What Determines the Cost of Pet Insurance?

As a pet owner, you will undoubtedly deal with unexpected illnesses, accidents, and emergencies during your pet’s lifetime. When your pet is sick or injured, coming up with the funds for emergency treatment can add stress and tension to an already difficult situation. But, a pet insurance plan can save you thousands of dollars in veterinary bills every year, and help you make the best decisions when your pet needs care. 

Pet insurance carries a monthly premium, but the cost is well worth your peace of mind when you are able to provide the best care possible for your pet in every situation. Each provider, and policy, covers different services for different costs, and you should explore all options before choosing the best plan for your pet.

How Much Does Pet Insurance Cost?

This is one of the most common pet owner questions. According to the North American Pet Health Insurance Association (NAPHIA), the average cost for pet insurance in the United States is $46 per month for a dog and $26 per month for a cat. 

Average Monthly Cost of Pet Insurance for Dogs

According to Value Penguin, which provides the costs for different pet insurance policies, the average monthly premium for dog health insurance is $42.45, when looking at the top 11 providers. Monthly premiums that several popular providers charge include:

Average Monthly Cost of Pet Insurance for Cats

Value Penguin found the average monthly premium for cat health insurance was $20.99 when looking at the top 11 providers. Monthly premiums that several popular providers charge include:

Factors That Determine the Cost of a Pet Health Insurance Policy

Many factors determine the monthly premium for each individual pet, and you will need to provide information about your pet to receive quotes from different insurance providers. When calculating your pet’s premium, insurers consider the following main factors:

What is the Average Cost of Veterinary Treatment?

Although veterinarians keep their prices as low as possible, medical care is costly and can add up quickly if your pet needs surgery or hospitalization. Data based on average claims from PetFirst show that a dog’s average treatment cost is $252.75, and a cat’s is $266.79. Without pet insurance, you will pay your pet’s entire treatment cost out of pocket, whereas pet insurance allows you to pay only a small percentage of the total, and covers the remainder of eligible costs.

What Does Pet Health Insurance Cover?

Pet health insurance covers a percentage of your pet’s eligible veterinary expenses, but eligible expenses can vary significantly between plans and providers. Costs that may be covered include:

Some insurance plans, like Pet Plan, allow you to customize your coverage by choosing from a combination of deductibles and reimbursement levels. Others offer routine care or other add-ons to provide more comprehensive coverage.

What Coverage Types are Available?

Many insurance companies offer several plans, while others may offer only one basic plan. When considering the right plan for your pet, you must compare rates and coverage, and read reviews. The different plan types offered typically include:

To further lower your costs, you may consider adding a discount plan to maximize your pet care savings. Pet Assure’s veterinary discount plan does not exclude pre-existing conditions and has no age limitations or exclusions. Simply put, all pets are covered. Pet Assure also offers additional benefits, such as ThePetTag 24/7 lost pet recovery service. 

Pet insurance is a worthwhile investment for any pet and can help defray costs if your pet unexpectedly becomes injured or sick, and may prevent you from being forced to make difficult decisions based on finances. As you can see, determining the cost of each insurance plan—and each pet’s costs— is complex. Spend time thoroughly reviewing each policy, to ensure you choose the plan that works best for your pet’s specific situation.