How much does pet insurance cost?

The number of Americans relying on pet insurance to help manage their pets’ healthcare expenses is growing by around 20 percent each year. Whether you’re a first-time pet parent or have faced expensive vet bills before, you might be wondering if investing in pet insurance is a more affordable option than covering veterinary costs out of pocket.

Understanding the costs involved is key to making an informed decision. The price of pet insurance varies widely based on several factors, such as the type of coverage you choose, your pet’s age and breed and even where you live.

Whether you’re looking for basic accident coverage or a comprehensive plan that includes wellness care, knowing what to expect can help you find the right balance between coverage and affordability.

Average pet insurance costs

The cost of pet insurance depends on several factors, including the type of coverage, your pet’s age and breed and where you live.

On average, pet owners in the U.S. can expect to pay between $17 (accident-only coverage) and $56 (accident and illness coverage) per month for a dog and $10 (accident-only coverage) to $32 (accident and illness coverage) per month for a cat.

Dog insurance costs

Dog insurance premiums are generally higher than those for cats due to the higher risk of certain health issues and accidents.

For a policy providing $5,000 annual coverage with a $250 deductible and 80 percent reimbursement, you can expect to pay between $30 and $71 per month.

Comprehensive dog insurance with unlimited annual coverage costs between $36 and $101 monthly. Factors such as breed, age and location can significantly influence these costs.

Cat insurance costs

Pet insurance providers generally consider cats to be lower risk. As a result, pet insurance for your cat will typically cost less than that for a dog.

For an accident and illness policy with a $250 deductible, 80 percent reimbursement level and $5,000 annual coverage, you can expect to pay between $18 and $34 per month. The monthly cost for unlimited coverage is between $18 and $62.

As with dog insurance, the cost of insuring your feline will vary based on your cat’s breed, age and where you live.

How different types of pet insurance affect costs

Similar to vehicle and health insurance, there are a few different types of pet insurance plans. The type of plan you select will determine the extent of your pet’s coverage and how much your monthly premiums will be.

Accident-only coverage

Accident-only policies cover veterinary costs resulting from injuries due to accidents, such as bone fractures or ingesting a foreign object. This type of insurance is typically the most affordable option.

Accident and illness coverage

This is the most common type of pet insurance. It covers accidents and illnesses, including chronic conditions, infections and hereditary diseases. This comprehensive coverage is more expensive than accident-only policies.

Wellness plans

Some of the best pet insurance companies offer wellness plans that cover routine care, such as vaccinations, pest control, dental cleanings and annual exams. To help budget for routine expenses, pet owners can add these plans to accident and illness coverage with many pet insurance providers.

These are generally add-on plans, although some veterinary offices also offer their own wellness plans.

Factors that determine pet insurance pricing

Each pet insurance provider measures risk differently. You could pay substantially more to cover the same pet in one location than you would in another. Similarly, one pet insurance company may provide the same insurance coverage at a different price than a competitor.

Type of coverage

Accident-only policies are less expensive than accident and illness coverage, as they cover fewer scenarios. Wellness plans add to the cost but provide coverage for routine care.

Amount of annual coverage

The amount of annual coverage, or the maximum payout your insurance company will provide per year, greatly impacts the cost of your premiums.

Policies with higher yearly limits are more expensive because they offer more financial protection. For example, a policy with a $10,000 annual limit will cost more than one with a $5,000 limit.

Annual deductibles

Deductibles play a significant role in determining the overall cost of pet insurance. A deductible is the amount you must pay out of pocket before your insurance coverage kicks in. There are two main types of deductibles: annual deductibles and per-incident deductibles.

An annual deductible is a fixed amount that you must pay each policy year before coverage begins, regardless of the number of claims. Annual deductibles typically range from $100 to $1,000. In contrast, a per-incident deductible applies to each separate illness or injury, meaning pet owners may need to pay multiple deductibles within a year if their pet experiences different health issues.

Higher deductibles typically result in lower monthly premiums, making the plan more affordable in the short term. However, this means pet owners will pay more for veterinary expenses before receiving reimbursement. On the other hand, lower deductibles lead to higher monthly premiums but reduce out-of-pocket costs when filing a claim. Choosing the right deductible depends on your financial situation and how frequently you anticipate needing veterinary care.

Reimbursement percentage

The reimbursement level is the percentage of the vet bill that the insurance company will pay after you meet your deductible. Typical reimbursement levels are 70 percent, 80 percent and 90 percent. A plan with a 70 percent reimbursement rate will cost less than a plan that will reimburse you for 90 percent of eligible vet expenses.

