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Journal of Financial Regulation and Compliance

ISSN : 1358-1988

Article publication date: 8 April 2022

Issue publication date: 2 August 2022

The purpose of this paper is to survey the automobile insurance fraud detection literature in the past 31 years (1990–2021) and present a research agenda that addresses the challenges and opportunities artificial intelligence and machine learning bring to car insurance fraud detection.

Design/methodology/approach

Content analysis methodology is used to analyze 46 peer-reviewed academic papers from 31 journals plus eight conference proceedings to identify their research themes and detect trends and changes in the automobile insurance fraud detection literature according to content characteristics.

This study found that automobile insurance fraud detection is going through a transformation, where traditional statistics-based detection methods are replaced by data mining- and artificial intelligence-based approaches. In this study, it was also noticed that cost-sensitive and hybrid approaches are the up-and-coming avenues for further research.

Practical implications

This paper’s findings not only highlight the rise and benefits of data mining- and artificial intelligence-based automobile insurance fraud detection but also highlight the deficiencies observable in this field such as the lack of cost-sensitive approaches or the absence of reliable data sets.

Originality/value

This paper offers greater insight into how artificial intelligence and data mining challenges traditional automobile insurance fraud detection models and addresses the need to develop new cost-sensitive fraud detection methods that identify new real-world data sets.

• Literature review
• Data mining
• Automobile insurance fraud detection

Benedek, B. , Ciumas, C. and Nagy, B.Z. (2022), "Automobile insurance fraud detection in the age of big data – a systematic and comprehensive literature review", Journal of Financial Regulation and Compliance , Vol. 30 No. 4, pp. 503-523. https://doi.org/10.1108/JFRC-11-2021-0102

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Exploring industry-level fairness of auto insurance premiums by statistical modeling of automobile rate and classification data.

1. Introduction

2. materials and methods, 2.1. background and data, 2.2. risk relativity estimates by generalized linear models, 2.3. distance measures for comparing premiums and loss costs, 2.4. modeling fixed effect using loss costs and premiums, 2.4.1. comparing loss costs and premiums within same territory, 2.4.2. comparing loss costs and premiums between territories, 4. conclusions, author contributions, data availability statement, conflicts of interest.

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Xie, S.; Luo, R.; Li, Y. Exploring Industry-Level Fairness of Auto Insurance Premiums by Statistical Modeling of Automobile Rate and Classification Data. Risks 2022 , 10 , 194. https://doi.org/10.3390/risks10100194

Xie S, Luo R, Li Y. Exploring Industry-Level Fairness of Auto Insurance Premiums by Statistical Modeling of Automobile Rate and Classification Data. Risks . 2022; 10(10):194. https://doi.org/10.3390/risks10100194

Xie, Shengkun, Rebecca Luo, and Yuanshun Li. 2022. "Exploring Industry-Level Fairness of Auto Insurance Premiums by Statistical Modeling of Automobile Rate and Classification Data" Risks 10, no. 10: 194. https://doi.org/10.3390/risks10100194

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A data science approach to risk assessment for automobile insurance policies

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• Published: 22 March 2023
• Volume 17 , pages 127–138, ( 2024 )

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• Patrick Hosein 1  

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In order to determine a suitable automobile insurance policy premium, one needs to take into account three factors: the risk associated with the drivers and cars on the policy, the operational costs associated with management of the policy and the desired profit margin. The premium should then be some function of these three values. We focus on risk assessment using a data science approach. Instead of using the traditional frequency and severity metrics, we instead predict the total claims that will be made by a new customer using historical data of current and past policies. Given multiple features of the policy (age and gender of drivers, value of car, previous accidents, etc.), one can potentially try to provide personalized insurance policies based specifically on these features as follows. We can compute the average claims made per year of all past and current policies with identical features and then take an average over these claim rates. Unfortunately there may not be sufficient samples to obtain a robust average. We can instead try to include policies that are “similar” to obtain sufficient samples for a robust average. We therefore face a trade-off between personalization (only using closely similar policies) and robustness (extending the domain far enough to capture sufficient samples). This is known as the bias–variance trade-off. We model this problem and determine the optimal trade-off between the two (i.e., the balance that provides the highest prediction accuracy) and apply it to the claim rate prediction problem. We demonstrate our approach using real data.

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Hosein, P. A data science approach to risk assessment for automobile insurance policies. Int J Data Sci Anal 17 , 127–138 (2024). https://doi.org/10.1007/s41060-023-00392-x

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Top 5 auto insurance trends to watch.

The annual LexisNexis® Risk Solutions U.S. Auto Insurance Trends Report explores key trends from the previous year and offers insights to help insurers make more informed business decisions. This year, we identified five trends impacting U.S. consumer auto insurance shopping, claims, driving violations and more.

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• High claim severities show little signs of slowing down 
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High claim severities show little signs of slowing down.

