GEICO is a leading property and casualty insurance company serving millions of home and auto owners throughout the United States. Although GEICO is well-known for its insurance coverage for consumers, the company has recently expanded its product line to include insurance for pets as well. Both dogs and cats may be covered under a GEICO pet insurance policy, and the company offers a range of coverage options that are customizable to fit a pet owner’s specific needs and wants. This GEICO pet insurance review will look at what GEICO is, the benefits, and the costs and drawbacks.
GEICO Pet Insurance is Administered by Embrace Pet Insurance.
|Monthly Premium||Dog: $13|
|Deductible||$100 – $1,000|
|Coverage||Accidents, Illness, Behavioral Therapy, and Prosthetic Limbs|
What is GEICO Pet Insurance?
As a consumer-focused insurance company, GEICO has been in operation providing both home and auto insurance for nearly a century. Headquartered in Maryland, GEICO, short for the Government Employees Insurance Company, has a long-standing reputation for offering affordable auto insurance coverage. Under the company’s newer pet insurance department, GEICO has teamed up with Embrace pet insurance to provide pet owners options for protecting against financial loss for routine pet wellness exams, accident and emergency veterinary care, and treatment for illnesses like cancer.
The Benefits of GEICO
In partnership with Embrace pet insurance out of Ohio, GEICO pet insurance plans cover a range of common health issues among dogs and cats, including:
- Conditions specific to a pet’s breed
- Treatment for cancer
- Testing and imaging for diagnostic purposes, including X-rays, Ultrasounds, and MRIs
- Hospitalization, surgery, and ongoing nursing care
- Therapies and rehabilitation for injuries or illnesses
- Specialist care
- Emergency room care
- Exam fees charged by the vet
- Optional prescription drug coverage
Each insurance policy offered through GEICO pet insurance covers the expenses related to these conditions, up to the limits of the plan. Pet owners also have the option to opt into Wellness Rewards by Embrace pet insurance which offers reimbursement for care not included in the comprehensive insurance plan. This means routine exams, vaccinations, shots, teeth cleanings, and other essentials may be covered up to policy limits when Wellness Rewards is added to a GEICO pet insurance plan.
One of the most notable benefits of a GEICO pet insurance policy is the level of personalization that can be selected when signing up for a new plan. Instead of covering 90 percent of veterinary expenses eligible for reimbursement, GEICO pet insurance policies give pet owners the ability to select either 65 percent, 80 percent, or 90 percent coverage as part of the comprehensive plan.
Additionally, pet owners can select an annual limit of $5,000, $10,000, or $15,000, as well as a deductible that best fits their financial needs. GEICO also offers several discounts to qualified members, including automatic payment discount, enlisted or veteran military discount, annual payment discount, multi-pet discount, and spayed or neutered discount. Each discount is equal to a 5 percent premium reduction.
In addition to flexibility in structuring a pet insurance policy, GEICO provides a vast library of educational resources for pet owners on its website. Articles about routine pet care, emergency or urgent care needs, and being healthy and active with a pet are all included at no cost to GEICO policyholders. The insurance company also provides access to a 24/7 hotline through which pet owners can ask questions and receive guidance from qualified veterinarians if a potentially serious health condition arises with their pet.
The Costs and Drawbacks
GEICO pet insurance policies range in cost, based on the selected options put in place by the policyholder. Pet owners who select a higher reimbursement rate, a greater annual limit, or a lower deductible will be charged a higher premium month to month. Adding the Wellness Rewards through Embrace pet insurance also adds $2-4 to the monthly premium for GEICO policyholders, as does the addition of the prescription medication coverage. On average, a GEICO pet insurance policy costs between $40 and $80 per month.
Although GEICO pet insurance offers the most personalized coverage to pet owners, policies do have some inherent drawbacks. First, pet owners do not receive reimbursement of veterinary expenses when a pet is seen or receives care for a pre-existing condition. Similarly, prosthetic limbs and pet training are not covered by GEICO pet insurance policies. Pet owners must also wait up to 14 days before accident and illness insurance coverage can be used, and each pet covered on a policy must have visited a vet within the last 12 months.
While GEICO pet insurance policyholders can use any veterinary clinic they wish, a detailed invoice of the care provided with associated cost is required to be sent directly to GEICO after care is received. The insurance company has the right to increase the cost of the pet insurance policy at each anniversary, based on the health care trends of the pet covered.4.74 Geico Pet Insurance