Pet insurance premiums are typically reasonable, and a big part of them depends on your decision to give your pet the greatest possible insurance protection. Although this can vary depending on the breed and type of plan you get, cats are normally less expensive to insure than dogs. The two main types of pet insurance plans are accident-only and comprehensive.
Accident-only insurance covers only accidents, such as broken bones or poisoning; it is considerably less expensive than comprehensive insurance, which also covers illnesses. A routine care plan is an add-on option for your comprehensive insurance with Progressive Pet Insurance by Pets Best, even though not all pet health insurers provide coverage for preventative treatment.
Here is a sample of plan costs from Pets Best so you can get an idea of how much dog or cat insurance will cost. Although the average annual fees are indicated, keep in mind that you can also pay on a monthly or quarterly basis. The cost of your pet’s accident and illness insurance will vary depending on your choice of deductible and reimbursement level. Plans that cover simple accidents and routine treatment have set prices.
How Much Is a Pet Insurance Policy?
Depending on the species, breed, age, existing conditions, and location, an example pet insurance coverage from one of the firms in our review can cost anywhere between $11 and $70.
The Insurance Information Institute states that the cost of your insurance is also influenced by the degree of treatment you select (III). Typically, there are three levels of coverage:
Basic protection: Ensures sickness and accidental accidents (excluding cancer).
Comprehensive coverage: Enhances a basic plan by including prescriptions, lab expenses, diagnostic testing, X-rays, and office visits.
Pet wellness care: Covers immunizations and other preventive measures.
Janet Ruiz, director of strategic communications at the III, explains that pet insurance functions very similarly to human health insurance in terms of annual premiums, deductibles, co-pays, and caps. Dog insurance is more expensive than cat insurance, and older animals often cost more to cover.
Lemonade is the most affordable pet insurance for both dogs and cats among the best pet health insurance providers we reviewed. According to our research, an example monthly premium for cat insurance is only $11, whereas a sample monthly premium for a dog is $19.44.
The cost of vet visits and other pet medical expenses throughout the course of an animal’s life, assuming you decide to cover all expenses out of pocket, is a crucial factor to take into account when determining how much pet insurance will cost.
According to Kristen Lynch of the NAPHIA, “You’re really protecting your financial situation, the health of your pet, and your capacity to make decisions at trying emotional times.” With pet insurance, you won’t have to decide whether to put an animal to sleep or not because you cannot afford the treatment.
How Much Is Pet Insurance for Dogs?
The average pet health insurance premium for a dog accident and sickness coverage is $594.15 per year or $49.51 per month, according to NAPHIA’s 2021 State of the Industry Report. The cost is determined by the type of insurance you purchase; some offer lifetime caps while others place annual caps on each medical condition. According to Lynch, “You may have a $2,500 restriction per disease, and that amount updates each year.”
Pet insurance with a wellness benefit to cover regular veterinarian visits for vaccinations or yearly checkups might cost extra, as can policies with riders and endorsements — add-ons like spaying and neutering — that are optional.
How Much Is Pet Insurance for Cats?
According to NAPHIA data for 2021, cat owners spend an average of $28.48 per month or $341.81 annually. Because cat care is typically less expensive, cat insurance is less expensive. For instance, a typical surgical vet visit costs $458 for a dog, but only $201 for a cat. According to the American Pet Products Association’s 2020–2021 National Pet Owners Survey, annual cat well-checks cost an average of $178, while annual routine vet visits for dogs are expected to cost owners $242.
What Factors Affect the Price of a Pet Insurance Plan?
The III explains that the cost of insurance is determined by your pet’s age, health, and medical history, as well as the scope of the coverage. Similar to human health insurance, your out-of-pocket costs increase when premiums decrease.
There are various forms of insurance protection:
- Annual deductible: Plans, such as your own health insurance policy, that cover all covered services after you reach the deductible.
- Per-incident deductible: Pre-incident deductibles, which work similarly to co-pays, impose a set fee before coverage begins for each occurrence that is claimed.
- Per-condition deductible: If you pay the deductible for a condition, such as hip dysplasia, you will then be covered for that condition for the duration of your pet’s life. You must first pay the deductible for each new condition in order for coverage to begin.
Ruiz advises finding out the cost of treatments and figuring out whether the care and provider are covered by the pet insurance for pet owners who have a trusted veterinarian or know where they’ll take their animal for care. If you are aware of the average cost of treatment, the expert asks, “Do you want to receive a percentage back, or do you want to know how much your expenses will be capped for each condition?”
Pre-existing conditions can have a significant impact on how much your pet insurance will cost each month and whether there are any coverage restrictions that force you to pay for care out-of-pocket. She points out that certain insurers might not provide coverage for breeds that are prone to congenital diseases like hip dysplasia.
You should first think about the pet insurance deductible and whether specific claims will be excluded before deciding whether or not to acquire pet insurance. Then, consider which supplemental services are important to you, keeping accident insurance in mind.
According to Ruiz, “people often consider pet insurance for diseases like cancer, but there are also accidents and you might want them covered.” Pets are subject to the same kinds of accidents as family members since people frequently bring them along on trips and in cars.
What elements affect the costs of your pet insurance?
To ensure that everyone paying for pet insurance is doing so fairly, the premium is determined using a variety of information about both you and your pet. Your premium amount may be affected by the following variables:
- your residence
- Status of desexing/spaying
- animal class (dog or cat).
Additionally, the cost of each pet insurance policy varies depending on the type of coverage. This is due to the fact that each policy pays for different medical costs, with comprehensive coverage being the more expensive choice because it provides a wider spectrum of protection for some accidental diseases and accidents (some policies also offer optional routine care for check-ups, vaccinations, and more).
Basic coverage, on the other hand, is less expensive because it only pays for certain types of accidental injuries when they occur. Despite the possibility of disease coverage, a basic policy can have a smaller yearly maximum you can claim or a lower percentage of reimbursement.