Pet insurance can prevent major budget calamities — should your pet require a $10,000 surgery, it could be covered with minimal out-of-pocket costs to you. Millions of people trust pet insurance to protect their finances in case of a major emergency. However, it’s important for pet owners to understand the cost of coverage.
How much does pet insurance cost?
Insurance isn’t one-size-fits-all, so to estimate how much your policy will cost, providers will need more information about your pet. Premiums are calculated based on three main factors: your pet’s age, your pet’s breed, and your location. Here’s how those details add up:
- Age: As pets get older, their likeliness of requiring medical treatment increases, and the cost of insuring them goes up too.
- Breed: Each breed is predisposed to certain illnesses and conditions, making some more expensive to insure than others.
- Location: Did you know that veterinary costs change depending on where you live? If you live in a state where veterinarians charge more for services, your premiums will be higher.
Given these factors, the premium cost can vary greatly — from as low as $10 a month to $100 or more. According to ValuePenguin, the average monthly premium cost of insurance for dogs (found by averaging the price of the top 11 providers) was $42.45 in 2017. The industry average cost of insurance for cats was $20.99 in 2017.
Build a pet insurance plan to fit your budget
Breed, age, and location aren’t the only factors that affect premium price. The rest is up to you! Most insurance providers offer plans to choose from with varying levels of coverage, and some even let you completely customize your coverage. Plans with low deductibles (the amount you’ll pay out of pocket before pet insurance kicks in), high annual limits (the maximum amount your policy will cover in a year — many even offer unlimited) and low co-pays will cost more in monthly premiums — but will provide the best financial safety net if your pet needs medical care.
Can’t afford to spend a lot of money on a monthly premium but still want peace of mind in case of a crisis? Consider getting a low-cost plan with a high deductible. You may go years without hitting your deductible, but if your pet should be diagnosed with cancer, heart disease, hip dysplasia or another expensive condition, you could get thousands of dollars back in reimbursement.
Fetch a free pet insurance quote
The only way to know how much insurance will cost for your pet is to get a quote. Most providers offer free, no-obligation quotes — just input a little bit of information about yourself and your pet (it only takes a few minutes). You’ll get a quote instantly generated for you, and may have the option to save it and return later. Once you know how much insurance costs for your dog or cat, consider the price of veterinary treatments for common conditions — plus the value of knowing that your pet will be able to get the best care regardless of your budget — and decide if insuring your pet is worth it to you.