Pet insurance costs vary based on several factors, including the type of pet, breed, age, location, and coverage level. On average, pet owners can expect to pay anywhere from $10 to $100 per month, depending on the chosen plan and coverage options.
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)
- Breed
- Age (compared to its typical life expectancy)
- Location
- Common indoor and outdoor risks in area
- Term and length of insurance policy
- Reimbursment Rate
- Deductible
- 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.
Type of Pet
Dogs tend to cost more to insure than cats. On average, monthly premiums for dogs range from $30 to $60, while premiums for cats are usually lower, around $10 to $30. Exotic pets like birds or reptiles may have more limited insurance options and can be more expensive or harder to find coverage for.
Breed and Size
Breed significantly impacts the cost of pet insurance. Certain breeds are more prone to specific health issues, which increases the risk for insurers. For example, larger dog breeds like Great Danes may be more expensive to insure due to their higher likelihood of developing joint and heart problems. On the other hand, mixed-breed pets often have lower premiums than purebreds, which are generally more susceptible to genetic conditions.
Age of the Pet
The age of your pet also plays a crucial role in insurance costs. Younger pets typically have lower premiums since they are less likely to have pre-existing conditions or develop severe health issues. As pets age, the risk of illness increases, which results in higher premiums. For older pets, some insurers may restrict coverage or charge significant premiums.
Location
Where you live affects the cost of pet insurance. Urban areas, where veterinary care is more expensive, generally have higher premiums compared to rural locations. Additionally, certain regions may have higher risks of specific diseases or accidents, impacting insurance rates.
Coverage Options
Pet insurance plans come in different forms: accident-only, accident and illness, or comprehensive coverage, which may include wellness and preventative care. Accident-only plans are the least expensive, often ranging from $10 to $20 per month, and cover incidents like broken bones or swallowing foreign objects. Accident and illness plans are more costly, averaging between $30 and $50 monthly, and cover conditions such as cancer, infections, or hereditary diseases. Comprehensive plans, which include routine checkups, vaccinations, and dental care, can cost upwards of $60 to $100 per month.
Deductibles and Reimbursement Levels
The amount you pay out-of-pocket before your insurance starts covering expenses (the deductible) influences your monthly premium. Higher deductibles lower monthly costs but require you to pay more when making a claim. Deductibles can range from $100 to $1,000. Additionally, the reimbursement rate, or the percentage of the bill the insurer pays after meeting the deductible, also affects costs. Common reimbursement rates are 70%, 80%, or 90%. Choosing a higher reimbursement rate will increase your premium.
Annual Coverage Limits
Some policies have annual or lifetime payout limits, which affect the premium. Plans with higher or unlimited coverage limits cost more. A policy with a $5,000 annual limit will be cheaper than one offering unlimited coverage.
Additional Considerations
- Pre-Existing Conditions: Insurance doesn’t cover pre-existing conditions. If your pet has prior health issues, those won’t be included in the coverage, and this may limit what the policy can do for you.
- Discounts: Some insurers offer discounts for insuring multiple pets, being part of certain organizations, or paying annually instead of monthly.
Overall, pet insurance provides a safety net for unexpected vet bills, and the peace of mind it offers often outweighs the cost for many pet owners. Carefully assess your pet’s health needs and budget to choose the best plan.
