Pet Insurance Coverage, Redefined | Trupanion (2024)

FAQs

Does pet insurance reset every year? ›

If your pet has more health issues within the same year, the insurance would continue to help cover the costs since you've already met the deductible. But once your policy renews, your deductible will reset and you'll need to pay it again before receiving more insurance coverage.

How do pet insurers know about pre-existing conditions? Depending on your insurer, when you submit a pet insurance claim, they will typically request your pet's medical records to evaluate the claim and determine if the issue predates your waiting period.

Cost of care: Vet costs have gone up over the past few years. Pet insurance may adjust their premiums to help cover the added cost. New city: Pet insurance rates are partially based on costs of care where you live. If you recently moved, your premium may reflect higher costs in your new area.

Why veterinarians think pet insurance can be worth it. Similar to how humans don't want to face medical bills without health insurance, uncovered vet bills can also be challenging. "If an emergency arises and treatment/surgery is required, it can reach into the thousands of dollars to resolve the situation.

An annual limit is the maximum amount of money your pet insurance provider will pay per year once you've met your annual deductible. For example, if you have a pet insurance policy with an annual limit of $10,000 but you have $12,000 worth of expenses, you're responsible for $2,000 of those expenses.

In that case, you will pay the first $500 before your insurance pays its portion of the remaining eligible expenses. Most pet insurance companies offer multiple deductible options per policy, so consider your budget and how much you are comfortable paying out of pocket.

Some of the most common things pet insurance does not cover are: Pre-existing illness or injury - In general, insurers will not cover illness or injury that your pet had or showed signs of having before the policy started.

A pre-existing medical condition (PEMC) is an illness or injury you had before your policy began or was renewed. Examples of pre-existing medical conditions include, diabetes, asthma, high cholesterol or a long-term back condition.

Depending on your provider, you can use accident coverage as soon as 48 hours after signing up. Illness coverage usually has longer waiting periods, beginning at 14 days. However, even these short periods make it important to shop for insurance before your pet gets sick or hurt.

On average, pet insurance costs $60 per month for dogs and $32 for cats, based on quotes gathered by the MarketWatch Guides team. The cost to cover your pet may vary, but this type of insurance can offer financial protection against high-cost and emergency vet visits.

Why is Trupanion so expensive? ›

Trupanion is among the most expensive pet insurance providers we have reviewed nationwide. The company likely charges higher costs because it features a standard 90% reimbursem*nt rate and an unlimited coverage model.

Unfortunately, TRUP stock continues to struggle to find its footing. The shares are down almost 27% year to date, compared to a 4.8% decline in the share price of pet insurance rival Lemonade (US:LMND). Contributing to Trupanion shares' recent volatility stands a bearish assessment from analysts at PAA Research.

Insurers cover diagnostic tests, surgery, hospitalization and even physical therapy if it's necessary to treat injury or illness. But even the best pet insurance companies exclude checkups, vaccinations, grooming and other recurrent pet care expenses.

About half, or 44.6%, of pet owners stated they currently have pet insurance in our survey. On a larger scale, NAPHIA's 2022 State of the Industry Report found that more than 4.41 million pets were insured in North America in 2021, up from 3.45 million in 2020.

A: Typically, pet insurance premiums are not deductible. However, if your pet is a certified service animal, the insurance costs directly related to their health care may qualify.

How does the Year-Policy Calendar work? Most health plans run on a calendar year deductible. The deductible year usually begins on January 1st and ends on December 31st. The deductibles are reset every January 1st.

Every 12 months you need to renew this insurance contract to continue with your cover. We will contact you before your renewal date with full details of your premium, excesses, policy coverage and Terms and Conditions for the next policy year.

The typical waiting period is 14 days, particularly for illness coverage. Some pet insurance providers have a waiting period of only a few days for accident coverage. Hereditary conditions such as hip dysplasia typically have much longer waiting periods — up to a year.

What does Time Limited cover mean? Time Limited is a type Pet Insurance that covers your pet for accidents and illnesses from when symptoms start. When the policy limit is reached or when 12 months have passed (whichever happens first), you will no longer be covered for vet fees for that particular accident or illness.