• Sustained rise in claims severity
• Increase in uninsured motorist and attorney-represented claims
• Total loss claims
• Length of repair times
• Rising costs of medical bills, towing services and storage costs

Trend Details

Both the severity and frequency of claims, including severe auto physical damage and bodily injury, have increased since 2020. Bodily injury severity has increased 20% in the post-pandemic years.

More than a quarter of collision claims were deemed total losses in 2023. While that percentage is the same as the previous year, total loss claims have jumped 29% since 2020.

More claimants are seeking advice from attorneys before settling. In fact, according to our 2023 survey, a majority of claimants who hired an attorney for their last claim would most likely do so again. 

Consumers respond sharply to market conditions by shopping and switching auto policies 

As rate increases went into effect throughout 2023, many consumers reacted by shopping for lower policy prices. Many of those who shopped for lower rates ended up switching insurers, resulting in new policy growth of 6.2% last year.

Source: LexisNexis Risk Solutions Insurance Demand Meter

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Driving behavior continues to change dramatically

As miles driven returned to 2019 levels in 2023, moving and non-moving violations returned as well. In fact, all driving violations have increased 4% from 2022 to 2023. Speeding, distracted driving and DUIs all increased year over year, resulting in escalating risk profiles. Get additional details in this blog post .

Both major and minor speeding violations continue to rise, consistent with the post-pandemic trend.

Unlike other violations, DUIs take longer to move through the court system, so they can be a lagging metric. Comparing the first six months of 2022 to the first six months of 2023, DUI violations increase 8%. Our latest driving violations blog  dives into current unsafe driving trends.

Distracted Driving

Distracted driving violations continue to rise as people return to the roads. Younger drivers continue to be the more susceptible problematic age group when it comes to increases in distracted driving. This increase in violations, plus Gen Z’s inexperience compared to other generations, has implications for both personal lines and commercial lines insurers. Read more in our latest blog article .

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A Study on Customer Awareness on Car Insurance Policies with Special Reference to

Purpose: The purpose of this study is to understand the customer awareness on car insurance policies with special reference to United India Insurance with the important element to improve the customer awareness towards insurance policies based on literature review and case study of successful vehicle Insurance Company. This study mainly focused on customer's awareness and satisfaction level on the car insurance policies offered by the company. Research Design: This research study is mainly based on the method of probability sampling with random sampling techniques, this research study is conducted within shivamogga city with the sample size of 150 respondents from the Primary data which is collected through structured questionnaire as a sample tool for the information's assembly, secondary data is collected by the magazine, journals of the marketing, articles and books, Findings: From the study came to know that respondents or policy holders are not aware about the terms and conditions, procedures of claiming during the time of damage or loss of the insurance policy offered by the company. Results: United India Insurance Corporation is a well-known insurance organization in the field of vehicle insurance Business which is a leading insurance sectors in providing service to the customers and customers are well satisfied with the price of the insurance policies offered by the united India insurance organization to the customers. Conclusion: From this study it is cleared that most of the policy holders are not aware about the procedures, terms and conditions, policies premium calculation procedure based on vehicle ID value, age, model etc. The concept of car insurance policies is very much needed aspects to the people who have owned a car, having car insurance policies makes the customers feel protected from the loss or damage if caused by the accident.

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An effort is being made in this study to show how Vijayawada customers see insurance services. Respondents to a five-point Likert scale questionnaire were used to compile the data for this research. More than 377 people were surveyed to determine their degree of knowledge and attitude about insurance services. According to a new study, Vijayawada customers' perceptions about insurance services are strongly influenced by socioeconomic and demographic factors. Insurance businesses in Vijayawada may use the results of this research as a basis for developing marketing plans that include socio-demographic and economic factors.

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The journey of new India Insurances scheme has stated 17th century England. Insurances are the co– operative device who distribute the loss caused by a particular risk.When any insurances company face any types of mismanagement, they should look for a market for that policy instead of constantly lying to the public or with their clients. Market competition brings decrease in price of the insurances company and increase in the quality but customer play their part according to their views. In the unpredictable society insurances paly a secure part but customers face many other problems. In this paper we will discussed about the problems faced by the customers and also their reasons why many people don’t have faith in the insurances company. The paper is focused on the problems faces by the customer in insurances sector.

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the present study analyzes the attitudes of policyholders of Life Insurance Corporation of India with special reference to Tiruchirappalli district, the data were collected and analysed as per the requirement of the study. The primary data were collected from the respondents through interview schedule in June 2011 to March 2012. The study has adopted proportionate stratified random sampling method for selecting 500 respondents. The results revealed the fact that the factors, age, education, marital status, family size, number of earning members, income and awareness have influenced the level of attitude of the policyholders. Whereas the factors like sex, occupation and patronage mentality did not influence the level of attitude.

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Best Pet Insurance Companies Of August 2024

Expert Reviewed

Updated: Aug 5, 2024, 2:03pm

We evaluated 13 policies and found that Pets Best is the best pet insurance company.

