How Much Does Pet Insurance Cost? Is It Really Worth It?
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Chris Huntley
UPDATED: Mar 23, 2024
Pet Insurance U receives compensation from the third parties included on this site. This includes payment for clicks from our site to insurance providers’ sites and quote requests generated. Our rankings and reviews are not affected by payments from the insurance companies. The compensation we receive allows the site to be free and regularly updated. Our goal is to review every pet insurance provider, but not all companies are listed on the site.
And many of the companies we review do not pay us anything. We simply rate, compare and review their plan because we feel it will be valuable to you. Our reviews are guaranteed to be unbiased, professional and advertising compensation does not influence rankings.
We are a free online resource for anyone interested in learning more about pet insurance. Our goal is to be an objective, third-party resource for everything pet insurance related. We update our site regularly, and all content is reviewed by pet insurance experts.
UPDATED: Mar 23, 2024
Pet Insurance U receives compensation from the third parties included on this site. This includes payment for clicks from our site to insurance providers’ sites and quote requests generated. Our rankings and reviews are not affected by payments from the insurance companies. The compensation we receive allows the site to be free and regularly updated. Our goal is to review every pet insurance provider, but not all companies are listed on the site.
And many of the companies we review do not pay us anything. We simply rate, compare and review their plan because we feel it will be valuable to you. Our reviews are guaranteed to be unbiased, professional and advertising compensation does not influence rankings.
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Pet owners always want the best for their pets. But having a dog or cat can get expensive with all the food, toys and care needed. And what about pet insurance?
While pet insurance is yet another expense, it can become valuable if your dog or cat has a serious injury or illness.
Table of Contents:
Need Pet Insurance?
FACT: Pet insurance pays up to 90% of vet bills when your pet is sick or injured!
Is Pet Insurance Worth The Price Tag?
If you have a dog or cat, particularly, of a certain breed that is predisposed to an illness or injury, pet insurance can save you money in the long run.
The treatment for most conditions or injuries can run from $10,000 to $20,000.
And those pet owners who have purchased pet insurance prior to their pet getting sick or injured are really relieved to have it.
On the other hand, if you are lucky enough to have a dog or cat that is healthy, paying a monthly premium can feel like a waste of money.
Most vet visits for healthy pets are easily payable out of pocket. Therefore, it depends on the cat or dog you have and if you want to take a chance that your pet remains healthy throughout his life.
Related: 10 Things You Must Know Before You Buy Pet Insurance
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How Much Is Pet Insurance, On Average?
The average cost of most pet insurance plans ranges anywhere from $20 to $110 a month.
- Dog insurance policies average $30 to $80 a month.
- Cat insurance policies average $15 to $40 a month.
Read more: How much is cat insurance?
Dogs are typically more expensive to insure than cats because they are outside and more prone to injuries.
How Does Pet Insurance Pricing Work?
There are numerous factors that affect the price of a pet insurance policy, but the age of your pet is probably most critical. For example, a 4 year old dog would cost about 10% more to cover than a 3 year old, but a 3 year old costs about 25% more than pet insurance for a 2 year old dog.
Other important factors include:
- The type and breed of cat or dog
- The city and state in which you live
- The coverage plan you choose affects the price
- The reimbursement level and deductible
Real Cost Savings from PetFirst Clients
Luna
PetFirst saved his parents
$6,712
A happy energetic Luna one morning couldn’t hold her food down. After months of multiple costly vet visits to specialists and an endoscopy, the problem was discovered and fixed. Luna put 22 pounds back on in no time and her parents were grateful for having PetFirst by their side to pay the bills.
Deductibles of Pet Insurance, Explained
The average deductible is anywhere from $200 to $300.
When you receive your first bill, you would pay the deductible and your portion of the reimbursement level that you choose.
You typically only pay the deductible once a year and it is called an annual deductible.
For Example:
If you choose an annual deductible of $900, you pay $900 of expenses throughout the year. If at the end of the year, you had $4,000 in medical costs, you would pay $900.
Your insurance company would then reimburse you $3,100 (minus the reimbursement owed depending on your chosen level).
If you chose a $100 deductible, you pay $100 for the same expenses and your insurer will pay $3,900 but your monthly premium will be higher.
To help lower your monthly premium, it is always best to choose a higher deductible.
But, the choice is yours if you want to pay more upfront or be reimbursed for more.
Some pet insurance companies allow you to pay a per-incident deductible annually. This means that you pay a deductible per condition or illness that your pet might encounter.
This could be helpful for a dog that has diabetes, but any other condition will cost you another deductible.
If you want the best price, look for an annual deductible. There are no surprises and you know exactly what you are paying.
If you opt for a higher deductible, this will help reduce your monthly premium.
Read more: What is the annual deductible for pet insurance?
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How Reimbursement Levels Also Affect Price
The reimbursement level you choose will also affect your monthly premium.
Reimbursement levels typically range from 70% to 90%.
Figo actually offers a 100% reimbursement choice which is the highest we’ve encountered.
Look for a policy that pays on the actual cost of the vet bill. This type of plan is most common in pet insurance policies that allow you to choose the percentage.
If you choose a lower reimbursement percentage, the monthly premium will be lower. If you are looking to minimize your monthly premium and then be paid less back in the event your pet needs care, than choose the 70% level.
