Companion Protect Pet Insurance Review

Pros Explained

• $50-$100 per-incident deductible: Companion Protect charges a $100 deductible per incident for out-of-network providers and a $50 deductible for in-network providers. This can give you peace of mind because in-network vet charges will never be more than $50 (plus a 10% copay), as opposed to having to pay the full amount and get reimbursed later.
• No waiting periods for most coverage: With Companion Protect there are no basic waiting periods, so coverage for your pet begins immediately upon enrollment. The only exception to this is coverage for annual wellness exams, which has a six-month waiting period.
• High upper age limit for enrollment: The upper age limit for pets to be enrolled in a Companion Protect policy is 24 years, 11 months.
• No premium increases with pet age: The premium you pay is not affected by your pet's aging.

Cons Explained

• Only available for pets adopted from partner shelters: Companion Protect's policies are only available for pets adopted from the company's partner shelters. If you adopted a pet, you can get a quote to see if you qualify.
• Must use an in-network veterinarian for direct payment: Companion Protect will pay veterinarians that have contracted with the company directly, but to receive this benefit, you must use an in-network vet. If you use an out-of-network veterinarian, you must pay upfront and file a claim for reimbursement.
• No coverage outside the United States: Companion Protect only covers your pet inside the United States, which may be an issue if you move or travel.
• Limited wellness plan: Companion Protect mostly covers only accidents and illnesses. The plan will cover one wellness exam per year (two for pets aged seven or older), but does not cover vaccinations.
  

Introduction

Companion Protect is a novel pet insurance company that offers some great features that make protecting your pet easy.

Company Overview

Companion Protect is a pet health insurance company founded in 2015 and currently located in Overland Park, Kansas. Its plans are underwritten by Liberty Insurance Underwriters, Inc., located in Boston, Massachusetts. 

You can obtain a quote and purchase a Companion Protect plan online. Plans are available to customers living in all 50 states and Washington, D.C., though California residents may have different terms. Companion Protect only insures dogs and cats adopted from one of the company's shelter partners.

Although Companion Protect doesn’t have the most bells and whistles on its policy, it does have excellent waiting period terms. And since it pays in-network vets directly, you’ll only need to pay the $50 deductible (plus a 10% copay) for vet visits unless you see an out-of-network doctor.

Available Plans

Companion Protect only offers one plan, and it focuses primarily on care for accidents and illnesses.

Available Riders/Add-Ons

Companion Protect takes a simple approach to pet insurance, with only one plan and no additional options like vaccinations.

Waiting Periods

This plan is unique for the pet health insurance industry in that there are no waiting periods for coverage of most services, with the small exception of wellness exams, which have a six-month waiting period. Coverage is active upon enrollment for all accidents and illnesses.

Cancellation Policy 

To cancel your coverage, you can contact the company at (800) 304-9930 or provide written notice. If you cancel, any paid premiums will be refunded on a pro-rata basis.

Plan Exclusions

There are situations the Companion Protect plan will not cover, including:

• Treatments deemed not medically necessary
• Pre-existing conditions
• Dental illness and care not relating to accidents
• Flea, tick, and heartworm medication
• Spondylosis
• Any issues related to breeding, training, or owner neglect
• Sport or work injuries

Pre-Existing Conditions

Companion Protect, like all pet health insurance companies, does not cover pre-existing conditions. Upon enrollment, the company will review your pet’s medical history to determine whether any pre-existing condition exclusions apply.

A condition may be considered “cured” and no longer pre-existing if there are no symptoms for a total of 12 months; contact the company for details on how pre-existing conditions may be treated.

Plan Pricing

Companion Protect will pay in-network vets directly, but coverage with other vets uses the standard reimbursement model: you pay the vet, and Companion Protect will pay you back later.

The company’s accident and illness plan is fairly comprehensive, with 90% reimbursement for accepted medical treatments (with 50% coverage for prescription food if necessary to treat an approved illness). 

The Companion Protect plan includes a $100 deductible ($50 for in-network providers) per incident that must be paid by the pet’s owner. There is no annual limit to the coverage, but there is a $100,000 lifetime limit for each pet.

Companion Protect offers a variety of discounts, including:

• Multi-pet
• Military (active and retired)
• Animal welfare (animal shelter and rescue employees, fosters, and volunteers, and veterinary hospital employees)

Premiums can be obtained from the company with the Get a Quote tool on the website. Keep in mind that premium costs can vary greatly due to the species, breed, and age of your pet, along with where you live.

Claims

If you use an in-network veterinarian, Companion Protect will pay the vet directly, minus 10% and the $50 deductible. If you use an out-of-network provider, your deductible is $100 and your copy is 10%. You will need to file a claim for reimbursement and pay upfront.

To file a claim, you can submit the required information:

• Online on the company’s claims page
• By calling (800) 304-9930

Customer Service

If in need of customer service, clients can use the live chat feature on the website or call Companion Protect at (800) 304-9930: 

• Monday through Friday: 8 a.m. to 8 p.m. CT
• Saturdays: 9 a.m. to 6 p.m. CT

The company may be reached via email at service@companionprotect.com.

Third-Party Ratings

Companion Protect pet insurance is underwritten by Liberty Insurance Underwriters, Inc., which has strong ratings from AM Best, an independent insurance rating company. AM Best gave Liberty Insurance an A (Excellent) rating in 2022, with a “stable” credit outlook. 

In our survey of 408 pet owners, most responses regarding Companion Protect were positive, but one customer wished there was an option to pay all vets directly. Another customer said the coverage gave them “peace of mind” knowing their pet was protected.

Alternative Choices

Pet health insurance presents you with many choices, and the situation can be confusing. We recommend first evaluating your pet’s and your family’s needs. There is a lot of variation between plans and the treatments and conditions they cover, and there are often many exclusions to the coverage.

If considering Companion Protect, you will also want to inquire with your current veterinarian to see if they are in-network with the company. Many consumers love the ease of direct payment and not being required to pay upfront.

Some of the most important things to understand before buying pet insurance are:

• Which conditions are covered and which aren’t
• Deductible and reimbursement amounts
• Annual and lifetime coverage limits

Competition

Final Verdict

All in all, Companion Protect is one of the best choices for pet insurance covering only accidents and illnesses—but only if you adopted a pet from an eligible shelter. It has a plan that’s easy to understand with a high reimbursement level. If your veterinarian is in the company’s network, not having to pay medical bills upfront is a huge plus.

However, if you’re looking for more robust coverage to help pay for preventative and wellness care, you’ll need to look elsewhere or purchase an additional policy from another provider.

Our Methodology: How We Review Pet Insurance Carriers

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of pet insurance companies. We rated 25 providers and collected over 2,000 data points, including information about plan options, company features, and fees and limits, to ensure that our reviews help users make informed decisions for their pet insurance needs.

Our full pet insurance methodology, including our data collection process and weighted data points, is available for review.