If you have to take your pet for routine check-ups at the Vet, the medical bill can cost up to $250 for dogs and $175 for cats per visit. In some extreme conditions like accidents and some illnesses, you can end up spending thousands from your pocket if you don’t have a pet insurance policy. So it is safe to say pet insurance is a necessity for your pet’s wellbeing.
The monthly cost of typical pet insurance for dogs ranges from $16 to $48 and $194 to $585 annually. In comparison, cats range from $10 to $29 monthly and $126 to $349 annually.
A good pet insurance policy covers almost all of the essential medical expenses of your pet. For example, suppose your pet needs some medical treatment like surgeries. In that case, your pet insurance provider will pay for the expenses on your behalf.
How Much Does Pet Insurance Cost?
The Cost of Pet Insurance depends on several factors that we will describe here in detail. The table below will give you a good idea of how much pet insurance costs.
| Pet Type | Accident-Only Coverage | Accident & Illness Coverage |
|---|---|---|
Cats |
Monthly: $10 Annually: $126 |
Monthly: $29 Annually: $349 |
Dogs |
Monthly: $16 Annually: $194 |
Monthly: $48 Annually: $585 |
What are the factors that affect the Costs of Pet Insurance Policies?
1. Type of Pet Insurance Coverage
One of the most significant factors in determining your pet insurance’s cost is the type of coverage you choose. For example, if you choose Comprehensive Coverage, the cost would be high because this covers the medical expenses for accidents, illness, and even hereditary conditions.
The benefits and services provided by this coverage make it the most expensive pet insurance policy.
On the other hand, the costs would be much lower if you choose a basic pet insurance policy such as Wellness Care. This is because it only covers routine veterinary visits and regular check-ups.
Pet Insurance Companies provide a variety of plans. However, most of them offer the following four types of pet insurance plans:
>> Comprehensive Pet Insurance Plan
It is a full-time pet insurance policy that covers all medical expenses for many problems, including unexpected physical accidents, illnesses, vaccinations, and diagnostic tests fees.
It also provides you the coverage for medical procedures and treatments such as surgeries. A comprehensive Pet Insurance Plan can cost you up to $1000 annually for a dog and $800 for a cat.
>> Accident-Only Coverage
The accident-Only pet insurance policy covers only certain medical expenses like muscle or ligament sprain. Some insurance providers offer coverage for diagnostic tests, X-Ray procedures, surgeries, and prescribed medications under this coverage plan.
It is important to note here that the coverages of the Accident-Only plan are entirely related to the expenses on the treatment of accidental injuries. A typical Accident-Only coverage can cost you up to $650 annually for a dog and around $480 for a cat.
>> Accident and Illness Coverage
This Pet Insurance plan helps you pay for veterinary bills for unexpected physical accidents and common illnesses.
The treatment of any accidental injuries like sprains and common illnesses like ear infections are covered under Accident and Illness Coverage. It might also cover expenses such as lab tests, surgeries, prescription medications, and hospitalization.
A typical Accident and Illness Coverage can cost you up to $825 annually for a dog and around $600 annually for a cat.
>> Wellness Plans
This type of pet insurance policy only covers medical expenses for wellness exams and tests. Some insurance providers also provide coverage for vaccinations.
Some pet insurance companies don’t sell wellness coverage as a separate pet insurance policy and require you to purchase a pet medical plan. Wellness plans are not very much expensive as they only cover the basic medical expenses of your pet.
A typical Wellness Plan can cost you around $400 annually for a dog and $200 annually for a cat.
2. Deductibles of Pet Insurance
If you didn’t know, a deductible is the amount of money you’ll pay out of pocket to a VET before 90% of the insurance coverage kicks in. The higher your deductible amount, the lower the premiums you’ll pay for your pet insurance plans.
Pet Insurance Deductibles usually range from $0 to $1,000. You can choose your policy deductibles in between this range.
3. The Pet’s Breed and Type of Pet You Have
For many pet owners, it would be surprising to know that the pet’s breed can affect Pet Insurance Costs. Pet breed is one of the significant factors that play a vital role in determining your insurance costs. That’s because some pet breeds are more susceptible to developing illnesses than others.
The pet breeds predisposed to the illnesses require more coverages, veterinary visits, and higher medical bills. So, you have to pay more to buy an insurance policy for such pet breeds.
For example, some larger breeds of dogs are more vulnerable to heart and hip issues.
Cats are cheaper to insure than dogs. Some other types of pets, such as reptiles, rabbits, and birds, are cheaper to insure than cats.
A typical house cat can cost in the range of $160-$380 annually. Small dog breeds such as Chihuahuas can cost you in the range of $239-$574 annually. However, suppose you have a large or medium breed dog such as Beagle or Labrador Retriever. In that case, you have to pay around $700 annually.
4. Age of Pets
A pet’s age is another piece of the pet insurance pricing puzzle. Younger Pets are cheaper to insure than older pets. As your pet gets older, the likeliness to develop illness also increases, which typically results in higher pet insurance premiums.
According to some pet insurance experts, the best age to get your pet insured is between 1 to 6 years because you have to pay less premiums in this age range. The pet insurance policy costs you much higher when your pet gets 7-14 years old. Some pet insurance companies even decline coverage when your pet reaches a certain age.
Bottom-Line
Pet Insurance Policy cost depends on several factors, including the type of coverage you are choosing, your pet’s breed, and your deductibles. So, you can calculate the expected cost of your pet insurance policy by keeping all these factors in consideration.
Besides these factors, chronic or pre-existing conditions can also affect your pet insurance cost. If your pet has suffered a previous illness or injury, it could affect pet insurance price. Your living area and the local cost of veterinary care could also affect pet insurance rates.
So, it is vital to do some research in your area about the rates of veterinary care and treatments before purchasing a pet insurance policy.
