A trip to the emergency veterinarian clinic for a problem like a broken bone or an illness can set you back thousands of dollars. Finding the best pet insurance can offset those unexpected costs. And it may be more affordable than you think.
Pet insurance costs about $48 per month for a dog and $28 per month for a cat. That covers accidents (like bite wounds and broken paws) and illnesses (like cancer and ear infections).
How Much Is Pet Insurance on Average?
The average pet insurance cost for dogs is $576 per year and the average pet insurance cost for cats is $336 per year, based on Forbes Advisor’s analysis. That’s for a policy with $5,000 of annual coverage, a $250 deductible and an 80% reimbursement level. A policy with unlimited annual coverage, a $250 deductible and an 80% reimbursement level costs an average of $816 per year for dogs and $480 per year for cats.
Average Cost of Pet Insurance for Dogs and Cats
Source: Forbes Advisor analysis of data from PetInsurer.com.
How Much Is Pet Insurance for Dogs?
Pet insurance costs an average of $48 per month for a dog for $5,000 of annual coverage. The average pet insurance cost for a dog is $68 per month for a policy with unlimited annual coverage. Dog owners can expect to pay anywhere from $37 to $103 per month for pet insurance, depending on the dog’s age, the amount of coverage and the insurance company.
Average Pet Insurance Cost by Dog Age
Source: Forbes Advisor analysis of pet insurance costs based on data from PetInsurer.com.
Average Cost of Dog Insurance by Company
Source: Forbes Advisor analysis of pet insurance costs based on data provided by PetInsurer.com for policies with a $250 deductible and 80% reimbursement level.
Average Dog Insurance Cost by Breed
You can find pet insurance that fits almost any budget by adjusting the levels of coverage inside the plan. Know that pet insurance rates generally rise every year at renewal time as your pet gets older.
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.
Source: Forbes Advisor analysis of pet insurance costs based on data provided by PetInsurer.com for policies with a $250 deductible and 80% reimbursement level.
How Much Is Pet Insurance for Cats?
Pet insurance costs an average of $28 per month for a cat for a policy with $5,000 of annual coverage, a $250 deductible and an 80% reimbursement level. A policy with unlimited annual coverage, a $250 deductible and an 80% reimbursement level costs $40 per month.
The insurer and age of the cat influence how much you will pay. Cat owners can expect to pay anywhere from $21 to $62 per month for pet insurance, depending on the cat’s age, the amount of coverage and the insurance company.
Average Cost of Cat Insurance by Company
Source: Forbes Advisor analysis of pet insurance costs based on data provided by PetInsurer.com for policies with a $250 deductible and 80% reimbursement level.
Average Cost of Cat Insurance Cost by Breed
Source: Forbes Advisor analysis of pet insurance costs based on data provided by PetInsurer.com for policies with a $250 deductible and 80% reimbursement level.
Average Cost of Veterinary Care and Medical Treatments for Cats and Dogs
The cost of veterinarian services has increased 8.1% from October 2022 to October 2023, according to the consumer price index from the U.S. Bureau of Labor Statistics. Multiple factors have contributed to the rise in veterinarian costs, including inflation and a higher level of veterinary care, such as ligament surgeries.
The average vet visit cost is about $61, according to a Forbes Advisor analysis of veterinarian costs. But your vet bills could quickly add up depending on the types of services your pet needs, including vaccinations or treatments for accidents and illnesses. Here’s a look at the average cost of a veterinary visit in several different states.
Cost of Veterinary Care
Source: Banfield Pet Hospital
Average Cost of Medical Treatments for Cats and Dogs
The average cost of a pet’s medical treatment can be thousands of dollars, depending on the problem, according to Forbes Advisor’s analysis of vet visit costs.
Source: Pets Best, based on claims costs over one year, from 2017 to 2021
7 Factors That Impact Pet Insurance Prices
Pet insurance companies use multiple factors when setting rates.
1. Coverage Type
One of the biggest factors determining pet insurance cost is the coverage. For example, a comprehensive policy that covers a range of treatments and also routine care will cost more than an accident-only policy.
Your coverage choices depend on the pet insurance company. Here are the common types of pet insurance plans:
- Comprehensive pet insurance plan. A comprehensive pet insurance plan will combine an accident and illness policy with a routine care plan.
- Accident and illness coverage. 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. This might also cover lab tests, surgeries, hospitalization, prescription medications and emergency care.
- Accident-only coverage. This type of policy covers certain medical expenses if your pet suffers an accident, such as a broken bone. Coverage might include diagnostic tests, surgeries, X-rays, hospitalization, prescription medications and emergency care.
- Routine wellness plans. This type of policy covers medical expenses for wellness exams, flea and heartworm prevention, vaccinations and other routine annual care. These plans are typically add-ons.
2. Deductibles
A deductible is the amount of money you pay out of pocket every year to a veterinarian before coverage starts. You can typically choose a pet insurance deductible that ranges from $0 to $1,000.
The higher your deductible amount, the less you pay in pet insurance costs.
3. Reimbursement Levels
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.
Once you meet the deductible for your plan by paying out-of-pocket, coverage kicks in at the level outlined in the plan. You can typically choose reimbursement options of 70%, 80% or 90% of the pet medical expenses that are covered by the plan.
Pet insurance costs are higher for better levels of reimbursement.
For example, say you have a pet insurance plan with a $500 deductible and 80% reimbursement level:
- 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.
- The first $500 of that is your deductible.
- Then you’d be reimbursed 80% of the remaining $1,000, for a reimbursement of $800.
4. Pet’s Breed
Your pet’s breed is a factor in determining pet insurance costs. That’s because some breeds are predisposed to illnesses, which typically translates to more veterinary visits and higher medical bills. For example, some larger breeds of dogs are more susceptible to heart and hip issues.
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.
Cats are cheaper to insure than dogs. And birds, reptiles, rabbits and ferrets cost less to insure than cats.
5. Age of Pet
A pet’s age is another piece of the pet insurance cost puzzle. As your pet gets older, the chances of illness and injury increase, which results in higher pet insurance costs. We analyzed age rating factors for a Veterinary Pet Insurance Co. policy and found that the best prices were after a pet’s first birthday until around age six. By the pet’s ninth birthday, you can expect its age rating factor to more than double.
6. Location
Where you live and the local cost of veterinary care will affect pet insurance costs. For instance, pet owners in urban areas may pay more for pet insurance due to higher average vet costs.
7. Discounts
Pet insurance companies sometimes offer discounts such as:
- Multi-pet discount
- Bundling multiple policies like pet and home insurance
- Membership in organizations such as AARP
- Military member
- Annual pay discount
