A Vet's Review of 24PetProtect Pet Insurance
2023

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 24PetProtect, see 24PetProtect's Comparison Sheet.



Overview

24PetProtect is formally known as 24PetWatch. 24PetWatch has offered pet insurance since 1999. 24PetProtect was acquired by JAB Holding (a German private equity firm) in late 2022

This review refers to their plan: Complete Coverage



Coverage Overview

In general, 24PetProtect 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.

Non-routine dental coverage is limited.



Coverage For Chronic Diseases & Continual Coverage For Chronic Diseases

24PetProtect Pet Insurance provides chronic diseases coverage and continual coverage for chronic conditions as part of the base policy, as long as the condition is not pre-existing, has not occurred during the waiting period, and you have not reached your maximum payout limit.




Hereditary & Congenital Coverage

24PetProtect Pet Insurance covers hereditary and congenital conditions as long as the condition is not pre-existing, has not occurred during the waiting period and you have not reached your maximum payout limit.



Cancer Coverage

24PetProtect Pet Insurance provides cancer coverage as part of the base policy, as long as the condition is not pre-existing, has not occurred during the waiting period, and you have not reached your maximum payout limit.



Coverage For Breed Specific Conditions

24PetProtect Pet Insurance covers breed specific medical conditions as long as the condition is not pre-existing, has not occurred during the waiting period, and you have not reached your maximum payout limit.



Maximum Payout Structure

24PetProtect has a annual maximum payout structure. 24PetProtect offers plans with a maximum annual payout of $2,500, $3,000, $5,000, and $7,000. These choices of maximum payout will meet the needs of those whose calculated "Worst Case Scenario Costs" are $7,000 or less. (See: Picking the Right Maximum Payout)



Summary of Coverage and Payout Structure

Limitations

  • The company states that "...Raising your coverage limit later will require starting a new plan and make any conditions your pet has had pre-existing."
  • If any "ligament and knee condition" occurs before your policy effective date or during the waiting period, it will not be covered AND if your pet develops the same condition on the opposite side after the waiting period it will not be covered. For example if a dog has been diagnosed with a cruciate tear in their left knee before the effective date or during the waiting period, a cruciate tear in the right knee will not be covered. Even if it happens after the waiting period. Based on their definition of "ligament and knee condition" (at the time of this writing), ligament refers to ligament structures of the knee.
  • Non-routine dental is limited



Good Points

  • Coverage when travel out of state including the US territories Guam, Puerto Rico, and the U.S. Virgin Islands and to Canada.
  • Reimbursements are calculated by subtracting the deductible before applying the reimbursement percentage.
  • Provides coverage in the 5 important areas as part of the base plan:
    1. Chronic disease
    2. Continual coverage for chronic disease
    3. Hereditary/congenital conditions
    4. Cancer
    5. Breed specific conditions



Concerns

  • 24PetProtect was acquired by JAB Holding's Independence Pet Group (IPG) at the end of 2022. IPG owns the underwriter Independence American Insurance Company (IAIC). When JAB/IPG acquired other Pet Insurance companies in the past (e.g. FIGO), their underwriters changed to IAIC. I have concerns there may be an underwriter change in this situation as well. Underwriter changes can lead to coverage changes and premium increases. Hopefully this transition will leave customers well taken care of.
  • Based on their pre-existing conditions policy, symptoms can be used to denote something as pre-existing. As with all pet insurance companies that use this wording, I have concerns that this can be used to deny claims even when these previous symptoms are not directly related to the disease or condition currently in question.



Additional Comments Regarding All Pet Insurance Companies:

  • Make sure you research what customers are saying about the company. A company may have the 5 components that should be part of a pet insurance plan, but the company may not be a hit with customers. Sites to check include but are not limited to BBB.org, Yelp.com and PetInsuranceReview.com Things to look for include but are not limited to: How fast are payments paid?, What are customers saying about the pre-existing conditions policy?, How often are claims denied and for what reason?, What is the customer service experience like?
  • Check with your state's Department of Insurance to see if any complaints have been filed for the company you are interested in.
  • 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 sure you 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.
  • For some companies, 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 | Figo | Healthy Paws | PetFirst | PetPlan | Pets Best | 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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