A solid pet insurance plan covers major medical emergencies like getting struck by a vehicle, cancer treatment, torn ligaments and swallowed foreign objects. It also covers common health problems like digestive issues and ear infections. You’ll find that pet insurance companies offer a wide variety of coverage types and benefits.

To help you narrow your options, we analyzed the best pet insurance for discounts, superior benefits, short waiting periods and more.

• Cheapest Pet Insurance Companies
• Best Pet Insurance Wellness Plans For Routine Care
• Best Emergency Pet Insurance
• Compare Pet Insurance Quotes

Summary: Ratings of Pet Insurance Companies

Compare the best pet insurance companies, how much does pet insurance cost, how to choose the right pet insurance, methodology, best pet insurance frequently asked questions (faqs).

How We Chose the Best Pet Insurance

We analyzed key coverage categories such as pet insurance costs, the ability to pay the vet directly, the availability of a 24/7 vet health line and the option to add a wellness plan. Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate insurance companies so all companies are measured equally. You can read more about our editorial guidelines and methodology for the ratings below.

• 32 coverage categories evaluated
• 7,360 pet insurance rates crunched
• 102 years of insurance experience on the editorial team

The Best Pet Insurance Companies of August 2024

Best for deductible choices.

Maximum annual coverage

$5,000, Unlimited

Average monthly cost for unlimited coverage

$48 for dogs; $27 for cats

Deductible choices

$50, $100, $200, $250, $500, $1,000

We’re impressed by Pets Best’s range of deductible choices combined with costs that are well below average among the companies we analyzed. It provides solid basic coverage and you can add a wellness plan for routine pet care expenses.

Our rating is based on Pets Best’s Plus plan. For broader coverage (at a higher price), consider the Pets Best Elite plan.

More: Pets Best Pet Insurance Review

• Accident coverage waiting period of only 3 days.
• Has a 24/7 pet telehealth line.
• Can pay the vet directly if the vet agrees.
• Covers vet exam fees.
• 6-month waiting period for coverage of cruciate ligament issues.
• The Plus plan does not cover alternative therapies, but the Pets Best Elite plan will cover acupuncture and chiropractic care if your pet needs rehabilitation.

From my experience, Pets Best offers comprehensive coverage that is particularly beneficial for breeders and new pet owners. Their plans are customizable, which allows for flexibility depending on specific needs, such as covering congenital conditions, which is essential for certain breeds.

– Bricks Coggin, CEO of ABCs Puppy Zs

BEST FOR HEALTHY PET DISCOUNT

$5,000, $8,000, $10,000, $15,000, Unlimited

$76 for dogs; $37 for cats

$100, $250, $500, $750, $1,000

We like Embrace because it offers a unique way to save on accident and illness plans with its Healthy Pet Discount Program. If your claim reimbursements are less than $300 per pet in the year prior to the discount period, you’ll qualify for a 5% discount in the first year and 10% in the second year for each pet. Embrace will automatically apply the savings to your annual payment or monthly bill.

More: Embrace Pet Insurance Review

• Accident coverage begins at 12:01 a.m. ET the day after you purchase your policy.
• Has a 24/7 pet telehealth line and optional wellness plan.
• Can pay a veterinary hospital directly—but generally only for very large claims where it would be prohibitively expensive to pay and wait for reimbursement.
• Higher-than-average costs compared to top competitors in our analysis.
• Waiting period of 6 months for coverage of orthopedic conditions, which can be waived if your pet has an orthopedic exam after you purchase a plan.

Embrace stands out for its Wellness Rewards program, which reimburses for routine and preventative care, a feature that encourages pet owners to maintain regular veterinary visits. This can be extremely beneficial in the long term by preventing severe health issues that can lead to high medical costs.

Best For Reduced Waiting Periods

$49 for dogs; $30 for cats

ManyPets stood out in our evaluation because of its unique approach to reducing the accident and illness waiting period to 24 hours if you’re switching over from another pet insurer. ManyPets also does not have a special waiting period for orthopedic conditions like cruciate ligament issues, which can range from six to 12 months at other insurers.

More: ManyPets Pet Insurance Review

• Below average prices among the companies we evaluated.
• 24/7 pet telehealth line.
• Includes coverage for vet exam fees.
• Optional wellness plan available.
• No coverage for alternative therapies such as acupuncture, hydrotherapy or chiropractic care.
• No coverage for behavioral therapy.
• No multipet discount.

GREAT FOR SHORT WAITING PERIOD FOR ACCIDENT COVERAGE

$5,000, $10,000, Unlimited

Average monthly cost for Unlimited coverage

$59 for dogs; $32 for cats

$100, $250, $500, $750, $1,000, $1,500

We picked Figo due to its short 1-day waiting period for accident coverage. It also offers a wide variety of coverage, reimbursement and deductible options so you can work within your budget.

More: Figo Pet Insurance Review

• Offers a 100% reimbursement option.
• Routine wellness plan available.
• Coverage for vet exam fees can be added but for an extra cost. Some top competitors include this in the base coverage.
• 6-month waiting period for orthopedic problems, but can be waived if your vet signs an orthopedic conditions waiver within the first 30 days of the policy.
• No option to pay the vet directly.

