Business Insider's Pet Insurance Review Methodology

How Business Insider Rates Pet Insurance

With the rising cost of pet healthcare, it's increasingly important to be prepared in case your furry family members get sick. One option for paying those bills is pet insurance.

Business Insider's personal finance team is here to help you find the best pet insurance for your needs and the needs of your pet. Ultimately, a good pet insurance company boils down to what you get and how much you pay for it. Let's go a little deeper into our analysis.

Depth of Coverage (40%)

Flexibility (25%)

Pet insurance generally gives customers a variety of deductible, coinsurance, and coverage limit options.

Deductibles can range from $100 to $1,000 annually. Coinsurance often ranges from 70% to 90% but can go as low as 50% or as high as 100% in some instances. Coverage limits will vary widely depending on the provider and plan; some companies offer unlimited coverage.

Just because an insurance provider offers more coverage doesn't automatically make it a better insurance company. For example, some companies only offer unlimited coverage, which can be cost-prohibitive for some pet owners. Instead, we look for a wide variety of coverage options to suit a diversity of needs.

We also look at the variety of riders that a company offers and how customizable it is, so pet owners can tailor their policy to their needs and exclude coverages they don't want.

Lastly, we look at availability, as some insurance companies will not cover pets over a certain age or pets that live in a certain state.

Exclusions/Inclusions (15%)

This category considers the actual benefits included in (and excluded from) coverage. Certain benefits are often excluded from coverage, such as vet fees, dental care, and prescription food. We also consider the length of waiting periods for certain conditions, like knee and ligament conditions, which often have waiting periods of up to six months.

Under this category, we also consider how a pet insurance company defines and covers preexisting conditions. Some companies distinguish between "curable" and "noncurable" conditions and treat them differently.

If your pet was cured of a preexisting condition and is asymptomatic and treatment-free for a waiting period, which ranges from six to 12 months, some companies will cover that condition again. Others exclude known conditions for the entirety of your pet's life. Coverage for noncurable preexisting conditions is exceedingly rare.

Cost (40%)

Average Premiums (30%)

When we assess the price of pet insurance, we obtain quotes from pet insurance companies using the same information, so we can compare companies on equal footing. These quotes are then compared against the benefits offered by a company, as cheap premiums don't necessarily mean a company is more worth it, and vice versa.

We also look at how pet insurance companies adjust premiums each year. Some adjust premiums based on inflation and the cost of pet care in your area, while others increase premiums based on your pet's age, which is known as birthday pricing.

Discount Opportunities (10%)

Here, we consider any discounts a service offers, like multi-pet discounts, bundling opportunities, or other ways that pet owners can save money on their policy.

Customer Service (15%)

We look at customer reviews from multiple sources to assess how well a pet insurance provider treats their customers and pets. We pay special attention to how quickly claims are paid and and issues with unfair denials. We also see if the company offers any additional ways to ease the claims process, such as direct pay.

In addition to customer reviews, we consider any additional features a provider offers to improve the customer service experience, such as mobile apps or 24/7 assistance.

Unique Features (5%)

We've set aside a part of our methodology for unique features that a pet insurance company might offer. Perhaps they're the only company that offers a certain coverage benefit, like coverage for incurable preexisting conditions or coverage for an exotic pet. Maybe a company has a significant philanthropic division that may resonate with certain customers. Regardless of the specifics, this is where those unique features are acknowledged.

How Editor Ratings Are Assigned to Pet Insurance

Once we assess a provider, we score the company in all categories from 1 to 5. We weigh these scores according to our percentages, which yields the final score.

We have reviewed a lot of excellent insurance companies striking a balance to serve customers better. These include both general providers and those offering specialty coverage.

Pet Insurance Providers We've Reviewed

Pet Insurance by State

Paul Kim

Senior Associate Editor at Personal Finance Insider

Paul Kim is a senior associate editor and personal finance expert at Business Insider. For over two years, he has edited and reported on various personal finance subjects, from financial crimes to insurance. ExperiencePaul currently leads Personal Finance Insider's insurance coverage. He breaks down complex insurance topics and reviews insurance companies so readers can make an informed choice. Previously, Paul led PFI's credit score coverage, writing and editing stories debt, improving your credit score, and protecting your credit report.Before joining Business Insider in 2022, Paul reported on local restaurant, retail, and real estate developments in Metro Atlanta. He was also the managing editor of his college newspaper at NYU. He also spent some time as a boba shop barista. Paul believes in a reader-first approach to service journalism, addressing the questions readers need answering and writing stories that understand that personal finance isn't one-size-fits-all. As a personal finance editor in his 20s, Paul recognizes how deeply smart financial decisions will impact members of his generation is eager to uncover the mysteries of personal finance to help his readers succeed. ExpertisePaul's list of expertise includes:

Retail investing
The stock market
Debt management
Credit scores
Credit bureaus
Identity theft and protection
Insurance

EducationPaul Kim studied journalism and public policy at NYU with a minor in food studies. When he’s not writing and editing personal finance stories, Paul searches for a decent recipe substitute for cilantro, aimlessly wanders around New York City, and desperately tends to his money tree. He has also spent a significant amount of time building expertise in watermelon picking.