cons are that they do not cover dental illness or vet exam fees (can be added at extra cost). They only cover prescription food under an upgraded plan and there is a 6-month waiting period for orthopedic problems. Similar to Embrace, this can be waived if a vet signs an orthopedic conditions waiver within 30-days of policy.
Pets Best
Another good low cost option is Pets Best. They offer a wide range of deductible choices (between $50 and $1,000) to help people budget around potential claims. Other selling points are their three day waiting period for accident coverage, a multi pet discount of 5-percent per pet, routine wellness plans, a 24/7 pet health line, and the ability to pay the vet directly so customers aren’t waiting for reimbursement fees.
Where Pets Best doesn’t meet the standard of some competitors is they don’t cover alternative therapies, processing fees for customers who do monthly payments, and a 6-month waiting period for orthopedic conditions.
Lemonade
Lemonade is one of the most affordable options on this list with a competitively priced low monthly cost. According to Forbes, they also have one of the lowest pet insurance rates for puppies and kittens.
However, their affordable price comes at a cost. Customers don’t get access to a 24/7 pet health line, no coverage for behavioral or alternative therapy, prescription food, or microchipping. There’s also a 6-month waiting period for coverage of cruciate ligaments and vet visit fees are only covered at an additional add-on cost.
