When comparing the best pet insurance in Colorado, you want to know exactly what each policy covers and how much the insurance company will reimburse you for expenses. Here are a few things that will help you compare your options.
Premium
When applying for a pet insurance plan, you must provide your pet’s age, gender, breed and location. This information helps the insurer calculate your monthly payment, known as your premium.
For example, if you have a younger pet, you’ll likely pay less for coverage. Likewise, if you live in a smaller rural city like Crested Butte, coverage may not cost as much as someone living in a metropolitan area like Denver, where vet costs tend to be more expensive.
Deductible
Before you can receive a reimbursement for your vet bills, you must reach the policy’s deductible. Many pet insurance companies let you select your deductible. Depending on the insurer, options can range from $50 to $1,000.
Reimbursement level
You can typically select the portion of your vet bills your insurer will reimburse. Standard options include 50%, 70%, 80% or 90%. Some companies, like Figo, offer 100% reimbursement plans. Selecting a lower reimbursement level will usually lower your coverage cost.
Maximum annual coverage limit
Many pet insurers apply a maximum, annual coverage payout. This means the insurer only reimburses you for expenses up to your annual limits. While some plans apply coverage limits, for example, $5,000, others have unlimited payouts.
Related: What Does Pet Insurance Cover?