How to Compare Pet Insurance Lifetime Coverage Plans

Approximately 40 percent of pet owners are concerned that they won't be able to pay for the medical bills of their animal companions, reports a 2010 study conducted by GfK Custom Research North America. Pet insurance may be able to help. Some pet insurance plans promise lifetime coverage, meaning the policy will cover a portion of your pet's medical bills even if your pet has a chronic illness, like diabetes. Because pet insurance plans vary widely depending on the insurance provider and the specific plan, compare your options carefully to ensure you get the best deal for the coverage you want.

• 1

  Solicit quotes from at least three pet insurance companies. The more quotes you obtain, the better your chances of finding the cheapest pet insurance plan for your pet. Be prepared to provide your pet's details, including age, weight, species and breed, gender and any pre-existing medical conditions.

• 2

  Read the plan policy--or talk to an insurance representative--to determine if the plan has a maximum lifetime benefit limit or cap, recommends the state of Illinois' Department of Insurance. Just because the plan is marketed as a lifetime plan doesn't mean it will pay for an unlimited amount of bills. The higher the maximum lifetime benefit, the better.

• 3

  Check how comprehensive the coverage is, advises the Insurance Information Institute. Ideally, the plan shouldn't just cover medical costs incurred by disease or injury, but also cover preventative and maintenance bills, such as routine vaccinations and check-ups.

• 4

  Ask if you're required to take your pet only to veterinarians in the insurance plan's network, suggests "USA Weekend." Some plans let you visit any vet, while others have a restricted list. The more freedom you're given for visiting a vet, the better, especially if your pet has a sudden emergency and the nearest in-network vet is located far from you.

• 5

  Check the maximum payouts per incident, warns AARP's official magazine. On top of your deductible--the amount you have to pay before the insurance policy kicks in--the plan may have a maximum payout for a bill. Some insurance plans have very low benefit ceilings per bill or incident. For example, if your dog requires a $10,000 surgery and you have a deductible of $25 plus a maximum benefit of $3,000 per case, you'll still need to pay $6,975 out of your pocket.

• 6

  Ask how your bills are handled. CNN warns that some insurance plans require you to pay the medical bills upfront before filing a claim, while others work directly with the vet so you don't have to pay upfront. When your pet is facing major medical bills, paying upfront may be impossible for you.