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There is a question that is always asked, yet never firmly answered, “Is pet insurance worth it?”. I think there is a misinterpretation of what having pet insurance means when you take your pet to see the veterinarian.
First, pet insurance works on a claims basis, so when you go to the vet, you will still be expected to pay your bill when you leave. Typically, pet insurance can take anywhere from 30-90 days to pay out that claim. They request a claim form to be filled out by the animal hospital and some even have a number code system to list diagnosis.
VPI Pet insurance: www.petinsurance.com is by far the most commonly used pet insurance that I see my clients use. Although, they do state that they, “cover pre-existing conditions as long as the condition is temporary” and they do not cover, “breed-specific hereditary conditions”. So for example, if you own a labrador or a golden retriever they are genetically prone to hip dysplasia, allergies, ear infections, etc. In my clients experience if those problems occurred, they were not reimbursed.
ASPCA Pet Health Insurance: www.aspcapetinsurance.com also lists not covering “congenital and hereditary disorders and pre-existing conditions”
The AKC Pet Healthcare Plan: www.akcphp.com seems to have a long list of things always excluded, such as, ” chronic renal failure, diabetes, elbow and hip dysplasia, osteoarthritis, and obesity”.
PetCare Pet Insurance Program: www.petcareinsurance.com says they “do not cover pre-existing conditions” but they do say depending on you policy they will cover “70%-90% of hip dyplasia”. I have an acupuncture client who currently has a policy with this company and her dog needed back surgery, then caught pneumonia at the surgical specialists, and it was all covered amazingly by this insurance company.
Pets Best Insurance: www.petsbest.com claims to “cover hereditary conditions once per lifetime” but to what limit I am not sure. I was however surprised to find out that they do cover acupuncture, and holistic therapies on a standard plan. Usually alternative veterinary medicine is not openly advertised as being covered by pet insurance. Although, I have found that they have made exceptions.

So, with all that said, I think there is not one insurance company that covers everything under the sun. I think if they did, their premiums would be much higher. So knowing what you know now, if you are considering pet insurance, the sooner you get it in your pets lifetime the better. For example, puppies are not going to have as many pre-existing conditions as a 10 year old dog. When considering a company to start a policy with, the key is research. Read all the fine print so your pet will not get caught in an exclusion you did not know about. Also, if you have a pure bred dog, I would ask for their lists of exclusions or what they deem as “hereditary” conditions to that specific breed. Pet insurance is a lot like car insurance, they have a ranking of coverage ( ie: silver, gold, platinum). I have found that some clients think that a certain condition is covered and when they submit their claim, they are surprised to find out that coverage was not referring to their level of coverage.

I think pet insurance is a good concept and in most cases does pay for itself. Most pet insurance has an option to fully cover annual exams, vaccines, sterilization surgeries, flea prevention etc. BUT the key is, that is an “added” on coverage. So remember knowledge is power when it comes to being reimbursed by pet insurance companies.