I love that Figo has a variety of solutions and tools for pet owners to care for their pets. Figo goes beyond just pet insurance and takes a more holistic approach to pet care.

– Beth Tofel, Co-Founder and President of FootprintID and PawprintID

BEST FOR ADD-ON COVERAGE

$2,500, $5,000, $7,500, $10,000, $15,000, Unlimited

$60 for dogs; $32 for cats

$100, $250, $300, $400, $500, $750, $1,000

We like that AKC offers a good number of add-on coverage options, including a wellness plan, exam coverage for vet fees, breeding coverage for dog breeders and final respects coverage for cremation, burial and memorial expenses for your pet.

More: AKC Pet Insurance Review

• 2-day waiting period for accident coverage.
• Covers curable conditions like allergies and ear infections after a 12-month waiting period.
• 180 day waiting period for intervertebral disc disease and cruciate ligament conditions.
• You’ll have to pay extra for exam fee coverage. Some top competitors include this with base coverage.

GREAT FOR UNLIMITED ANNUAL COVERAGE

Healthy paws.

$55 for dogs; $22 for cats

We picked Healthy Paws because it offers unlimited annual coverage at a lower-than-average cost compared to other top competitors. But vet exam fees are not covered and pets enrolled at age 6 and older will not be covered for hip dysplasia.

More: Healthy Paws Pet Insurance Review

• No annual coverage limit on claim payouts.
• Pays vet directly if you make a request to Healthy Paws in advance of treatment.
• Choices for deductibles and reimbursement levels are related to the pet’s age and other factors, but Healthy Paws does not disclose the exact deductible schedule. You have to get a quote to find out your choices.
• Doesn’t offer wellness or routine care coverage.
• Doesn’t cover vet exam fees for accidents or illnesses.

Healthy Paws is notable for its straightforward coverage and unlimited benefits with no cap on claims. In my professional circle, it’s highly regarded for its ease of use and quick reimbursement process, which is crucial for managing unexpected medical expenses effectively.

With all the variations in pricing and coverage details, it can be challenging to compare pet insurance plans in an apples-to-apples way. We found the best way to do it is by prioritizing the benefits that are the most important to you and then comparing prices among the policies that match your must-haves. Here’s how we chose the best pet insurance.

The first thing we recommend looking at is the plan type. We recommend a comprehensive pet insurance plan that covers accidents and illnesses. Pet insurance can generally be broken down into these plan types.

• Accident and illness plan. This covers vet bills for accidents (like broken bones) and illnesses (such as cancer, allergies and skin infections).
• Accident-only plan. This covers accident-related vet expenses, such as broken bones, bite wounds and ingested foreign objects. It does not cover illness-related vet expenses.
• Pet wellness plans for routine care. This is typically an add-on policy that covers routine vet expenses like annual wellness exams, flea and heartworm prevention, and vaccinations.
• Comprehensive plan. Sometimes called a “nose-to-tail” policy, this typically refers to an accident and illness plan plus an optional wellness plan.

Related: What Does Pet Insurance Cover?

Compare Plans Available by Company

We recommend looking at valuable benefits like coverage for vet exam fees. Not all insurers include this with their base policies. If having access to a 24/7 vet telehealth line is important to you, we recommend choosing an insurer that provides this benefit. It’s also a good idea to look at insurers that offer optional pet insurance wellness plans for routine care if you want coverage for expenses like annual wellness exams and vaccinations.

Coverage Levels

Pet insurance policies will typically offer a range of annual maximums, deductibles and reimbursement levels to choose from. We would prioritize choosing coverage levels you’re comfortable with rather than focusing on price alone. In the event of an expensive claim, you’ll be glad you bought sufficient coverage.

• Annual maximum coverage. This is the maximum amount that will be paid out for pet insurance claims during the policy period. Common annual maximum coverage amounts include $5,000, $10,000 and unlimited.
• Deductible. This is the amount you’ll pay toward vet bills before your coverage kicks in. Common deductible choices include $100, $250 and $500.
• Reimbursement percentage. This is the reimbursement you’ll get back if you make a pet insurance claim. Common reimbursement levels include 70%, 80% and 90%.

Compare What’s Covered by Company

We recommend comparing coverage benefits like behavioral therapy, alternative therapy, microchipping and end-of-life expenses among pet insurers. Some insurers include these coverage types in their base policies or have the option to buy extra coverage.

Waiting Periods

A waiting period is the time between the policy purchase date and when the coverage begins. If you have a dog, we recommend taking a hard look at any special waiting periods, such as those for cruciate ligament issues. Many policies have a six-month waiting period for this but some insurers will waive this waiting period if you have an orthopedic exam done.

Special waiting periods for orthopedic conditions like hip dysplasia or cruciate ligament issues can range from six to 12 months, but you can find pet insurance with no waiting period for orthopedic conditions. If a long waiting period is a concern, I recommend looking at insurers like ASPCA, ManyPets, Pumpkin, Spot and Trupanion.

