Most pet owners know just how expensive a trip to the vet can be. If you're considering getting pet insurance, your monthly cost of pet insurance can vary widely.
A few factors can change how much your pet insurance will cost, including the type of pet you have. In general, insurance for dogs is more expensive than insurance for cats. It's also worth noting that pet insurance premiums are rising year after year. Between 2022 and 2023, pet insurance costs have risen 21.9%.
Average Cost of Pet Insurance
The North American Pet Health Insurance Association (NAPHIA) gathers data on pet insurance from companies across the U.S. As its data demonstrates, the type of coverage you buy and the type of pet you have will impact how much you'll pay.
Average Cost of Dog Insurance
The table below illustrates the average pet insurance premiums for dogs:
| Accident-only coverage | Accident and illness coverage |
| $17.01 per month | $56.30 per month |
Source: 2023 data from the NAPHIA
Average Cost of Cat Insurance
Take a look at the average monthly rates for cat insurance:
| Accident-only coverage | Accident and illness coverage |
| $9.68 per month | $31.94 per month |
Source: 2023 data from the NAPHIA
Cost of Pet Insurance by Company
Like any other type of insurance, pet insurance companies weigh factors about your pet differently. In turn, companies will price your pet's coverage differently. Even for very similar policies, prices vary.
We collected quotes for a 2-year-old medium-sized mixed breed dog and 2-year-old mixed cat in Brooklyn, New York. We chose to base our quotes in New York City to get prices at their most expensive.
Unless we indicate otherwise, these quotes are for an accident and illness policy with a $10,000 annual limit, $500 deductible, and 80% reimbursement. We received the following quotes:
| Pet insurance company | Monthly rates for dogs | Monthly rates for cats |
| Embrace | $60.17 | $38.27 |
| ASPCA | $65.30 | $61.82 |
| Figo | $32.30 | $18.35 |
| Lemonade | $24.44 | $15.77 |
| Healthy Paws | $59.61* | $25.47* |
| Spot | $65.30 | $34.32 |
| Pets Best | $21.23 | $13.83 |
| Nationwide | $65.87** | $45.54** |
| Trupanion | $153*** | $101.25*** |
* Healthy Paws quotes are for Washington D.C. pets because its coverage in New York is limited.
*** Nationwide quotes are for its Major Medical and Wellness policy, which have per-condition limits and a non-customizable $250 deductibles.
**** Trupanion has lifetime per-condition deductibles, unlimited coverage, and 90% reimbursements.
Cost of Pet Insurance by Breed
According to quotes from Pawlicy Advisor, here's how insurance rates for several of the most popular dog breeds compare.
| Breed | Median monthly rate |
| French Bulldog | $88.68 |
| Golden Retriever | $61.11 |
| German Shepherd | $64.86 |
| Labrador Retriever | $57.92 |
| Pit Bull | $63.38 |
| Poodle | $50.77 |
| Rottweiler | $80.93 |
| Shiba Inu | $51.02 |
| Shih Tzu | $48.99 |
| Mixed breed | $43.31 |
According to Pawlicy Advisor, these are the average monthly pet insurance premiums for different for cat breeds:
| Breed | Median monthly rate |
| Ragdoll | $41.64 |
| Maine Coon | $40.16 |
| Devon Rex | $42.45 |
| Exotic Shorthair | $53.40 |
| Persian | $36.06 |
| Siamese | $41.96 |
| British Shorthair | $40.59 |
| Mixed Cat | $34.51 |
Factors Influencing Pet Insurance Pricing
Pet insurance costs vary based on factors like the type of pet, its breed, age, location, coverage type, deductible, and reimbursement rates.
Pet's age and breed
Dogs come in all shapes and sizes, and the cost of insuring a dog can vary widely based on its breed.
Short-nosed dogs, like bulldogs or pugs, can be costly since breathing problems amongst the breed are more common. Large dogs can also be more expensive to insure because they require more medication, costing more for the insurance provider. Large dogs are also more prone to joint issues than small dogs, NAPHIA says.
Mixed breeds are the least expensive to insure. According to the NAPHIA, purebred dogs and cats are more likely to have inherited medical conditions than mixed breed pets. Some breeds have more inherited health conditions than others.
Another factor that influences your pet insurance cost is your pet's age. Insurance gets more expensive as your pet gets older. Purchasing a pet insurance policy while your cat or dog is young could help keep costs down. Some pet insurers may even lock in your insurance premium as your pet ages.
It's worth noting that not all pet insurance companies lock in rates. For example, ASPCA's pet insurance increases with the pet's age. Check your policy to determine if your rates will increase in the future.
Location
The cost of your policy may be higher if vet care is more expensive in your area. For example, according to Pawlicy Advisor, in New York, the median monthly insurance cost is $49.57 while the median cost in New Mexico is $37.90.
Type of coverage
Accident-only pet insurance policies are cheaper than accident and illness. However, coverage exclusively for accident-related conditions is much harder to find.
While pet insurance company, Embrace, offers this coverage for older pets, no quotes are available online. Both Pets Best and AKC offer accident-only pet insurance and charge transaction fees, which will increase the actual cost. Pets Best charges $2 per payment, while AKC adds a $3 service fee to each month's premium. Both companies charge this fee on accident-only and accident and injury plans.
