A Guide to Pet Insurance and Leading Providers

Just like humans, pets need proper healthcare, but veterinary expenses can be significant. To protect yourself from unexpected costs, consider investing in pet insurance—a rapidly growing industry since 2014. Recent reports show that the total premiums for pet coverage have reached nearly $2.6 billion this year.

What is pet insurance? Pet insurance works similarly to human health plans, with owners paying monthly premiums that accumulate over time. In case of health emergencies or surgeries, the plan helps offset the costs, making pet healthcare more affordable.

Most policies cover accidents and illnesses but typically exclude conditions such as behavioral issues, grooming, hereditary or pre-existing conditions, dental diseases, routine check-ups, and preventive care. It’s advisable to purchase a healthcare plan early in a pet’s life when they are healthy. Although premiums tend to increase as your pet ages, the high cost of treatments—ranging from $5,000 to $10,000 for severe conditions—justifies having insurance. Most insurers reimburse a percentage of vet bills, so pet owners should anticipate some out-of-pocket expenses.

The cost of insurance varies depending on factors like age, breed, species, and location. 

Top 4 Insurance Providers The booming pet insurance sector has introduced new players while strengthening established brands. Here are four leading companies in the industry:

PetsBest
PetsBest’s flagship plan, the BestBenefit Accident and Illness Coverage, protects against emergencies such as accidents, cancers, and chronic health issues. Additional coverage options include physical rehab and routine care, available as add-ons.

Trupanion
Unlike many insurers that exclude hereditary conditions like hip dysplasia, Trupanion provides coverage for breed-specific issues and chronic illnesses, including diabetes and cancer. Plans typically reimburse 90% of treatment costs and offer direct payments to veterinary clinics, simplifying the claims process.

Healthy Paws
Healthy Paws offers unlimited coverage with no caps, making it highly popular. Its policies cover accidents, illnesses, cancer, chronic conditions, emergency care, diagnostics, and even alternative therapies such as acupuncture. Submitting claims is easy, via a mobile app where owners upload vet bills.

Figo
Figo stands out with plans offering up to 100% reimbursement, flexible options, and competitive pricing. The platform allows customization based on deductible limits, and the cloud-based app makes managing policies, uploading documents, finding vets, and payments straightforward. Plans include Essential, Preferred, and Ultimate, each offering different coverage levels.