A Vet's Review of VPI Pet Insurance

by Frances Wilkerson, DVM

This review discusses coverage and payout structure

To get the most from this review, please read the Guide to Pet Insurance first.
For a detailed look at VPI, see VPI's Comparison Sheet.



Overview

VPI has offered pet insurance since 1982. This review refers to the following dog and cat plans: VPI Superior, VPI Standard, VPI Major Medical, and VPI Medical.

** VPI Major Medical and VPI Medical Plans are newer plans and not available in all states yet.


Coverage Overview

In general, VPI Pet Insurance covers examinations, diagnostics and lab tests, surgery, treatments, hospitalization, and prescription medications for accidents/injuries and illnesses as long as the condition is not pre-existing, has not occurred during the waiting period, and you have not reached your maximum payout.



Coverage For Chronic Diseases & Continual Coverage For Chronic Diseases

Chronic diseases listed in the benefit schedule are covered, as long as the condition is not pre-existing, has not occurred during the waiting period, and you have not gone over the maximum annual, per incident payout limits and benefit allowance for the diagnosis/treatment.

Unfortunately, the benefit schedule structure makes it too difficult to determine how comprehensive the chronic disease coverage will be. It would take too much time to check the benefit schedule against every known chronic disease. It would be much easier for the consumer if VPI stated which medical conditions are not covered.

VPI offers continual coverage for chronic diseases. Coverage for chronic conditions in subsequent years is available up to the benefit allowance for the diagnosis/treatment as long as you have not gone over the maximum annual and per incident payout limits. Benefit schedule allowances are reset every policy year.



Hereditary & Congenital Coverage

Monetary and medical coverage for hereditary and congenital conditions is low.

VPI Pet Insurance does not cover congenital conditions and has limited coverage for hereditary conditions.

The VPI Superior, VPI Standard and VPI Medical Plans do not provide hip dysplasia coverage.

With the VPI Major Medical Plan, coverage for a certain number of specified hereditary conditions becomes available after you've had the plan for one year. The monetary limits on this coverage are $250 annually toward diagnosis or medical treatment and $500 annually for surgical treatment. Hip dysplasia is one of these covered conditions.

Hereditary and congenital is one of the important pieces of coverage that must be part of any pet insurance plan you purchase. (See: 5 Points of Coverage Your Pet Insurance Plan Must Have)



Cancer Coverage

Cancers listed in the benefit schedule are covered, as long as the condition is not pre-existing, has not occurred during the waiting period, and you have not gone over the maximum annual, per incident payout limits and benefit allowance for the diagnosis/treatment.

Again, the benefit schedule structure makes it too difficult to determine how comprehensive the cancer coverage will be. It would be much easier for the consumer if VPI stated which cancer conditions are not covered.

If a cancer is shown to be due to hereditary/genetic reasons, there is a possibility that it will not be covered.

An additional cancer rider can be added to increase the benefit allowance for cancer related treatment, this amount still may not be enough for some.



Coverage For Breed Specific Conditions

Breed specific medical conditions often occur as hereditary/congenital issues. VPI Pet Insurance does not cover congenital conditions and has limited coverage for hereditary conditions, therefore coverage for breed specific conditions is low.



Maximum Payout Structure

VPI Pet Insurance has a benefit allowance and per-incident maximum payout structure combined with an annual maximum payout structure. While the annual maximum seems like a large amount, there is a limit you will receive per-incident and a more restricted benefit allowance that you will receive for the diagnosis and treatment. The benefit allowance may be too low for those with moderate to high calculated "Worst Case Scenario Costs". (See: Picking the Right Maximum Payout)

The benefit allowance for the VPI Major Medical Plan may work for those with moderate "Worst Case Scenario Costs".

An additional Cancer rider can be added to increase the benefit allowance for cancer related treatment, but this still may be too low for some.



Summary of Coverage and Payout Structure

Gotchas

  • No congenital coverage
  • Limited hereditary coverage
  • No hip dysplasia coverage with the VPI Superior, VPI Standard and VPI Medical Plans

    Hip dysplasia coverage with the VPI Major Medical Plan after the first year.
  • If a cancer condition is shown to be hereditary or genetic, there is a possibility it will not be covered
  • The payout structure for the VPI Superior, VPI Standard and VPI Medical plans may be too low for those with moderate to high calculated "Worst Case Scenario Costs".

    The payout structure for the VPI Major Medical Plan may work for those with moderate "Worst Case Scenario Costs".
  • Calculating the amount you will be reimbursed using the benefit schedule can be confusing
  • While VPI owns it's own underwriter for policies in California, it is not AM Best rated which makes it hard to get a handle on it's financial stability
  • Non-routine dental coverage is limited



Good Points

  • VPI owns its underwriter for policies in California, which gives them more control over California policies
  • All other states are underwritten by National Casualty Company, which has a strong rating at this time.
  • Coverage when travel out of state or to another country with your pet
  • Provides continual coverage for chronic conditions



Additional Comments:

  • Make sure you understand what the waiting periods are.
  • Make sure you understand their bilateral conditions policy.
  • Make sure you understand any requirements that you must adhere to to maintain coverage.
  • Make sure you read the terms and conditions to get a thorough understanding of all exclusions.
  • Make you call the company to understand how and when your premium can increase.
  • If you change plan levels, there is a possibility that all medical conditions present under the old plan will be considered pre-existing in the new plan. Make sure you ask the company if this is the case.
  • Pre-existing conditions can be based on symptoms alone, a diagnosis is not needed. For example, if your pet had a cough before you applied for pet insurance and this cough was discussed and written in the pet's medical record, there is the possibility that all future cough conditions, no matter what the cause, would be considered pre-existing - even if there was no treatment given. Make sure you ask the company if this is the case.
  • Pet insurance companies are businesses. The top priority of any business is to make a profit for their stakeholders. Pet insurance companies can and may change your rates and terms to meet that top priority. A change of business ownership or underwriters can also be a catalyst for changes in your rates and terms.

    When you purchase pet insurance make sure you have a realistic understanding of this and how it can affect you.


Additional Reviews:

AKC | ASPCA | Embrace | Healthy Paws | PetFirst | PetPlan | Pets Best | Purina | Trupanion | VPI | 24 Pet Watch


**Disclaimer:This review is meant to supplement not replace your own due diligence. Please read all terms and conditions of the pet insurance plan before you buy.

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