Be aware that accident-only policies offer limited coverage and don't cover illnesses. A comprehensive policy, while more expensive, offers more adequate financial safeguards against unexpected expenses.
Deductible and reimbursement levels
Deductibles and reimbursement rates are components of an insurance policy that influence your cost and coverage amount.
A deductible is the amount you pay out-of-pocket before your insurer provides coverage. Depending on the insurance provider, you'll be responsible for an annual deductible or a per-incident deductible.
Reimbursement rates are how much of the claim amount your insurer is responsible for. For example, an 80% reimbursement rate means your insurer will reimburse 80% of the bill after covered service (after you've met your deductible).
Most pet insurance policies are based on a reimbursement model, meaning you'll foot the bill first and get reimbursed later. So, you'll want to make sure you have some way to pay unexpected veterinary bills up front, as there may be some time between submitting your claim and receiving reimbursement.
How to Reduce Your Pet Insurance Cost
You can't change your pet's age or breed to save on pet insurance. However, there are still cost-saving strategies for pet insurance that could lower bill.
Choosing a higher deductible
Raising your deductible generally lowers your premiums. However, make sure you have the cash available to cover that amount.
Lower your reimbursement rate and annual limit
Insurance companies may offer various levels of coverage, reimbursing expenses at rates typically ranging from 70% to 90% of the cost, with an annual maximum coverage limit. Some policies limit coverage to $5,000 per year, while others provide unlimited coverage. Opting for a lower reimbursement rate and annual limit lowers the cost of your pet insurance policy.
Taking advantage of discounts
While some types of insurance, like auto insurance, offer an abundance of discount opportunities, pet insurance generally only offers a handful of discounts.
The most common type of pet insurance discount is multi-pet discounts. These can range from 5% to 10% off your premium, depending on the provider. Check out our guide to the best multi-pet insurance companies for providers that offer these discounts.
You may also find discounts for paying for coverage annually instead of monthly, like Lemonade pet insurance, which offers a 5% discount for paying annually. Paying annually could also help save on service fees. Pets Best, for example, charges a service fee of $2 per transaction, which could add up if you pay monthly. Some insurers also offer discounts when you include multiple pets on a plan.
Lemonade also offers a 10% discount for bundling pet insurance with its other coverages, like renters insurance. However, these discounts are far less common.
Lastly, some insurance providers offer more discounts for specific people or animals. Service animals often qualify for insurance discounts. Military members may also find some pet insurance discounts.
Purchase preventive care
If you decide to choose a cheaper, less comprehensive, accident-only policy, you may decide to pair it with preventive care. These plans technically aren't insurance policies. They usually cost a flat fee and offer a set annual limit.
Taking preventive measures and catching potential issues while your pet is young can save you thousands of dollars in curative treatments and procedures as your pet ages. Consider adding a pet wellness plan to your policy. These plans cover the cost of routine expenses, such as wellness exams, vaccinations, and spaying or neutering your pet.
Pet wellness plans are usually available as add-ons to your pet insurance policy. However, pet companies, such as Wagmo, Banfield Pet Hospital, Petco, and other private vet practices, offer stand-alone wellness packages.
How to Compare Pet Insurance Plans
Comparing quotes is one of the most effective cost-saving strategies for pet insurance. You can either compare quotes manually or by using an online comparison tool.
Importance of comparing multiple quotes
Like with any other type of insurance, comparing pet insurance quotes is the best way to save. Each insurance company will consider your pet differently, so it's essential to check with several to find the best price.
Most pet insurance companies offer a simple online quote system, so it's easy to calculate what your pet's insurance could cost. Gather three to five quotes, and compare them. Look for the reimbursement amount and the maximum annual limit, and then scan the fine print to see if you'll ever be surprised with rate changes as your pet ages. Look for a policy with the most versatile coverage for your pet's needs.
Using online comparison tools
Comparing quotes from dozens of pet insurance companies can be time-consuming and tedious. That's why online quote comparison tools exist. These platforms generate multiple quotes for you at once so you can compare them side by side.
Be aware that different pet insurance brokers will showcase different pet insurance options, typically favoring companies in their network. Additionally, the quotes provided may not be entirely accurate, and you may need to reconfirm them with the actual insurance company.
Compare Pet Insurance Options
FAQs
What factors affect the cost of pet insurance?
Factors affecting pet insurance pricing include your pet's species, breed, age, and the area you live in. Your costs will also depend on the type of policy you choose and coverage limits.
What is the average monthly cost for pet insurance for dogs and cats?
The average monthly cost of pet insurance is $56.30 for dogs and $31.94 for cats for an accident and illness policy.
How can I reduce the cost of pet insurance?
You can reduce the cost of your pet insurance by adjusting your coverage, like choosing a higher deductible or lower reimbursement rate.
Is it worth getting comprehensive coverage, or should I choose accident-only?
Getting comprehensive coverage can be worth it, but only if you can afford the monthly premiums. However, accident-only coverage is still better than no coverage at all.
How do I compare pet insurance plans effectively?
Compare quotes by obtaining prices from several insurers for the same level of coverage, deductibles, and reimbursement rates.
