How Much Does Pet Insurance Cost?

Your pet is a part of the family, and pet owners like you do what they can to ensure their family is healthy and happy. Of course, caring for a pet can be expensive, so to properly care for them without breaking the bank, it’s wise to consider pet insurance that can help minimize your out-of-pocket vet costs.

Now you’re wondering, how much is pet insurance? Is it worth paying the monthly premium? We’re here to answer your questions about the cost of pet insurance and help you learn how to find a plan within your budget.

How Much Does Pet Insurance Cost?

According to MarketWatch, as of June 2024, pet insurance costs an average of $60 per month for a dog, and $32 per month for a cat. Some insurance companies may offer discounts for insuring multiple pets or may offer specialized coverage options for specific breeds or conditions, which could also affect the cost.

It’s difficult to put an exact amount on this kind of insurance since pet insurance can vary based on many factors, such as your insurance company, the kind of pet you have, your pet’s age and health, and more. We’ll dive into those factors later, but for now, just keep in mind that the averages can give you a rough estimate as to cost but is by no means meant to suggest the actual pet insurance cost for your particular animal.

Pet Insurance for Dogs

Dog insurance cost depends on may factors, namely the breed of your dog. Coverage for bigger breeds tend to result in higher premiums, mostly due to their perceived increased risk for certain health conditions and potentially higher veterinary costs. Some purebred dogs are prone to certain health issues, so insuring those pups can also be more expensive. Breeds that are commonly used as working dogs or guard dogs, such as German Shepherds, Belgian Malinois, or Rottweilers, may have higher insurance premiums due to their potential exposure to occupational hazards and their tendency to be more active and prone to injuries. A smaller house pet like a Yorkshire Terrier, by contrast, would likely be perceived to be less active or prone to injuries, typically resulting in a lower premium.

Another important factor is the age of your dog as coverage typically costs more as your dog gets older since your pet may be viewed as a higher risk when it comes to injuries or illnesses, and whether your dog has pre-existing conditions.

Pet Insurance for Cats

The cost of pet insurance for cats can vary. Older cats will typically cost more to insure than younger ones, and the breed can impact your monthly premium, too. Pre-existing conditions can also impact cost and coverage options.

Like dogs, cat breeds that are purebred with known health issues, such as Persian cats, Bengal cats, and Siamese cats, will typically be more expensive to insure. Hairless cat breeds, such as Sphynx cats, may have higher insurance costs, too, due to their unique grooming and skincare needs, as well as potential susceptibility to skin-related issues. Coverage for other high-value cat breeds like Maine Coon cats or British Shorthairs may also cost more.

8 Factors that Impact Pet Insurance Costs

While there are many factors that will affect the cost of a particular pet’s insurance policy, below is a discussion of 8 common factors which may affect cost:

Coverage Type

There are four main types of pet insurance coverage types: comprehensive, accident and illness, accident-only, and routine wellness. While the terms and conditions of each individual policy will vary, the following is a general summary of each type:

Comprehensive pet insurance provides more extensive coverage and is generally more expensive than the other pet insurance coverage types. It usually covers both accidents and illnesses, including emergency veterinary care, surgeries, hospitalization, diagnostic tests, medications, and treatments. Plus, comprehensive coverage may also cover hereditary and congenital conditions, specialist care, alternative therapies, and behavioral treatments, depending on the policy.

Accident and Illness Coverage offers financial protection against costs associated with your pe’s accidental injuries and illnesses. It typically includes coverage for veterinary expenses related to accidents, such as broken bones or lacerations, as well as illnesses like infections, cancer, or gastrointestinal issues. This type of coverage often also includes diagnostic tests, medications, surgeries, hospitalization, and ongoing treatments, depending on the policy.

Accident-Only Coverage is a more limited type of pet insurance coverage that typically covers only veterinary expenses resulting from your pet’s accidental injuries. It does not cover illnesses or other medical conditions. It is usually less expensive than comprehensive or accident and illness coverage and can be more affordable for pet owners primarily concerned about unexpected accidents, such as injuries from car accidents, poisoning, or swallowing foreign objects.

Routine Wellness Coverage, also known as preventive or wellness care coverage, is a standalone plan or an optional add-on to a pet insurance policy. It typically covers your pet’s routine veterinary care and preventive services, including vaccinations, annual check-ups, flea and tick control, spaying/neutering, dental cleanings, and may cover prescription medications for preventive purposes. This coverage is designed to help offset the costs of regular preventive care and can be beneficial for pet owners who want to proactively manage their pet's health.

Breed

The breed of your pet can impact the cost of pet insurance. Some purebred breeds may be prone to specific hereditary or genetic health conditions, which may increase the likelihood of veterinary visits. Insurance companies may consider these breed-specific risks when calculating premiums. Breeds with known breed-related health issues or higher veterinary costs may result in higher insurance premiums compared to breeds with traditionally fewer health concerns.

Age

The age of your pet is another significant factor affecting the cost of pet insurance. Generally, younger pets tend to have lower insurance premiums compared to older pets. Younger animals are often perceived as healthier as compared to older pets which may have health concerns. As pets age, they may develop age-related health conditions or require more frequent veterinary care, typically resulting in higher insurance premiums.

