The Best Pet Insurance Companies for March 2022

When your pet gets sick, vet bills can add up fast. The right pet insurance can protect your pet and your bank account -- here's how.



The data doesn't lie -- Americans love their pets. It's estimated that dog owners spend between $500 and $1,000 on their pups annually, while cat owners spend approximately $600 a year. That doesn't even include the costs of owning multiple pets or the inevitable pet ownership expenses that fall outside of routine medical care, which can be significant. If a family pet gets seriously sick, vet care could set a pet parent back by thousands of dollars.

Enter pet insurance. A good pet insurance policy can help mitigate unexpected and hefty vet bills -- and policies with wellness coverage may pay for all of a routine exam fee, plus prescription medication. Yet, only 26% of pet owners have pet insurance, despite the fact that two-thirds of pet owners reported they could not afford unexpected vet expenses, as reported in a 2021 Liberty Mutual survey.

If you struggle to pay for vet care or are just looking for a way to minimize your out-of-pocket costs, pet insurance may be worth the investment. We've evaluated six of the top pet insurance companies to help you decide if pet insurance could save your family money, while protecting your pet.

Figo is our pick for the most comprehensive pet insurance plan available. It offers best-in-class 100% reimbursement for covered expenses with $5,000, $10,000 or unlimited annual benefits (complete with 70% to 100% reimbursement). Like other carriers, preexisting conditions, preventative dental care, elective procedures and routine wellness are not covered unless you purchase a separate rider.

You can create your own custom plan to include coverage for veterinary exam fees and other wellness care. Figo also offers an extra care pack with coverage for lost pet advertising, vacation cancellation for pet emergencies, boarding fees, pet theft or loss, up to $10,000 per policy for third-party property damage liability and cremation or burial expenses. 

Like most traditional pet insurance policies, you'll need to pay for your vet bills up-front and then file for reimbursement through the Figo Pet Cloud mobile app, online or by faxing or emailing your paid invoice. Reimbursements are issued within 10 business days by mailed check or five business days via direct deposit. The Figo Pet Cloud app also lets you store your pet's vet records online and connect with other pet parents in your area.

Waiting period and eligibility requirements:

There's a one-day waiting period for accident coverage and the industry standard 14-day waiting period for illness coverage. Figo will insure pets once they're eight weeks old and there's no upper age limit. 

Discounts:

Figo offers discounts for multiple policies and up to 10% discounts for employees at participating vets. Costco members are eligible for a 15% discount on Figo pet insurance.

For the lowest monthly premium and a solid array of policies for both accident and illness protection, we recommend Pets Best. This insurance provider offers inexpensive insurance coverage for pet parents. It can be a bit cumbersome to sort through all the conditions included and not included in its three tiers of policies, but doing so is worthwhile to ensure you opt for the right level of coverage.

Pets Best has plans that cover routine vet visits and for an additional $16 to $26 per month will cover the cost of vaccines, spay/neuter services, bloodwork, heartworm preventatives – a rare find in the pet insurance industry. 

Like Figo, Pets Best is a reimbursement insurance plan. You can file a claim by snapping a picture of your paid invoice and uploading it via the mobile app or online website, answering a couple of questions then submitting it for reimbursement. You can also file via email, fax or mail by submitting their claims form and a copy of your paid, itemized vet invoice. Pets Best states you can expect reimbursement in as little as two days with direct deposit or five to seven days by paper check.

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