– Jason Metz, Lead Editor

Compare Waiting Periods by Company

Pet Insurance Discounts

Pet insurance discounts are a good way to save. Here are discounts we found in our analysis, but they will vary by company:

• Multipet discount . Many insurers offer a discount if you insure more than one pet .
• Spay/neuter discount . Some insurers offer discounts to pet owners who have their pet spayed or neutered .
• Annual pay discount . You can often reduce costs if you pay your annual premium in one lump sum.
• Military discount . Some insurers offer discounts for military members and veterans.
• Group discount at work . Some employers offer pet insurance as a voluntary benefit, which could get you a 5% to 10% discount.
• Bundle discount . You can get up to a 10% discount when you bundle Lemonade pet insurance with a Lemonade renters or homeowners insurance policy.

Pet Insurance Discounts by Company

Other Pet Insurance Comparison Factors

Here are two more factors we would look at when buying a pet insurance plan:

• Exam fees. When you take your pet to the veterinarian for an accident or illness, you pay an exam fee, costing $100 or more depending on your veterinarian and visit type. Make sure the policy covers these exam fees because not all do.
• Benefits. Look for extra benefits like a 24-hour vet helpline in case your pet gets sick at night. As another example, Nationwide pet insurance members have access to preferred pricing on pet prescriptions at any Walmart pharmacy.

Case Study: Finlay’s Cancer Battle

When my 5-year-old dog Finlay was diagnosed with stage four nasal sarcoma, I was devastated. It began with a severe nosebleed, followed by a CT scan and biopsy. In just a week and a half, our lives were turned upside down. The expenses piled up quickly, from imaging procedures to targeted radiation therapy and countless follow-up visits. In total, we racked up over $10,000 in medical costs. Thankfully, our pet insurance has reimbursed us $8,565 so far. Each approved claim brings a wave of relief because we know we can focus on Finlay instead of the financial stress.

– Mitchell G., Michigan

Pet insurance costs an average of $50 for a dog and $26 per month for a cat , according to our analysis of pet insurance costs . That’s for a policy with $5,000 of annual coverage, a $250 deductible and 80% reimbursement level. A policy with unlimited annual coverage, a $250 deductible and 80% reimbursement level costs an average of $73 per month for a dog and $40 per month for a cat.

Your own pet insurance costs will be determined by factors such as:

• Annual maximum, deductible and reimbursement levels.
• Pet’s age, breed and gender.
• Your location.

Ask an expert

Dr. Sarah Reidenbach

Advisory Board Member

Is Pet Insurance Worth It?

As a veterinarian, people often express concern to me about the cost of veterinary medicine compared to human medicine. The truth is that human medical services are exponentially more expensive, but most of us are used to having the benefit of health insurance for medical needs. Taking the time to get pet insurance in place can save the stress of large emergency veterinary bills that are so difficult to manage.

These simple steps will get you to the best policy for your situation.

ASK THE EXPERT

We Answer Your Questions

Insurance Lead Editor

Michelle Megna

Les Masterson

Insurance Editor

My pet was injured while we were on vacation and treated by a vet in a different state. Will pet insurance cover my vet bills?

Arnie S., Jamestown, Rhode Island

Yes, pet insurance covers vet bills for accidents and illnesses with any licensed vet in the U.S. That includes specialty clinics and emergency services.

Will pet insurance pay for prescription food?

Samantha B., Angola, Indiana

Yes, some pet insurers cover prescription food and supplements if it’s prescribed by your vet for a problem covered by your policy, like skin allergies. But some pet insurance companies do not cover prescription food and medication, such as Lemonade.

Can I still buy pet insurance for a senior dog?

Jake M., New Paltz, New York

Yes, you can buy pet insurance for a senior dog . Since older dogs are more likely to develop health problems, it can be a good way to help offset major vet bills. Some pet insurers have an “upper age limit” for buying a new policy, such as age 14. But if you buy the policy before the insurer’s upper age limit, your dog can have lifetime coverage.

To find the best pet insurance, we collected data and scored each pet insurance company for several categories. Only pet insurers offering annual maximum coverage of $100,000 or Unlimited were scored, so that comparisons were fair among companies.

• Pet insurance rates (40% of score): We calculated average rates for medium sized mixed breed dogs age 3 months, 2 years, 5 years and 7 years for plans with unlimited coverage, a $250 deductible and a 80% reimbursement level, or the closest options available.
• Special waiting period (10% of score): Many pet insurance companies have a special waiting period for problems such as cruciate ligament issues and hip dysplasia. Plans that had no waiting period , a waiting period of fewer than six months or the ability to have the waiting period waived scored higher.
• Direct payment to vet (10% of score): Pet insurance companies that have the ability to pay a vet directly earned points.
• 24/7 vet health line (10% of score): Insurers that provide access to a 24/7 vet health line earned points.
• Routine wellness plans (10% of score): Insurers that offer optional wellness plans earned points.
• Pays veterinary exam fees (10% of score): Plans that cover the vet exam fee received points. Not all insurers cover exam fees, even if the fee is for an illness or accident-related visit.
• Euthanasia or end of life expenses (5% of score): Insurers that cover end of life expenses, such as euthanasia, cremation or burial fees, received points.
• Multipet discount (5% of score): Many pet insurance companies offer a discount if you insure more than one pet. Insurers that offer a multipet discount earned points.