Location

The location where you and your pet reside can influence the cost of pet insurance, too. Veterinary costs and healthcare expenses can vary across different regions or cities. In areas with a higher cost of living, like urban areas, veterinary services may be more expensive, which can be reflected in insurance premiums.

Insurance Company

One of the biggest factors in pet insurance cost is the insurance company that issues the pet insurance policy.  Different insurance companies have varying pricing structures, underwriting criteria, and coverage options. Premiums can vary between providers based on their claims experience, administrative costs, and profit margins. It's important to research and compare multiple insurance companies to find the coverage that suits your needs and budget.

Deductible

The deductible is the amount you must pay out-of-pocket before the insurance coverage starts. Higher deductibles typically result in lower insurance premiums, as you are assuming more of the financial responsibility for veterinary expenses. If you choose a lower deductible, the insurance provider will be responsible for a larger portion of the costs, typically resulting in higher premiums. You will want to strike a careful balance between the deductible amount and the affordability of monthly premiums when selecting a policy.

Reimbursement Level

Most of the time, pet insurance is reimbursement-based, meaning owners will be required to pay the vet upfront and then file a claim with their insurance provider for reimbursement.  After the payment of any applicable deductible, the insurance provider’s reimbursement obligation kicks in. Depending on the terms of the particular policy, the reimbursement amount may cover a certain percentage (70%, 80%, or 90%, for example) of covered medical expenses. Generally, the higher your reimbursement level is, the more your monthly premium will cost, too.

Discounts

Insurance companies may offer discounts that can help reduce the cost of pet insurance. Common discounts include multi-pet discounts for insuring multiple pets, discounts for enrolling pets at a young age, or discounts for paying the premium annually instead of monthly. Some carriers may also offer loyalty discounts for renewing policies or discounts for specific professional affiliations.

Frequently Asked Questions About Pet Insurance

How Do Pet Insurance Claims Typically Work?

Once you have secured a pet insurance policy, how does the claims process work?

The claims process may vary by insurance company, but the following demonstrates an example of a scenario demonstrating the common steps taken when filing an insurance claim under a typical pet insurance policy:

You take your pet to the vet because they were injured and have an infected wound.

After your pet is seen by a veterinarian and treated with medications, you pay the veterinary bill.

After your appointment, you submit a pet insurance claim to your pet insurance company. The claim should typically include a copy of the vet’s invoice and the pet’s medical record.

The insurance company will review your claim and, if covered by your policy, will then send you a reimbursement payment according to your policy’s reimbursement percentage after subtracting your applicable deductible.

Do All Vets Accept Pet Insurance?

Vets generally accept pet insurance as the majority of policies use the reimbursement model. Unlike typical health insurance policies, pet insurance doesn’t use in-network or out-of-network provider designations. Most policies let you choose the licensed vet or specialist that you want. As always, check with your insurance company to make sure you have the coverage you expect.

What Can Pet Insurance Cover?

Depending upon the coverage type selected and the terms and conditions of the particular policy, pet insurance can cover a range of veterinary expense related claims. The following are some common claims that pet insurance may cover:

Veterinary Costs: This can include the cost of consultations, examinations, diagnostic tests (such as blood work or X-rays), and specialist visits.

Surgeries and Procedures: Many pet insurance policies can help cover the cost of surgical procedures, including both emergency surgeries and elective procedures like spaying or neutering.

Medications: The cost of prescribed medications, including antibiotics, pain relievers, and ongoing medications for chronic conditions, may be covered by pet insurance.

Hospitalization: If your pet requires overnight stays at the veterinary hospital, the insurance policy may cover the associated costs, such as accommodations, monitoring, and nursing care.

Emergency Care: Pet insurance can cover emergency veterinary care resulting from accidents or sudden illnesses. This can include emergency room visits, overnight stays, and critical care.

Chronic Conditions: Some pet insurance policies provide coverage for chronic conditions, such as diabetes, allergies, or arthritis, which may require ongoing treatment, medication, and management.

Hereditary and Congenital Conditions: Certain policies may cover hereditary or congenital conditions, which are health issues that are present at birth or have a genetic component.

Specialist Care: If your pet requires specialized care from veterinary specialists, such as dermatologists, cardiologists, or orthopedic surgeons, pet insurance may cover these consultations and treatments.

Always be aware that pet insurance policies may have limitations, such as waiting periods before coverage begins, pre-existing condition exclusions, annual or per-incident claim limits, and deductibles or copays.

What Is Typically Not Covered by Pet Insurance?

Most basic pet insurance policies do not cover preventive care or routine checkups. This includes vaccinations, heartworm medications, dental cleanings, etc. Coverage for such routine or preventative care will typically result in a higher premium payment.

Why Have Pet Insurance?

Pet insurance not only helps you provide essential care for your pet, but it also helps provide financial protection against expensive vet bills. Pet insurance can be worthwhile for greater peace of mind.

You and your pet deserve the right kind of coverage. Acrisure can help you find pet insurance coverage options in your price range, for your location, specific needs and preferences. Contact Acrisure today.