Age of pet

Your pet’s age is a crucial factor in determining insurance premiums. Generally, younger pets have lower premiums since they are less prone to chronic health conditions. However, as pets age, their risk of developing issues such as diabetes, arthritis or other age-related conditions increases, leading to higher insurance costs. Many providers impose age limits for new policies, and some may exclude coverage for senior pets altogether.

It’s also important to consider pre-existing conditions when insuring an older pet. Enrolling in pet insurance later in your pet’s life may result in exclusions for existing health issues, increasing the total cost of care. Forward planning and securing coverage while your pet is still young can help ensure comprehensive, affordable protection throughout their lifetime.

Breed

Certain breeds are more prone to specific health conditions, which can result in higher premiums. For example, large dog breeds like Great Danes and Saint Bernards are more susceptible to joint issues. Cat breeds like Persians and ragdolls are more prone to develop genetic health problems. Insurers consider these breed-specific risks when setting premiums.

Location

The cost of veterinary care varies by location, which affects insurance premiums.

Urban areas with higher living costs and more expensive veterinary services generally have higher premiums. Conversely, rural areas with lower veterinary costs may have cheaper insurance rates. Additionally, some regions may have higher incidences of certain illnesses or accidents, which can also influence pricing.

Discounts

If you are looking for affordable pet insurance, it’s worth comparing the discounts some insurance companies offer. Many pet insurance companies provide significant discounts that can reduce your premiums, such as:

• Annual payment discount: Paying your premiums annually rather than monthly can sometimes result in a lower overall cost.
• Bundling discount: Insurers such as Liberty Mutual and Lemonade offer savings for pet parents who already have other insurance policies with them.
• Employee or group discount: Some providers feature special rates for employees of certain companies or members of specific organizations.
• Military or first responder discount: Military personnel, veterans or first responders may be eligible for discounts.
• Multi-pet discount: Several pet insurance companies offer a 5–10 percent discount for insuring multiple pets.

Costs of veterinary care without insurance

Due to inflation and the increasing sophistication of veterinary medicine, the cost of veterinary care is on the rise. Many pet owners are unprepared for the costs associated with serious illnesses or accidents.

Here are examples of common veterinary expenses:

• Allergy testing: $300
• Dental cleanings: $400
• Fecal exam: $45
• Geriatric screening: $110
• Heartworm test: $50
• Routine check-ups: $242 for dogs per year
• Spay/neuter at a private animal hospital: $500
• Vaccinations: $75 per vaccine

Average costs for surgeries and emergency visits

The cost of an emergency vet visit will depend on the extent of the injury or illness, the size of your pet and the type and number of diagnostics the clinician needs to perform.

• 1–2-day hospitalization: $600–$1,700
• 3–5-day hospitalization: $1,500–$3,500
• ACL surgery: $1,500–$4,000
• Blood work: $80–$200
• Emergency surgery: $1,500–$5,000
• Oxygen therapy: $500–$3,000
• Ultrasound: $300–$600
• Radiation therapy for cancer: $2,500 to $7,000
• Wound treatment: $800–$2,500
• X-rays: $150–$250

Is pet insurance worth it?

Determining if pet insurance is worth it, depends on your circumstances and financial situation. Here are some points to consider:

• Access to better care: With coverage, you may be more likely to choose advanced treatment options without worrying about high costs, ensuring your pets receive the best care possible.
• Budgeting: Monthly premiums can make it easier to manage veterinary expenses over time, helping avoid large, upfront costs for unexpected medical issues.
• Financial protection: Unexpected vet bills for accidents, illnesses or surgeries can be expensive. Pet insurance helps cover these costs so you can avoid the difficult choice between your pet’s health and your financial stability.
• Peace of mind: Knowing you have coverage for major health issues can allow you to focus on your pet’s recovery rather than financial concerns.

While pet insurance may seem like an added expense, it can be a valuable investment in the long run, especially if your pet develops a serious health condition or requires emergency care.

Next steps

Now that you have a better understanding of how much pet insurance costs and the different coverage options, the next step is to evaluate your pet’s specific needs and your financial situation.

Consider factors such as your pet’s age, breed and lifestyle to determine the level of coverage that makes the most sense. Take the time to compare different providers, looking at their plan options, deductibles, reimbursement rates and any exclusions that may apply.

If you’re ready to move forward, getting quotes from several of the best pet insurance companies can help you find the balance between affordability and comprehensive protection. Ultimately, investing in pet insurance can provide peace of mind and ensure your furry friend receives the care it deserves.