How much is pet insurance? Average Cost of Pet Insurance

Pet parents know how costly a trip to the vet can be. You can still get assistance for your pet’s health care, just as you would go to the doctor. Pet insurance is similar to your own insurance and can help you reduce the financial burden of an emergency visit.

Is pet insurance worth the cost?

A pet insurance policy for dogs will cost around $25-$70 per month. While a pet insurance policy to cover cats will cost around $10-$40. Costs will vary depending on where you live and the breed, age, and health of your pet. As with human insurance, pet insurance providers offer different levels of coverage.

Pet insurance costs average $48.78 per month for dogs and $29.16 per cat for plans that include both accidental and chronic illnesses.

We compared 11 of the most reputable pet insurance companies and found that the average pet insurance cost ranged from $25 to $70 for dogs to $10 to $40 for cats.

It all depends on the policy and carrier, but most pet insurance policies cover basic needs like illnesses and accidents. Most pet insurance policies cover procedures such as medication, cancer treatment, or resetting broken bones.

To ensure your pet receives the best veterinary care, make sure you review all details of the policy.

What is pet insurance?

Pet insurance is different from your health insurance. You must pay all vet bills upfront. Once you have paid for your veterinary care, either you or the vet will send an invoice. Your pet insurance policy will reimburse you up to 90% of the costs associated with the vet bills.

The III explains how the cost of insurance coverage is determined by the age of the pet, their health, and the level and type of care provided. As with human health insurance, you will pay more out-of-pocket expenses if your premiums are lower.

Ruiz explains that there are many types of pet insurance deductibles. Some pet insurance plans have an annual deductible. Once you reach the deductible, all covered services are paid. Some plans also have a per-incident deductible that is similar to a copay. Many of the Best Pet Insurance of 2021 plans that we rated have a per condition deductible. Once you meet your deductible for a particular condition like hip dysplasia or a similar one, the pet will be covered for its entire life. Before coverage kicks in, you will need to pay the deductible for each new condition. An annual deductible is a deductible that you pay each year. However, once the deductible has been paid, it doesn’t matter what year it was.

Ruiz recommends that pet owners have an established veterinarian or know where their pet will be taken for care. Ruiz also suggests that they determine if pet insurance will cover the costs of the treatment and the provider. She says, “If you know what the average treatment cost is, would you like to get a percentage back or know what your expenses will be for each condition?”

Pre-existing conditions could impact how much your pet insurance costs or if you have to pay out-of-pocket expenses. She notes that some insurers may not cover breeds that are susceptible to hereditary conditions such as hip dysplasia.

Some plans offer discounts for service dogs and up to 10% for multiple pets. Some companies also offer discounts to active military personnel and veterans.

According to III, there are some membership-based services that offer veterinary discount plans. These plans are not insurance policies but owners can contribute to them and get lower rates for their pets’ products, vet visits, and procedures. III points out that these discount plans for health are not regulated as pet insurance.

Let’s get to the bottom of it: Learn how pet insurance deductibles work and whether certain claims are excluded. Next, determine which additional services are most important to you. Don’t forget accident coverage. Ruiz states that pet insurance is often thought of as being for cancer. However, there are also accidents that could be covered. People take their pets on vacations or car rides with them, and they are subject to the same kinds of accidents as family members.

Do not just look for the lowest price when shopping for pet insurance. Consider how often your pet requires care. Remember that this is a monthly premium. We recommend middle-tier policies, which will not drain your monthly budget but will provide the care that your pet requires.

We wanted to know more about the prices of different pet insurance companies. We created two fictional pets and received quotes: Waldo for a male domestic shorthair cat aged two years and Bailey for a medium-sized mixed-breed female aged two years.

The average cost for cat insurance was $17.19/month. While the dog insurance costs $30.80/month.

You can also choose plans with higher or lower deductibles, just like human insurance. Some plans were as high as $1,000, while others were as low as $200.

Take care of your pet

It can be tempting to pick the cheapest pet insurance policy. Instead, think about your pet first. Then you can find the best deal for them.

The health history of your four-legged friend can impact the price you pay for pet insurance. Congenital conditions such as hip dysplasia, which is more common in larger dogs, congenital problems, and chronic diseases (such as diabetes) are more common among certain breeds than others.

Consider your pet’s age. Pet insurance may be more expensive if your pet is older. The best pet insurance companies will not change your premium depending on the age of your pet.

A pet’s behavior may increase their chances of being seen by a vet. Pet owners who have pets that are aggressive or wandering can benefit from pet insurance.

Outdoor pets, such as dogs, may be more susceptible to injuries, diseases, or fighting with other animals. To keep track of your pets while they roam with you (or without you), we recommend a GPS collar.

Average pet insurance cost

The cost of pet insurance can vary greatly. While monthly premiums can be as low as $10 or as high as $100, most pet owners will pay $30 to $50 per month for decent coverage.

Insurance rates will be affected by the age, breed, and location of your pet.

Pet insurance costs are 60% higher for dogs than for cats, and up to 60% more for cat policies. Older pets and bigger pets are also at higher risk of getting pet insurance because they have more health problems.

average monthly cost of pet insurance for cats and dogs
the average monthly cost of pet insurance for cats and dogs

While pet insurance costs for dogs have been rising, those for cats have fluctuated. The rates have fallen by 7.2% and increased by 25.9% over the past five years depending on which type of policy.

Five-year increase in average pet insurance rates

Pet
Accident & illness policies
Accident-only policies
Dogs25.9%24.9%
Cats18.2%-7.2%

Pet insurance costs for dogs

The average monthly premium for dog insurance in 11 top pet insurers was $42.45.

