Pet insurance is generally affordable. The average monthly premium is $29 for a cat and $47 for a dog, but it’s important to recognize that there’s a wide range in pricing (many see rates as low as $12/mo, others might see rates as high as $100/mo) depending on a few key factors.
Key Factors That Determine Rates
- Size (height, weight)
- Age (compared to its typical life expectancy)
- Common indoor and outdoor risks in area
- Term and length of insurance policy
- Reimbursment Rate
- Payout Limit
- Plan type
- Policy provider
You can save on pet insurance by enrolling when your pets are still young, as your monthly premiums are guaranteed to be lower. Some pet insurance providers will also give you a discount on your bill if you agree to make annual payments instead of monthly payments. Others offer discounts if you insure multiple pets under the same provider.
Another way to keep your premiums low is to select a higher deductible, but keep in mind that you’ll have to reach that deductible by paying out-of-pocket before your insurance plan begins to reimburse your veterinary costs.