The cost of pet insurance varies depending on your pet, where you live and the level of coverage you choose. A younger pet may cost significantly less to insure than an older pet, while your deductible, reimbursement rate and annual coverage limit can also make a big difference to your monthly premium.
The important question isn't simply “What's the cheapest pet insurance?” It's “What coverage am I getting for my money?”
What determines the cost of pet insurance?
Pet insurance companies consider several factors when calculating your premium, including:
- Your pet's age
- Older pets generally cost more to insure because they're more likely to need veterinary treatment.
- Breed
- Some breeds have a higher risk of certain medical conditions, which can affect premiums.
- Species
- Insurance for dogs typically costs more than insurance for cats.
- Where you live
- Veterinary costs vary considerably across the US, so your ZIP code can affect your premium.
- Coverage level
- Higher annual limits and more comprehensive coverage generally cost more.
- Deductible
- Choosing a higher deductible can reduce your monthly premium.
- Reimbursement rate
- A policy that reimburses 90% of eligible expenses will generally cost more than one reimbursing 70%.
How much is pet insurance for a dog?
There's no single price for dog insurance.
A young, healthy dog may be relatively inexpensive to insure, while premiums for an older dog or a breed that's more susceptible to expensive health conditions can be considerably higher.
That's why two dog owners living in the same city can receive very different quotes.
The best way to understand what pet insurance will cost for your dog is to compare quotes using their actual age, breed and location.
How much is pet insurance for a cat?
Cat insurance is often less expensive than dog insurance, but the same factors still apply.
Your cat's age, breed, location and chosen coverage can all affect the price.
And while indoor cats may have a lower risk of certain accidents, they can still develop expensive illnesses or require emergency treatment, surgery or specialist care.
Can you get cheap pet insurance?
Yes—but a low monthly premium doesn't necessarily mean you're getting good value.
A cheaper policy might come with:
A higher deductible
You'll pay more before reimbursement kicks in.
A lower reimbursement percentage
The insurer may cover 70% of eligible expenses rather than 80% or 90%.
A lower annual limit
There may be a smaller maximum amount the policy will reimburse each year.
Less comprehensive coverage
Certain treatments, fees or conditions may not be included.
When comparing prices, look beyond the premium and ask what the policy could actually pay if you had a major claim.
How your deductible can change the price
Your deductible is the amount you're responsible for before your policy's reimbursement applies, according to its terms.
For example, you might be offered:
A higher deductible can make insurance cheaper each month, but it also means taking on more of the cost yourself when your pet needs treatment.
The right balance depends on how much you're comfortable paying monthly versus how much you could comfortably pay when a claim occurs.
Is 70%, 80% or 90% reimbursement better?
Higher reimbursement sounds better—and in the event of a large eligible claim, it can make a substantial difference.
Imagine there are $5,000 of eligible expenses after the applicable deductible:
But higher reimbursement rates will generally result in higher premiums.
Rather than automatically choosing the highest percentage, consider the combination of premium + deductible + reimbursement + coverage limit.
Why does pet insurance get more expensive as pets get older?
The likelihood of developing health problems tends to increase as pets age.
That means insurers generally expect higher veterinary costs for older pets, which can result in higher premiums.
This is also one reason some owners consider buying pet insurance while their pet is young. In addition to typically lower initial premiums, enrolling before health problems develop can reduce the number of conditions that may be considered pre-existing.
However, premiums can still increase over time, and buying insurance when your pet is young doesn't guarantee that you'll continue paying the same price.
Is pet insurance worth the monthly cost?
Consider what you're protecting yourself against.
A monthly premium may feel expensive when your pet is healthy. But an unexpected accident, surgery, hospitalization or serious illness can potentially result in thousands of dollars in veterinary bills.
Pet insurance isn't designed to guarantee that you'll receive more in claims than you pay in premiums.
Instead, you're paying to reduce your exposure to potentially large, unexpected eligible veterinary expenses.
How can you pay less for pet insurance?
If you're looking to reduce the monthly cost, you could consider:
- Choosing a higher deductible
- Selecting a lower reimbursement percentage
- Choosing a lower annual coverage limit
- Comparing prices from multiple insurers
- Insuring your pet while they're younger
- Checking whether you're eligible for multi-pet or other available discounts
Just be careful not to reduce your coverage so much that the policy no longer provides the protection you're looking for.
Compare pet insurance costs
Pet insurance prices can vary significantly between providers—even for exactly the same pet.
Instead of choosing the first quote you receive, compare the monthly premium, deductible, reimbursement percentage, coverage limits and exclusions side by side.
That makes it much easier to see which policy offers the right balance between price and protection for your pet.
Pet insurance premiums and coverage vary by insurer, pet, location and policy. Examples are illustrative only. Always review policy terms, exclusions, waiting periods, deductibles and coverage limits before purchasing.