My eight-year-old male domestic short hair cat is mine. I’ve had Embrace pet insurance for a few years and have never had a claim, but they are actually going to raise my monthly premium—yes, double—now. I am changing pet insurance as a result.
The three that I found that could cover some preventive care and were within my pricing range are Metlife, Spot, and ASPCA.
Does anyone have any experience filing claims and utilizing any of their insurance plans? Are there any age limitations? Has anyone noticed a significant rise in their monthly fee upon renewal? Have you ever had to switch plans or have your coverage renewed. I’m not expecting any coverage for my cat’s pre-existing problems because Embrace wasn’t covering them in the first place, but I do want to be ready for anything that might come up in the future.
Any information would be greatly appreciated.
While I am aware that the ASPCA and Spot both welcome senior pets, I am unsure about MetLife’s policy because the company now has two underwriters drafting separate policies in separate states. Processing claims from the ASPCA might take a while—up to a month. Sometimes it seems like you have to keep an eye on them. They are an older business, having been founded in the early 2000s, but JAB Holdings, a private equity firm, has recently purchased them. Although Spot is significantly faster, users complain that they are pickier about paperwork and sometimes need a physical before they will settle claims. Spot was founded in 2019 and is now owned by private equity after being acquired by JAB Holdings. PetsFirst was acquired by MetLife. MetLife acquired PetsFirst, an established business founded in 2004, in order to broaden their range of insurance products. Depending on the state and underwriter you have, experiences with MetLife appear to differ quite a bit. There are two underwriters: MetGen, who is more giving, and IAIC, who is, I believe, more strict. According to several complaints, MetLife takes a long time to process claims and requires a lot of paperwork. Some claim that their experience was quite simple. I should warn you that almost all pet insurance companies currently either increase premiums or stop offering coverage. The industry is currently experiencing a significant price correction. Thus, I would anticipate a substantial premium hike. This is caused by a number of variables, including, of course, inflation as well as a sharp rise in veterinary expenses since 2020. In an effort to grow the market, pet insurance has also been relatively inexpensive recently. However, when prices increased, many businesses were unprepared. I believe that the era of inexpensive insurance is over. Pre-existing conditions are, of course, the main drawback when switching employers. Your cat is not at risk if they haven’t developed any new conditions. However, it is important to know if your veterinarian noted any “signs or symptoms” because those details may be utilized to prove a pre-existing disease. I would also be considering stability over the long run. This industry is going through difficult times, and not all businesses will survive them, in my opinion. Furthermore, I don’t want to be left with a useless policy. A business that has been operating for a while and is resilient enough to survive this significant downturn is the one I would choose.
The ASPCA has provided me with an extraordinarily good experience. All of my claims have been paid within a week, and so far this year alone, they have reimbursed me for almost $17,000. I have nothing but praise for them. This year, our rates did go up significantly, but I have already gotten more than twice the annual premium for one of my cats, so I can’t really complain. My pets are both still alive because of the ASPCA. I will always be with them.
We are delighted they saved your cats’ lives, which is why we should all, if at all possible, seek insurance for them. Thank you for sharing your story. Could you please tell me how much your premiums increased and what age your pets are.
Yes, precisely. There was a significant increase in my premium from $71 to $111 for my 10-year-old cat. My nine-year-old was $55 and now he is $84. My coverage is 90% reimbursed, with a $10,000 yearly cap and a $250 deductible. To be completely honest, I used to be a member of the veterinarian sales team at ASPCA Pet Health Insurance. I can tell you that a matrix that grows by a specific percentage dependent on the pet’s age is used to determine premium hikes. For almost every age group, the percentage varies. Therefore, your rates will remain lower for the duration of the pet’s life the younger you enroll it. Additionally, there is an increase that is determined by the typical vet care costs in the zip code in which you enroll them. At the ages of 3 and 4, my cats were enrolled in 2018 for $19 and $22, respectively, in the city of Chicago, which has the highest tier of veterinarian expenditures. Having said that, I am still overjoyed to have coverage. My nine-year-old became blocked and required hospitalization, along with a board-certified surgeon’s cystotomy. This week, my ten-year-old was recently diagnosed with GI lymphoma. His chemotherapy will cost about $900 a month for some time to come. That will be made possible by his insurance, which also enables us to provide for his comfort and happiness for as long as possible. Raising your deductible is the greatest option if you want to reduce your premium. It is not changed by the other factors much that much. Moving somewhere less expensive is the other choice.
I appreciate your insight. I had been curious about how the cost of the insurance goes up as your pet gets older. Although the premiums did go up when I signed up my dogs early, they didn’t seem to go up as much as they would have if someone had signed up their dogs later in life. That makes perfect sense, then. I do make an effort to advise individuals to purchase pet insurance as soon as possible if they plan to have one in the future. Not only does it make sense for the pre-existing exclusions, but it also makes sense in terms of premium.