Benefit reimbursement schedules are not the best choice because they put a maximum amount of reimbursement that your dog or cat received.
The company pre-determines the cost and it can add up if our dog or cat has one or more illness a year.
Some pet insurance companies have a ‘usual and customary’ where they determine the price which again is not preferable, particularly if you live in a city where prices tend to be higher.
Pet Insurance Benefit Limits
Benefit limits are the maximum amount that an insurance company will pay of your vet’s medical bill either annually or per-lifetime.
Annual Limits
The amount a company will pay for the policy each year.
Annual limits – the amount a pet insurance company pays back for the entire year whatever the illness or condition.
Plans with annual limits have lower monthly premiums but once that limit is reached, you pay the rest out of pocket.
Healthy Paws has unlimited benefits in all their coverage plans which means more bang for the buck!
Lifetime Limits
A policy with lifetime limits put a price or cap on the most the company will reimburse you over the lifetime of your dog or cat.
Pet insurance companies allow you to choose which limit you prefer and this can also affect the cost of your premium.
Look for a policy that offers unlimited benefits without any lifetime limits.
While your monthly premium might be slightly higher, you have the potential of saving more in the event you have a big medical bill for your pet.
Other Factors Which Influence The Price Of Pet Insurance:
#1 – Dogs have higher monthly premiums than cats:
Since dogs spend a lot of time outdoors, they are more likely than cats to get hurt or pick up an illness.
#2 – The older your pet is, the more expensive they are to insure:
A young dog or cat is less expensive to insure because they are at their healthiest.
This is the best time to purchase pet insurance before any pre-existing condition presents itself
#3 – Some breeds are more expensive due to common illnesses for that breed:
Boxers and bulldogs tend to have issues with their breathing and therefore will be more expensive to insure.
#4 – The city where you live will also affect your premium rate:
Just as housing costs differ from state to state, pet insurance premiums are also affected by where you live.
A hip replacement surgery for a dog in New York could cost twice as much as the same surgery performed in Milwaukee.
Read more: Pet Insurance in New York City
Since most companies reimburse on the actual vet bill, the monthly premium rate will be reflected in those higher costs if you live in New York and at a less rate if you live in Milwaukee.
#5 – The coverage you choose will affect your monthly premium:
There are different coverage choices available which can also affect the price.
Read each policy carefully to find out what is actually covered that is important to you for your pet.
Real Cost Savings from PetFirst Clients
Gidget
PetFirst saved his parents
$2,194
Artemis was a beautiful and friendly cat to all who were willing to pet him. Unfortunately, he developed feline diabetes which required regular vet visits and medications that his Mother could not otherwise afford on her fixed income. Having PetFirst insurance, she called and discussed the problem with a friendly PetFirst agent. To her surprise, she found out that Artemis’ ongoing required vet visits and medication would be covered by his PetFirst insurance. Artemis was able to live out the rest of his life with proper medical care and medicines thanks to PetFirst insurance.
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Pet Insurance Comprehensive Coverage
These plans tend to cover all illness, accidents, and testing including emergency care and specialist treatment.
Even though comprehensive plans are more expensive, your pet will be covered for the most care possible.
Pet Insurance Accident Only Coverage
If your dog or cat gets ill, they won’t be covered.
Preventative Care Coverage
Wellness Plans covers preventative care procedures that are not that expensive for you to pay.
If you want to save money, there is no need for wellness coverage.
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Pet Insurance, In Closing
Every dog or cat is different so make sure to call and get quotes from at least a few pet insurance providers.
Ask a lot of questions, find out if they have any discounts, and look for the most comprehensive coverage at the best price!
If you want to learn more about how pet insurance works, take a look at our list of other great companies to help you with any questions you might have.
Other articles you may find helpful:
Is Exotic Pet Insurance Necessary?
The Best Pet Insurance By State
Fun Facts, Dog FAQ, And Unsolicited Dog Advice
5 Training Commands to Save Your Dog’s Life
The Ultimate Guide to Safe Foods for Dogs
Pet insurance is similar to other insurances but does have some major differences as compared to your health insurance. Below you will find a definitive list of frequently asked pet insurance questions to help in your decision.
Types of Pet Insurance Coverage
Comprehensive Pet Insurance Explained
Insurance vs. Wellness Pet Insurance Plans
Is Pet Dental Insurance Worth the Extra Cost
Best Pet Insurance Plans with Shortest Waiting Periods
Pet Insurance Coverage Exclusions and Limits
Pet Insurance Benefit Limits Explained
How to Make a Claim on your Pet Insurance
Is my Pet too Old for Pet Insurance Coverage
Top Reasons to Purchase Pet Insurance
How much does Pet Insurance Cost
Pet Insurance for Multiple Pets
Pet Insurance that Covers Spaying and Neutering
Does Pet Insurance Cover Shots
Pet Insurance with Pre-Existing Conditions
Enter your ZIP code below to view companies that have cheap pet insurance rates.
Secured with SHA-256 Encryption
Chris Huntley
We are a free online resource for anyone interested in learning more about pet insurance. Our goal is to be an objective, third-party resource for everything pet insurance related. We update our site regularly, and all content is reviewed by pet insurance experts.