We used online quote generators to obtain rates for a dog profile in order to determine the average dog insurance premium. We used:

  • $500 deductible
  • Maximum annual limit $5,000
  • 80% reimbursement level
average monthly cost of insuring a dog
the average monthly cost of insuring a dog

Insurers showed an average range of almost $50 for all plans, even when they used the same parameters like location, dog, and insurance plan. If you live in an area with high veterinary costs or have a dog that is prone to injury, your monthly premium will be higher than $255.

Similar to the above, a higher premium will be charged if you have more coverage or decrease your deductible or increase the reimbursement amount.

Here are the rates for our sample dog from all insurances.

Rank
Insurer
The monthly premium for dogs
1Embrace$25.25
2Figo ($10k annual max)$31.13
3Nationwide ($250 deductible, unlimited max)$33.08
4PetFirst$34.95
5AKC/PetPartners ($3k incident max)$35.00
6ASPCA$39.94
7Petplan$40.83
8PetsBest$44.19
9HealthyPaws (no annual max)$52.09
10Trupanion (no annual max, 90% reimbursement)$58.14
1124PetWatch ($100 deductible)$72.32

Costs for a typical dog breed

Monthly plans’ costs will vary depending on the breed of your dog. We calculated the monthly premiums for the five most popular dog breeds using the above sample plan for a healthy three-year-old male dog.

Popularity rank
Breed
Monthly premium
1Labrador Retriever$37.44
2German Shepherd$34.32
3Golden Retriever$40.56
4Bulldog$39.00
5Beagle$34.32

Cat insurance costs average

We found that the average monthly premium for cats was $20.99 across 11 of the most reputable insurers.

We received sample quotes from the following plans to find out how much insurance companies charge cats: $500 deductible, $5,000 per year max, and 80% reimbursement.

We expected that cat insurance would be much cheaper than dog insurance.

the average monthly cost of insuring a cat
the average monthly cost of insuring a cat

There was as much variation in the cost of cat insurance between companies as there was for dogs. A four-year-old cat with medium risk can be insured for $10 to $15 per monthly by one of the most affordable companies. You’ll pay more for more care or a more injured cat breed. It is likely that you will be paying closer to $30 or $35.

Rank
Insurer
The monthly premium for cats
1PetsBest$9.94
2Embrace$13.79
3Figo ($10k annual max)$15.38
4ASPCA$16.77
5PetFirst$16.95
6Nationwide ($250 deductible, unlimited max)$17.03
7Petplan$19.66
8Healthy Paws (no annual max)$24.75
9AKC/PetPartners ($3k incident max)$27.83
10Trupanion (no annual max, 90% reimbursement)$28.14
1124PetWatch ($100 deductible)$40.69

Cat breed-specific costs

The cost of cat insurance varies from one breed to the next. We looked at five of the most popular cat breeds to determine the cost of insurance.

Popularity rank
Breed
Monthly premium
1Exotic$12.78
2Ragdoll$17.57
3British Shorthair$20.76
4Persian$19.17
5Maine Coon$17.57

The average price of treatments

When deciding whether pet insurance is worth the expense, consider the costs of treatment without insurance. We looked at the costs for the top 10 ailments in dogs and cats.

Based on data from PetFirst holders, the average cost of treatment for a dog is $252.75 and the average cost for a cat treatment is $266.79.

It is important to remember that even common problems, like treating parvo in dogs, can be very expensive. Chemotherapy can also cost anywhere from $5,000 to $10,000.

the cost of the most common dog conditions
the cost of the most common dog conditions

In most cases, the cost of treatment out-of-pocket for common conditions in dogs and cats is lower than that of annual insurance.

Rank
Common dog conditions
Cost of a vet visit
1Ear infection$149.30
2Allergies$234.84
3Skin infection$175.97
4Upset stomach$385.46
5Diarrhea$203.14
6Bladder issues$617.17
7Eye infection$115.45
8Arthritis$255.75
9Hypothyroidism$123.29
10Sprains$267.17

It’s important to understand that insurance is designed to lower the cost of more serious and costly conditions and diseases like fractures or cancer.

Having insurance can help to lower the financial burden for costly procedures.

the cost of the most common cat conditions
the cost of the most common cat conditions
Rank
Common cat conditions
Cost of a vet visit
1Urinary tract condition$295.18
2Upset stomach$385.46
3Renal failure$485.38
4Diarrhea$203.14
5Allergies$234.84
6Diabetes$276.39
7Colitis$203.14
8Ear infections$149.30
9Upper respiratory infections (URI)$219.27
10Hyperthyroidism$215.75

Pet insurance FAQ

Does it make sense to get pet insurance?

Yes. Pet insurance can help you save money and protect your pet’s future.

Accidents can happen to any pet, regardless of age or special needs. After your pet’s treatment, you will get your money back.

Surgery can cost up to $12,000. For pets that have ingested a foreign object, such as a stick, peach pits or your stamp collection, surgery may be required. If your pet ingests human or rat poisons, or chocolate, surgery can cost up to $12,000.

Can I get pet insurance through my current provider?

Yes, pet insurance is offered by companies such as State Farm, Progressive, and Nationwide. Ask your agent about bundling pet insurance and your existing policies to save money.

There are other companies that specialize in pet insurance. These may be a better choice if your pet needs special care.

What does pet insurance not cover?

While coverage varies from one policy to the next, it is not possible to cover serious dental work or cosmetic procedures such as docking or declawing.

Before signing up for pet insurance, make sure you read the entire policy.

Is pet insurance available for animals other than cats or dogs?

Sure! Yes! Parrot care can be as simple as a few visits to the vet, which can add up to $200. Pet insurance is a great option for your furry and feathery friends.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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