How Much Does Pet Insurance Cost?

How Much Is Pet Insurance for Dogs?

On average, accident and illness coverage for dogs costs $56.30 per month or $675.61 per year, according to the North American Pet Health Insurance Association (NAPHIA). Accident-only coverage costs an average of $17.01 per month; accident, illness and wellness insurance costs an average of $105.28 per month.

Source: NAPHIA

Here's how much you can expect to pay per month for pet insurance for popular dog breeds.

Note: Quotes are for a 2-year-old male dog with no pre-existing conditions and a policy with a $5,000 annual limit, $250 deductible and 80% reimbursement rate.

How Much Is Pet Insurance for Cats?

Pet insurance for cats typically costs a bit less than insurance for dogs, averaging $31.94 per month or $383.30 per year for accident and illness coverage. Pricing varies widely depending on coverage: You can purchase cat accident-only coverage for an average of $9.68 per month or get accident, illness and wellness coverage for $52.17 per month on average.

Source: NAPHIA

Here's an idea of how much you can expect insurance for popular cat breeds to cost.

Note: Quotes are for a 2-year-old male cat with no pre-existing conditions and a policy with a $5,000 annual limit, $250 deductible and 80% reimbursement rate.

How Is the Cost of Pet Insurance Determined?

Several factors affect the price of pet insurance, including:

• The type of coverage: Most insurers sell three basic types of pet insurance. Pet accident and illness insurance covers accidents and injuries, as well as illnesses such as cancer and ear infections. You can save money by purchasing accident-only insurance, which doesn't cover illnesses. Neither type of insurance covers preventive care. However, you can typically add a wellness plan that helps pay for routine care such as vaccinations, dental cleanings or annual check-ups.
• The amount of coverage: Some pet insurance plans provide unlimited payouts, but most set annual limits, such as $5,000 or $10,000. You'll also need to consider reimbursement rates, or the amount of covered vet bills that the insurance will pay. Reimbursement rates typically range from 60% to 90%. The higher your plan limit and reimbursement rate, the more you can expect to pay for pet insurance.
• Your plan's deductible: The deductible is the amount you must pay toward your pet's veterinary care before your pet insurance kicks in. Some plans have annual deductibles; others have per-incident deductibles. Deductibles can range from $0 to $1,000; raising your deductible generally lowers your premiums.
• Your pet's species and breed: Cats usually cost less to insure than dogs. In addition, certain breeds may cost more to insure because they're more prone to breed-specific health issues. For instance, short-nosed dogs such as French bulldogs, English bulldogs and pugs often have respiratory or heart problems, while dachshunds are more likely to suffer musculoskeletal issues.
• Your pet's age: Like humans, pets tend to have more health problems as they get older, so you'll typically pay more to insure an older pet. Some pet insurance providers don't issue policies for pets over a certain age.
• Your pet's gender: Insurance for male pets usually costs more than for females. Male animals are prone to costlier health issues than females and are more likely to be injured due to risky or aggressive activities such as fighting other dogs.
• Your location: The cost of veterinary care can vary from one area to another. The going rate for veterinary treatment where you live will affect your pet insurance premiums.

Is Pet Insurance Worth It?

Paying a few hundred dollars a year for pet insurance can be worth the cost if it helps you handle a high vet bill. Consider whether you could cover the cost of these common vet visits on your own:

Source: Yelp

Suppose your pet is hit by a car and needs surgery costing $5,000. If you have pet insurance with an 80% reimbursement rate and have already met your deductible for the year, insurance would cover $4,000 of the cost; you'd pay $1,000. Without pet insurance, you might have to make the painful decision to have your pet euthanized.

Frequently Asked Questions

The Bottom Line

Pet insurance can help cover the cost of essential veterinary care, making it a wise investment in your pet's health. But even with pet insurance, you're still responsible for part of your pet's medical expenses. You must generally pay the vet upfront, submit a claim to the insurance company and wait to be reimbursed. Setting a pet care budget that includes pet insurance premiums and building up your emergency fund can equip you to handle unexpected veterinary costs.