Pet Insurance Options: Trupanion Recognized by Consumer Reports

** This is a guest post written by a friend, Heather Reynolds.

First, here is my introduction to this post. Since I’ve been talking about pet insurance – and it seems to me that more and more pet owners are buying policies now-a-days (according to statistics from companies like PetInsurance.com, etc.) – I got an insider’s professional view of the pet insurance industry. Many of you either commented or emailed me after the last post with tales of how pet insurance saved your animals’s lives, or how you WISHED you had bought it when you had the chance because you now have $6k in vet bills…

Heather Reynolds works for Trupanion here in the U.S. So since we already discussed pet insurance and pet health earlier I thought I’d allow a guest post rrom a knowledgeable industry rep. on the whole pet insurance concept. Heather is representing Trupanion, a pet insurance company based in Seattle. Although it’s fairly new to the industry in the U.S., the company has been thriving in Canada for the last decade, and actually ranks 5th in Google for the term “pet insurance.”

In fact, recently, the pet insurance industry was reviewed by Consumer Reports and Trupanion was named as thee one company that provides everything Consumer Reports looked for in a preferred plan.

The report states, “We prefer coverage with simple, percentage-based payouts, and no reliance on judgments of what’s ‘reasonable’.”

Trupanion offers one simple plan, pays a straight 90% of veterinary costs, and does not impose ‘reasonable’ fees. There is no payout limit over the life of the pet and no limits per year, claim, illness, procedure, or condition. The report also looked at two specific scenarios in which pet insurance could be applied – one in which the dog was basically healthy and one in which the dog had chronic problems.

While none of the nine policies reviewed would have been cost-effective for the healthy dog scenario, Trupanion provided the highest net benefits for the chronically-sick dog scenario.

Another portion of the review told the story of two cats with rare conditions – one young, one old. In this scenario, Trupanion’s coverage paid the most for both cats, at both the $100 and $500 deductible levels. Check out the full report here. Also, check out Trupanion’s blog here.

Anyhow, here is Heather’s guest post: (thanks Heather!)

None of us want to think of something disastrous happening to our beloved pets. But the truth is that three out of four pets require emergency medical treatment in their lifetimes. With veterinary costs rising every year, it’s getting harder and harder to pay for needed veterinary treatments.

This is where/when/how having pet insurance will help.

First, be wary – there are many pet insurance carriers out there, some of them “less than reputable” to put it nicely, and so choosing the policy that’s  right for your pet(s) can be a daunting & sometimes confusing task.

Here are a few tips on getting started with pet insurance coverage:

1. Do your research. Check out www.petinsurancereview.com for an unbiased review of several pet insurance companies.

2. Use word-of-mouth. It’s well-known in the Marketing and PR industry today that word-of-mouth advertising beats any ad you’ll see on TV, hear on the radio, or see online or in a magazine. So visit some pet forums (i.e. Iggy Planet, Petfinder, PetLovers.com or The Nest) and search for the term ‘pet insurance’. (Most forums already have a chat room open and lively for this topic.) Chances are that you’ll find other people asking the same exact questions — and perhaps they’ve received solid advice. Also, there’s no harm in asking friends, neighbors, people you know from the dog park, and/or even your vet for their experiences and/or preferences. (Be sure to explain you’re not asking their OPINION on the concept – just if they have pet insurance and who it’s through…)

3. Get quotes. Visit several pet insurance websites and receive quotes for each pet you want to insure. This will give you up-to-the-minute pricing that may be outdated on other sites.

4. Read the fine print. Many pet insurance companies only disclose ‘reasonable costs’ and other fees in their fine print, which many people don’t see until they actually have to file a claim.

ThoughtsFurPaws recently published a post about Petplan. I would like to tell you a little bit about Trupanion, a different pet insurance company. Recently, the pet insurance industry was reviewed by Consumer Reports. The report reviewed nine policies from four companies, including Trupanion. After comparing all companies against certain veterinary scenarios, Consumer Reports determined what they would prefer in an insurance company. They state: “We prefer coverage with simple, percentage-based payouts, and no reliance on judgments of what’s ‘reasonable’.”

Trupanion mirrors those preferences by offering one simple plan, paying a straight 90% of veterinary costs, and not imposing ‘reasonable’ fees. There is no payout limit over the life of the pet and no limits per year, claim, illness, procedure, or condition.

You can read the full report here: http://www.consumerreports.org/cro/money/insurance/pet-insurance/is-pet-insurance-worth-the-cost/overview/index.htm.

Just as with human health insurance, pet insurance is only financially beneficial if your pet becomes seriously ill or injured. But also like human health insurance, it’s extremely beneficial to have in place if the unthinkable happens. You don’t want to have to wait to make a medical decision so you can ‘crunch the numbers’, and you don’t want the financial stress piled on top of the emotional pain you feel when your pet is sick.

You do so much to protect your pets… so it only makes sense to protect your pocketbook as well by investing in pet insurance.

 Top 5 Reasons to Choose Trupanion

No Payout Limit – No dollar limit on the cost of care if your pet becomes sick or injured.
Higher Payout – We cover 90% of your veterinarian’s bill.
Fast Approval – We approve and pay claims faster than any other competitor.
No Penalties – You are never penalized with higher rates for submitting claims.
Fair Premiums – Premiums won’t increase due to your pet aging.

Heather Reynolds is a pet lover and internet journalist at Trupanion. Feel free to contact her with any questions related to cat and dog insurance at heather.reynolds@trupanion.com.