How Much Does Pet Insurance Cost Per Month, Annually – What does it Cover?

We all know that life is full of surprises. Nobody wants evil to befall them, we do not expect bad things to happen. However, when it comes to our lovely pets, we can never plan for every accident and injury right. But as luck may have it, getting a pet insurance may be able to provide pet owners with financial coverage for approved expenses covered by their policy. The cost of paying for pet insurance is unknown to many people, so we bring you this guide to help you to know how much per insurance cost.

How Much is Pet Insurance? What does it Cost?

Yes, it is a fact that people like free things including free pet insurance covers but this post is not for you. When you pay for a service, you will expect a premium service for the amount you paid. Now, the premium (the amount of money a policyholder pays) for pet insurance correlates to your pet’s risk. That fact is simple and short.

What is Insurance Risk? It simply refers to the likelihood of your pet needing medical care always. This factor can be determined by things like the species, breed and age of your pet, as well as the location where you reside. So, because of this factor above, the cost of pet insurance can vary quite a bit from person to person. The average accident and illness dog/cat insurance cost has also been steadily increasing over the years. Premiums for cat accident and illness insurance, meanwhile, have dipped slightly since the COVID19 pandemic.

How Animal Species Affects the Cost

There has been argument about cost for dog and cat insurance. But from the look of things in the present world, the dogs versus cats debate may never be settled. Invariably, when it comes to pet insurance, the numbers are clear. Dog insurance for example is on average 74% more expensive than cat insurance. According to the North American Pet Health Insurance Association, accident and illness coverage for dogs averages out at $50 per month, whereas the average cost for cats is $28.

How Breed Affects the Cost

Truly, all pets are created equal in the eyes of God & man. But when it comes to risk, the cost is different. That is to say; some breeds of cats and dogs come with a higher premium than others. In general, pet insurance for a mixed breed animal may cost less than a purebred.

Pet Insurance Cost for Dogs

Average premium – Dog BreedsAmount
Bulldog                                     $50.36
Golden Retriever$41.26

Pet Insurance Cost for Cats

Average premium – Cat BreedsAmount
Maine Coon$24.63

What is the clear reason for this? Mixed breeds tend to be hardier than purebreds and require less healthcare. First, they can come from a diverse genetic-drift. In addition, they can be less susceptible to genetic conditions. Did you know that purebred lines are carefully controlled via inbreeding? Yes, it is so. Specifically, this is how the desirable traits of purebreds are developed, but it also means they’re more likely to suffer from health issues passed down through the generations. Therefore, a purebred is at greater risk, and so the pet insurance premium can be higher in fees.

How Your Pet’s Age Affects the Cost

In general, our pets (dog or cat) are just like us humans — the older they get, the more likely they are to come across health issues. Its like the law of diminishing returns. Going by this, if you’re getting an insurance quote for a fully grown dog, your premium rate will likely be higher than it would be for a new puppy. In clear terms, this also means your premium payment may increase every year.

How Your Location (where you live) Affects the Cost

Trust me, where you and your pet reside with your family can also influence the cost of your pet insurance. Vet clinics in a metropolitan for example area, such as New York, California may charge more for routine checks/treatments/services than rural vets. With this factor, note that your pet insurance premium will increase accordingly to offset your bill. Another one is the environmental factors which are also considered when determining pet risk. For instance; a suburban house cat isn’t likely to encounter too many health hazards, but an outdoor cat in the big city is living life on the edge. Anything can happen to them anytime. Meaning that there’s a greater chance of injury and illness in their future. In the long run, it also means that your premium rates will likely be higher to account for their adventurous lifestyle!

What Does Pet Insurance Cover Locally?

Pet insurance plans as well as coverage for pets are numerous. It includes a range of injuries, conditions, and illnesses. However, advise you to read your policy carefully. Secondly, ensure you understand what you have read including every coverage details. Most Insurance Company’s plan may provide comprehensive cat or dog health insurance coverage on the following list:

  • Accidents
  • Illnesses (including hereditary, congenital & chronic conditions)
  • Hospitalizations
  • Surgeries
  • Diagnostic Tests
  • Exam Fees
  • Intervertebral Disc Disease (IVDD)
  • Cruciate Ligaments
  • Anterior Cruciate Ligament 
  • X-rays
  • Ultrasounds
  • Medications
  • Holistic Care & Alternative Therapies
  • Emergency Care
  • Medial Cruciate Ligament (MCL)
  • Posterior Cruciate Ligament (PCL)
  • Cranial Cruciate Ligament (CCL)
  • Routine wellness & preventive care

In a nutshell, please note that some pet insurance companies will not cover any accidents or injuries deemed to be pre-existing before insuring it. What is Pre-existing conditions? They are simply health/physical conditions, illnesses, injuries, marks, or symptoms that was previously seen and/or showed any symptoms prior to the start date of your pet insurance policy coverage. Know this and have peace.

Is Pet Insurance Worth the Cost you’re paying for?

Even though pets can be expensive to car for, it’s not always the expected costs that add up. Now, according to a CivicScience survey available online, 2/3rds of pet owners in United States primarily pay out of pocket or with cash for vet expenses. This can be compared to just 3% who use pet insurance. Meanwhile, according to Rover, 81% of pet parents spend up to $300-$1,000 on vet visits in the first year of having a puppy.

So, let me ask you this question again; is pet insurance worth it? Notably, if you look at the amount, the value of pet insurance quickly gives you a definition. The average emergency vet bill for a cat can range from $600 to $3,000. The cost of emergency care for dogs can even be higher; up to $5,000 just for surgery from an ailment. On the other hand, if you’re paying the average pet insurance monthly premium for your cat ($28) or dog ($50), your policy can pay for itself after even just one emergency vet bill. Isn’t that wonderful?

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How to Get Cheaper Pet Insurance Rates

To some people who feels a $500 – $1000 dollar per year is too much for them, having a much lower pet insurance rate is ideal. And now that you know the different factors that influence the cost of pet insurance, it is sure that you will be able to find a policy that fits your pocket. With that in mind, there are a few things you could do to potentially lower your pet premium insurance cost:

  1. If you’re a first-time pet owner, consider adopting a mixed breed cat or dog. Remember, premiums may go up for purebreds.
  2. If you’re not picky about your furry family, consider adopting a cat instead of a dog. On average, cat insurance costs less than dog insurance.
  3. Choosing a larger deductible means you’ll need to pay more for your vet bills out of pocket, but it will also lower your monthly premium.
  4. Think carefully about the care your pet might need. If you have a young cat or dog, you might not need accident and illness coverage until they get older.

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