Compare Pet Insurance Plans

Read more: How Forbes Advisor Rates Pet Insurance Companies

Should I get pet insurance?

We found the best way to determine if pet insurance is worth it is to consider how an unexpected vet bill could impact your personal finances. For example, if you’ve been paying about $50 per month for dog insurance for three years, you’ve paid $1,800 in pet insurance premiums.

Let’s say your dog swallowed a tennis ball and surgery cost $3,500. If you have a $250 deductible and 80% reimbursement level, your out-of-pocket cost for treatment would be $900 ($250 deductible + 20% of $3,250 = $900). Adding up the premium for three years and what you’ve paid toward treatment, you’ve paid $2,700 and avoided paying $800 by having pet insurance.

What is the best dog insurance?

We found that Pets Best is the best dog insurance company because of its solid coverage options and low prices for unlimited annual coverage among the companies we evaluated. Dog owners will find a 24/7 vet telehealth line, the option to add a wellness plan and the ability to pay the vet directly, which can help keep out of pocket expenses low.

Other pet insurance companies that scored well in our analysis include Embrace, ManyPets, Figo, AKC pet insurance and Healthy Paws.

What is the best cat insurance?

We found that Pets Best is the best cat insurance due its competitive prices and coverage options. These include access to a 24/7 vet telehealth line, an optional wellness plan and the ability to pay the vet directly.

Other insurers that were among our winners for best cat insurance companies include Embrace, Spot, Figo and Healthy Paws.

Do all vets take pet insurance?

All vets take pet insurance in the sense that pet insurance is generally reimbursement-based, meaning you’ll pay the veterinarian bills up-front and then submit a claim to your pet insurance company for reimbursement. So in most cases the veterinarian does not interact at all with the insurance company.

Some pet insurance companies pay the vet directly , which can reduce your out-of-pocket costs and you won’t have to wait for an insurance claims check.

Next Up In Pet Insurance

• Cheapest Pet Insurance
• Best Pet Insurance For Cats And Kittens
• Best Pet Insurance For Older Dogs

As a former claims handler and fraud investigator, Jason Metz has worked on a multitude of complex and multifaceted claims. The insurance industry can be seemingly opaque, and Jason enjoys breaking down confusing terms and products to help others make well-informed decisions.

Dr. Sarah Reidenbach is a veterinarian and co-founder of Ruthless Kindness, a nonprofit that works with human service partners, such as district attorneys offices, family justice centers, women’s shelters, rape crisis centers and victim advocacy organization to remove barriers for abuse victims seeking safety. About 50% of people in crisis will not seek safety unless they can bring their pets with them.   Dr. Reidenbach worked in human factor research at NASA Ames Research Center and has since worked exclusively in the nonprofit sector. She has held positions as a veterinary fellow at San Francisco SPCA, Medical Director at Berkley Humane, Veterinary Director at the Humane Society of Sonoma County and Executive Director of Sonoma Community Animal Response Team.   She lives in Sonoma County with her family, including farm and companion animals. Dr. Reidenbach’s vision is to prevent suffering and heal trauma for the most vulnerable animals and people. She hopes to help all animals and people access fundamental services through systemic changes, innovative programs, and through navigating systems such as pet insurance. Her work is grounded in the belief that empathy and justice are antidotes to the challenges we currently face.  

