Want the best pet insurance? Look for these three things

Nobody likes to spend more than they have to, particularly in an economy still feeling the consequences of inflation and high interest rates. Against this backdrop, it becomes particularly important to get the most value out of all products and services. That means moderating costs while not having to sacrifice too much in quality.

For pet owners looking for pet insurance, it's crucial to get a cost-effective and reliable policy. Owners will want to avoid overpaying for a plan, but they should also be careful not to underpay and thus get stuck with a hefty bill the next time they head to the veterinarian. To this end, there are multiple items to look for when trying to get the best pet insurance. Owners who understand these three items will give themselves an advantage when it comes time to secure a policy.

If you're in the market for pet insurance then start by getting a free price quote now.

To get the best pet insurance look for these three items

Pet insurance doesn't work exactly like other traditional insurance types. Accordingly, owners should be well-versed in the following three items.

Pre-existing conditions

This is arguably the most important thing to look for when trying to secure quality pet insurance. That's because most pet insurance providers won't cover your pet for pre-existing medical conditions. What exactly qualifies as a pre-existing condition? That depends on the policy and provider, although most operate similarly.

"A pre-existing condition is any injury or illness which occurs or shows symptoms before coverage starts or during a waiting period," Spot pet insurance explains. "A condition is considered pre-existing whether or not it's been officially diagnosed or treated; all that matters is when it occurred or symptoms first displayed."

This generally means that owners should be proactive when getting pet insurance. If they wait, and their dog or cat develops one of these conditions, they will have to be content with getting coverage only for other care. Or, they could wait until the condition clears and they can re-apply. Neither alternative is preferable (nor cheaper) than applying when your pet is still young and healthy. Coverage options will be robust and prices will generally be more manageable.

Start checking pet insurance prices here to learn more.

Deductibles

If you have health insurance or car insurance then you already know how a deductible works. It's the amount you'll pay first before your insurance protections then kick in. Pet insurance operates the same way. Pet insurance deductibles range from $100 to $1,000 or more, depending on the provider and the policy. 

Typically, a higher deductible will mean lower pet insurance costs and vice versa. So make sure you have a figure in mind that you can comfortably afford. Some owners may elect to go with a higher deductible while others may be better suited for a less expensive one. Just don't go into the pet insurance process expecting not to pay for anything - a deductible is part of the deal. 

"The lower your deductible, the quicker you can cover it and the sooner you'll get paid back. However, a lower deductible can also lead to a higher premium. A higher deductible will reduce your premium since it'll take longer until you get paid back," Fetch by The Dodo explains online.

Breed coverage options

Pet insurance isn't one-size-fits-all. Each pet is different. There is no one standard policy (or cost) for dogs and another for cats. Each pet is viewed on a case-by-case basis, although the specific breed will play an important role. In short: Breeds known for a poor medical history will have fewer coverage options (at a higher price point) than healthier breeds. 

For example, a Goldendoodle dog will generally be cheaper to insure than a French bulldog with breathing issues. Similarly, Bombay cats will have more coverage options than Abyssinian cats known for upper respiratory ailments. This doesn't mean that pet insurance isn't valuable for Frenchies or Abyssinian cats, too. It just means that it may cost a bit more and the policy may be more restricted than it would be for other breeds thought to pose less of a financial burden to the insurer.

The bottom line

Pet insurance can be both valuable and reasonably priced. To improve your chances of getting a policy that's both, it pays to understand the nuances around pre-existing medical conditions and deductible amounts. It's also smart to know how different breeds are covered by a prospective pet insurance plan to better manage costs and expectations.