Age of PetĪ pet’s age is another piece of the pet insurance cost puzzle. And birds, reptiles, rabbits and ferrets cost less to insure than cats. In our analysis of filings by pet insurers to state regulators, we found many pricing levels based on dog breeds but little variation for cats.Ĭats are cheaper to insure than dogs. For example, some larger breeds of dogs are more susceptible to heart and hip issues. That’s because some breeds are predisposed to illnesses, which typically translates to more veterinary visits and higher medical bills. Your pet’s breed is a factor in determining pet insurance costs. Then you’d be reimbursed 80% of the remaining $1,000, for a reimbursement of $800.The first $500 of that is your deductible.If the pet has a medical procedure that costs $1,500 and it’s your first claim of the policy period, you would first pay $1,500 to the vet.Pet insurance costs are higher for better levels of reimbursement.įor example, say you have a pet insurance plan with a $500 deductible and 80% reimbursement level: You can typically choose reimbursement options of 70%, 80% or 90% of the pet medical expenses that are covered by the plan. Once you meet the deductible for your plan by paying out-of-pocket, coverage kicks in at the level outlined in the plan. Pet insurance policies are reimbursement-based, meaning you usually have to pay up front for your pet’s medical bills and submit a claim to the pet insurance company. The higher your deductible amount, the less you pay in pet insurance costs. You can typically choose a pet insurance deductible that ranges from $0 to $1,000. These plans are typically add-ons.Ī deductible is the amount of money you pay out of pocket every year to a veterinarian before coverage starts. This type of policy covers medical expenses for wellness exams, flea and heartworm prevention, vaccinations and other routine annual care. Coverage might include diagnostic tests, surgeries, X-rays, hospitalization, prescription medications and emergency care. This type of policy covers certain medical expenses if your pet suffers an accident, such as a broken bone. This might also cover lab tests, surgeries, hospitalization, prescription medications and emergency care. This type of policy helps pay for vet bills for unexpected incidents, such as sprains from accidents, poisonings and common illnesses, such as ear infections. A comprehensive pet insurance plan will combine an accident and illness policy with a routine care plan. Here are the common types of pet insurance plans: Your coverage choices depend on the pet insurance company. For example, a comprehensive policy that covers a range of treatments and also routine care will cost more than an accident-only policy. One of the biggest factors determining pet insurance cost is the coverage. Pet insurance companies use multiple factors when setting rates. For example, the average cost to treat an ingested foreign object for a dog is $3,500, according to Forbes Advisor’s analysis of vet visit costs. But an unforeseen vet bill could set you back thousands of dollars. You may instead decide to set money aside for your pet’s care. You can also buy add-on plans that help cover expenses for wellness and preventive care. If you can’t afford to pay for a large unexpected vet bill out of pocket, pet insurance is worth it for the financial safety net it provides. Source: Pets Best, based on claims costs over one year, from 2017 to 2021 Cat owners can expect to pay anywhere from $21 to $125 per month for pet insurance, depending on the cat’s age, the amount of coverage and the insurance company.Īverage monthly pet insurance cost for $5,000 annual coverage, $250 deductible and 80% reimbursementĪverage monthly pet insurance cost for unlimited coverage, $500 deductible and 90% reimbursement The insurer and age of the cat influences how much you will pay. Pet insurance costs an average of $47 per month for a cat for a policy with unlimited annual coverage. The cost of pet insurance varies based on multiple factors, including the type of coverage, the amount of coverage, and the pet’s breed and age. Know that pet insurance rates generally rise every year at renewal time as your pet gets older. You can find pet insurance that fits almost any budget by adjusting the levels of coverage inside the plan. Average monthly cost for $5,000 annual coverage, $250 deductible and 80% reimbursementĪverage monthly cost for unlimited coverage, $500 deductible and 90% reimbursement
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