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You’ll need to provide details such as your personal information, vehicle details, and previous insurance (if any). Ensure all information is accurate to avoid issues during the claim process. 7. Make the Payment After filling out the application, you can proceed to make the payment. Insurance companies offer multiple payment options, including credit/debit cards, net banking, and digital wallets. Choose a secure payment method that suits you. Upon successful payment, you’ll receive a confirmation email with your policy document and payment receipt. 8. Download and Print Your Policy Once you’ve made the payment, you can download and print your policy document. Keep a digital copy for easy access and a printed copy in your vehicle. Your policy document serves as proof of insurance and contains important information, including your policy number, coverage details, and contact information for claims and support. If you want to buy car insurance online in 2024, you will find it is a straightforward and efficient process. By researching and comparing policies, understanding coverage options, calculating the premium, and taking advantage of discounts, you can find a policy that offers the best value. Reading the policy document carefully and ensuring accurate information during the application process further simplifies the experience. With these steps, you can easily buy car insurance online, ensuring peace of mind and protection for your vehicle at an optimal car insurance price in India. This device is too small If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience. Insurance-auto Is a Low Deductible Car Insurance Policy Worth It? Published on July 27, 2024 By: Kristi Waterworth Low deductible car insurance policies allow you to use the policy with very little out-of-pocket cost per claim, sometimes as little as $0. These policies are generally best for experienced drivers with older lower-value cars, but they're not exclusively for this set. There are other benefits a low deductible policy brings, like low out-of-pocket protection if your car is crushed by a tree in a storm or an uninsured motorist hits you. I am often asked by friends and family about things like insurance policies because of my financial expertise and my work here at The Ascent. A common question I get is about low deductible car insurance policies and whether or not they're "scams." First of all, any legitimate insurance product that is offered by a legitimate insurance company is not a scam. But it can certainly feel as if you're paying a lot for nothing, if you don't consider everything you're getting with your policy. Who is a low deductible car insurance policy for? I'm the kind of person for whom a low deductible car insurance policy makes a lot of sense. I'm a middle-aged driver with no recent accident or ticket history, I own an older car, and I would otherwise have a roadside assistance package. So, the very best car insurance , even with all the bells and every stinking whistle in the store, doesn't cost much more than the minimum coverage for my state, plus what I'd pay to AAA. I am also currently trying to come out of a serious financial upset (recent divorce), and I'm paying off a lot of debt without a lot of savings. So, if I did have a major accident with liability only, that would put me at serious risk of being without a car in a city where you very much need a car to survive. Even a high deductible full coverage policy would put me in that same risk due to my current lack of savings and divorce-damaged credit. This is why I chose a low deductible car insurance policy. It was inexpensive compared to the potential cost of having to handle an accident out of pocket, and it offers me a great deal of peace of mind. 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Would the difference between base-level car insurance and low deductible car insurance add up quickly enough to pay for a repair if I cause an accident? Do I get roadside assistance with the level of insurance I have now? Many low deductible policies come with unlimited roadside assistance for free. Will my current auto policy cover my car if it's damaged in a storm? Only you can decide what your budget should be for car insurance, but keep asking your insurance agent every year for the price difference between whatever you're getting and the absolute top tier offerings. When you hit that magical spot where there's a relatively small difference between a low and high deductible, you may feel like it's not really significant enough cash to justify having to pay $1,000, $2,500, or even $5,000 out of pocket should you cause an accident or a tree happens to fall on your car. Our best car insurance companies for 2024 Ready to shop for car insurance? Whether you’re focused on price, claims handling, or customer service, we've researched insurers nationwide to provide our best-in-class picks for car insurance coverage. Read our free expert review  today to get started. Our Research Expert Kristi Waterworth is a financial journalist located in the Missouri Ozarks. When she’s not writing about real estate or personal finance, she’s committing shenanigans with her four dogs. Share this page We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. 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Keep me logged in Log in or Continue with Google Welcome back! Please log in. Email · Hint Tip: Most researchers use their institutional email address as their ResearchGate login Password Forgot password? Keep me logged in Log in or Continue with Google No account? Sign up 262 IMAGES (PDF) Car Insurance Plans Could Make a Society Safer Progressive Auto Insurance Template Research A car insurance policy Suggestions Also Content (PDF) A Study on Customer Awareness on Car Insurance Policies with (DOC) Vehicle Insurance Policy Format Car Insurance Paper Pdf COMMENTS Bibliometric review of telematics-based automobile insurance: Mapping Furthermore, as reported in this research, the analysis of keyword co-occurrence and its subsequent network visualisation contributed to highlighting the knowledge framework relevant to telematics-based automotive insurance. The knowledge structure of car insurance studies using telematics was mapped using keyword co-occurrence analysis, and ... (PDF) Prediction of automobile insurance fraud claims using machine This study explored machine learning algorithms to det ect fraudulent. vehicle insurance claims. The r esearch evaluated AdaBoost, XGboostNB, SVM, LR, D T, ANN, and RF. AdaBoost and XGBoost classi ... Research on the Features of Car Insurance Data Based on Machine Abstract. With the continuous development of machine learning, enterprises using machine learning methods to mine potential data information has become a hot topic in the research of major insurance companies. In this paper, the features