Pet Insurance: An Overview of Costs and Coverage
Pet insurance can be an invaluable tool for managing unexpected veterinary expenses. This guide offers insights into the average costs of pet insurance, helping you find the right coverage for your needs.
Key Takeaways:
- The average cost of pet insurance for a dog is $51 per month, and $27 per month for a cat (for a policy with $5,000 of annual coverage, a $250 deductible, and 80% reimbursement). These figures are based on a comprehensive analysis of leading insurance providers, with an eye toward long-term value.
- Factors such as your pet’s breed and age, as well as your location and chosen coverage level will impact your monthly premiums.
- Compare quotes from multiple insurers to find the best plan for your pet and your budget.
How Much Does Pet Insurance Cost on Average?
According to our analysis, pet insurance costs an average of $51 per month for dogs and $27 per month for cats. These rates are based on a policy featuring $5,000 of annual coverage, a $250 deductible, and 80% reimbursement. If you prefer a policy with unlimited annual coverage, the average monthly cost increases to $76 for dogs and $37 for cats.
Average Cost of Pet Insurance for Dogs and Cats
Generally, insuring younger pets is more affordable. This is due to the fact that older pets are more likely to develop health issues, leading to increased veterinary costs. Cats are often cheaper to insure than dogs due to longer lifespans, fewer health problems, and lower associated vet expenses.
Here’s a quick comparison of average monthly costs:
Source: Forbes Advisor research
Dog Insurance Costs
The average cost of dog insurance is approximately $51 per month for a plan with $5,000 in annual coverage. For a policy with unlimited annual coverage, the average cost is $73 per month. Depending on the plan selected, dog owners can anticipate monthly premiums spanning from $25 to $150, contingent upon factors such as the dog’s age, the coverage amount, and the insurance provider.
Average Pet Insurance Cost by Dog Age
As dogs age, their pet insurance costs increase. This is attributable to the higher likelihood of older dogs developing health issues necessitating veterinary care.
The following table shows average monthly costs:
Source: Forbes Advisor Research
Average Cost of Dog Insurance by Company
Here’s a look at how pet insurance costs vary by provider:
Source: Forbes Advisor Research Note: Not all pet insurers offer unlimited annual coverage.
Average Cost of Dog Insurance by Breed
Breed is another significant factor. The following table shows how breed affects pet insurance costs.
Source: Forbes Advisor research
Average Dog Insurance Cost by State
Dog insurance costs also vary geographically, and can be significant. For example:
Source: Forbes Advisor research
Cat Insurance Costs
Cat insurance costs average $27 per month for a policy with $5,000 in annual coverage, in the US. A plan with unlimited annual coverage costs about $37 per month. Like with dogs, costs depend on the cat’s age and the insurance provider.
Average Pet Insurance Cost by Cat Age
Here’s a breakdown by age:
Source: Forbes Advisor Research
Average Cost of Cat Insurance by Company
Source: Forbes Advisor research
Average Cost of Cat Insurance Cost by Breed
The breed of your cat also influences cost. Here’s a look at those averages:
Source: Forbes Advisor Research
Average Cat Insurance Cost by State
As with dogs, the state where you live impacts your costs:
Source: Forbes Advisor Research
The Impact of Veterinary Care Costs
The average cost of a veterinary visit is approximately $70. However, this can vary widely by state and the specific services needed. Medical treatments can cost thousands of dollars, depending upon the medical needs. Consider the following average treatment costs (dogs vs. cats):
Source: Pets Best; data based on claims from January 1, 2023 – December 31, 2023.
Factors Affecting Pet Insurance Prices
Pet insurance pricing is determined by several factors:
- Coverage Type: Comprehensive plans, which cover a wide range of treatments and wellness care, generally cost more than accident-only policies.
- Deductibles: Choosing a higher deductible lowers your monthly premiums.
- Reimbursement Levels: Higher reimbursement levels (e.g., 90%) result in increased insurance costs.
- Pet’s Breed: Some breeds are predisposed to certain health conditions, which can lead to more veterinary visits and higher costs.
- Age of Pet: Older pets tend to have higher insurance costs due to an increased likelihood of health issues.
- Location: The cost of veterinary care in your area will affect your insurance premiums.
- Discounts: Many insurers offer discounts, such as those for multiple pets or military personnel.
What is the Cheapest Pet Insurance?
Based on our analysis, some of the most affordable pet insurance options include Pets Best, Lemonade, and Fetch, each with unique benefits. The best option for your pet will depend on specific factors.
How Does Pet Insurance Work?
Pet insurance is typically reimbursement-based. You pay the vet for services and then submit a claim for reimbursement. Coverage details vary depending on the plan you choose. It’s important to compare plans carefully before purchasing one to be sure it fits your needs and budget.
Is Pet Insurance Worth It?
Pet insurance is financially valuable if you can’t afford to cover large, unexpected vet bills. Wellness add-ons can help with preventive care costs, too. While you could set aside money, an unforeseen bill could easily reach thousands of dollars.
Methodology
Our data for this analysis comes from Forbes Advisor research, and involved crunching thousands of quotes.
Frequently Asked Questions (FAQs)
Will pet insurance offset the average cost of medical treatments?
Pet insurance can significantly reduce medical costs, but your overall savings will depend on your premiums, deductible, and reimbursement rate.
How much should you spend on pet insurance for a dog?
The cost varies significantly, depending on the level of coverage you choose, the deductible, and the reimbursement rate. The best way to find a policy that suits your needs is to research the plans available and obtain some quotes.
Does pet insurance cost increase with age?
Yes, pet insurance costs typically increase as your pet ages, as older pets are more prone to illness or injury.
Are pet vaccinations covered by pet insurance?
Vaccinations are not typically covered by standard pet insurance policies, but some providers offer wellness plans that can help with these preventative costs.