of auto insurance data are analyzed, and the most important features affecting auto renewal are mined. Car Insurance Plans Could Make a Society Safer DOI: 10.4236/gep.2016.412002 December 1, 2016. Car Insurance Plans Could Make a Society Safer. Mohammad Zand, Amir Samimi, Khashayar Khavarian. Civil Engineering Department, Shar if University of ... Claim Amount Forecasting and Pricing of Automobile Insurance Based on Denneberg first proposed the Poisson-gamma model to study the frequency of nonhomogeneous insurance policy claims and obtained good fitting results in empirical research on auto insurance . The generalized linear model (GLM) is a widely accepted model for premium ratemaking of automobile insurance in recent decades. Automobile insurance fraud detection in the age of big data The purpose of this paper is to survey the automobile insurance fraud detection literature in the past 31 years (1990-2021) and present a research agenda that addresses the challenges and opportunities artificial intelligence and machine learning bring to car insurance fraud detection.,Content analysis methodology is used to analyze 46 peer ... Machine Learning Approaches for Auto Insurance Big Data The growing trend in the number and severity of auto insurance claims creates a need for new methods to efficiently handle these claims. Machine learning (ML) is one of the methods that solves this problem. As car insurers aim to improve their customer service, these companies have started adopting and applying ML to enhance the interpretation and comprehension of their data for efficiency ... Exploring Industry-Level Fairness of Auto Insurance Premiums by ... The study of actuarial fairness in auto insurance has been an important issue in the decision making of rate regulation. Risk classification and estimating risk relativities through statistical modeling become essential to help achieve fairness in premium rates. ... University of Texas Law, Law and Econ Research Paper No. E574. Available online ... A data science approach to risk assessment for automobile insurance Many past papers have focused on recommender systems for insurance companies where one of a small number of insurance products is offered. In [17, 18], they used historical data of existing and past customers to determine the most suitable policy for a new customer.In this case, a relatively small number of insurance products are available, and hence, the number of customers who have been ... Automobile insurance fraud detection in the age of big data Purpose The purpose of this paper is to survey the automobile insurance fraud detection literature in the past 31 years (1990-2021) and present a research agenda that addresses the challenges ... Auto Insurance Trends Report Top 5 Auto Insurance Trends To Watch. The annual LexisNexis® Risk Solutions U.S. Auto Insurance Trends Report explores key trends from the previous year and offers insights to help insurers make more informed business decisions. This year, we identified five trends impacting U.S. consumer auto insurance shopping, claims, driving violations and ... PDF Implications of Evolving Technology in Auto Insurance Expert Panel 1.1 IMPACT OF TECHNOLOGICAL ADVANCES IN AUTO INSURANCE CLAIMS. Auto insurance claims will be impacted by two distinct forms of technological advances: enhanced safety features, and autonomous vehicles. Regarding the development of enhanced safety measures, the panel members noted: PDF Trends Indicate Auto Insurance is Becoming More ... Insurance Research Council (IRC). In addition to documenting that auto insurance has become more affordable for both the nation as a whole and across states, the study also showed that the ... Auto Insurance Expenditure to Income Ratio - Decade Average 1990s average 2000s average 2010s average. Author: PDF A practical model for pricing optimization in car insurance the insurance policy and the outcome of applying optimal premium rates in several customer segments are shown. I. Introduction The sensitivity of car insurance customers to price and how this affects their retention has been a subject of intense analysis in the insurance market research literature. Different PDF A Proposed Model to Predict Auto Insurance Claims Using Machine ... most insurance companies experience great loss as far as car insurance as shown in Figure 1, one of the main challenges face the insurance companies nowadays, is to define a proper premium for each risk represented by those customers [4], the majority of insurance companies keep the data on the history of its operations in a data warehouse PDF Cas Research Paper Series on Race and Insurance Pricing Defining yers.Defining Discrimination in InsuranceBy Kudakwashe F. Chibanda, FCASExecutive SummaryThis research paper is designed to introduce various terms used in defining discrimination by stakeholders in. the insurance industry (regulators, consumer advocacy groups, actuaries and insurers, etc.). The paper defines protected class, unfair discriminat. A Study on Customer Awareness on Car Insurance Policies with Special IJIRST -International Journal for Innovative Research in Science & Technology| Volume 5 | Issue 5 | October 2018 ISSN (online): 2349-6010 A Study on Customer Awareness on Car Insurance Policies with Special Reference to United India Insurance, Shivamogga Dr (HC) D. M. Arvind Mallik Assistant Professor PGDMS, PESITM, Shivamogga-577201 ... Here Are the 10 Most Reliable Car Brands Whether you're focused on price, claims handling, or customer service, we've researched insurers nationwide to provide our best-in-class picks for car insurance coverage. Read our free expert ... Math Expert Recommends These 3 Ways to Get Cheaper Car Insurance See how to save on car insurance. ... The Motley Fool Ascent's research recently found that 20% of drivers have never shopped for cheaper car insurance, and only 26% shop for price quotes every ... This Way to Save Money on Car Insurance Has 3 Big Drawbacks. Here's Why Car insurance costs went up by over 20% per year, according to recent survey data. Many drivers are reeling from the rapid increase in car insurance premiums. Revealing the Post-2020 Car Insurance Pricing Crisis Across the US A recent study from Pew Research reveals goods and services that have seen the highest price increases since 2020. Car insurance makes the top 10 list of highest price increases since 2020. From ... (PDF) Motor Insurance Claim Status Prediction using ... Accuracy, Precision, Recall, and F - measure. The prediction. accuracy of t he model is capable of predicting the motor. in surance claim status with 98.36% and 98.17% by RF and SVM. classifiers ... Beyond bundling: How to rein in rising auto insurance rates Even as inflation has eased, car insurance rates are rising by double digits. But drivers have some options for reining in premiums. 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