How Much Is Pet Insurance

How Much Can Pet Insurance Save You

Thomas Dock, public information officer for Noah’s Animal Hospitals, has seen first-hand the power of pet insurance. Noah’s once had a client with a Boston terrier puppy experiencing episodes of vomiting. The condition quickly turned into a hospital stay, and its owner incurred over $10,000 in total costs.

“Thankfully, the owner had purchased an insurance plan just a day or two prior and paid his first premium,” Dock says. “He was reimbursed $9,000 of the $10,000 he spent.”

Dock says stories of this magnitude are “rare cases,” but the possibility is always there. Here’s a look at what some major veterinary treatments and services cost without insurance and what they’d look like with a policy with a 90% reimbursement rate and a $250 deductible.

As you can see, if your pet were to need surgery, C-section or other major treatment, having insurance could save you quite a bit.

What Most Plans Cover:

Accident-Only coverage will only provide reimbursement for emergency care related to accidents, like if your pet is hurt by a car or injures themselves by falling down the stairs. This type of coverage does not cover illnesses or breed-specific issues

Accident & Illness coverage provides reimbursement for both accidents and unexpected illnesses. It is the most common, representing about 98% of plans issued by the pet insurance industry.2 This type of plan wont cover preventive care or pre-existing conditions, but you can expect reimbursement for almost everything else.

Finally, you can purchase an accident-illness plan with a wellness add-on. This is the most expensive type of plan on the market, but it provides the most comprehensive level of coverage. The only health issues that arent covered pre-existing conditions.

When comparing pet insurance providers you’ll want to look for the right blend of comprehensive coverage and lifetime value.

Find The Best Pet Insurance For You

The Verdict: Is Pet Insurance Worth It Or Should I Just Save Money

For many people, especially in 2022, pet insurance is worth the cost – and better than just setting aside a rainy-day fund. With the right coverage, you can provide your pet with diagnostics, treatments, and medications without serious financial risk.

Here’s a look at the states across America trending with the most interest in pet insurance:

As a veterinarian, I will also say that over the last few years the most significant benefit of pet insurance Ive seen is peace of mind.

^Image from Trustpilot8

Of course, financial protection is massively helpful and there are additional benefits such as promptness and ease of care. But all of these culminate in a sense of security and peace of mind – and that is huge.

A Shar Pei puppy named Wrigley came down with a genetic disease that requires expensive medication to stabilize each month. This puppy belongs to Pawlicy Advisor’s CEO, Woody Mawhinney, and his pet insurance saves him hundreds of dollars every month for Wrigley’s prescription meds. He co-founded Pawlicy Advisor to help other pet parents find the right coverage for their pet’s breed, age, and location.

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What Does Pet Insurance Pay For

Pet insurance pays you back for unexpected vet bills related to accidents, injuries, and illnesses. With the best insurance companies, you get reimbursed for 80%, 90%, or even 100% of the vet bill .

Like most insurance options, you’ll pay a monthly premium to keep your coverage active. Once your deductible is met, you can expect your insurance provider to pay for your pets eligible expenses, based on your reimbursement rate, up to your policys limit.

Is Pet Insurance Worth The Cost

Pets can be expensive, and its not always the expected costs that add up. According to a MetLife and CivicScience survey, two-thirds of pet owners in the U.S. primarily pay out of pocket or with cash for vet expenses, compared to just 3% who use pet insurance.8 Meanwhile, according to Rover, 81% of pet parents spend up to $500 on vet visits in the first year of having a puppy.9

So, is pet insurance worth it? If you look at the numbers, the value of pet insurance quickly becomes clear. The average emergency vet bill for a cat can range from $600 to $3,00010 with the cost of emergency care for dogs even higher, up to $5000 just for surgery. If youre paying the average pet insurance monthly premium for your cat or dog , your policy can pay for itself after even just one emergency vet bill.

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What A Majority Of Plans Pay For

According to MoneySuperMarket, a lifetime pet insurance policy is the most comprehensive, and covers vet bills for diagnosing and treating injury or illness.

Also included are the advertising costs and rewards for finding a lost or stolen pet, therapies and prescriptions, emergency cattery and kennel fees, and third-party liability cover.

How Much Is Pet Insurance

The cost of pet insurance varies based on your pet’s location, breed, and age, and the amount of coverage you want. Through Progressive Pet Insurance by Pets Best, the least expensive cat plan provides accident-only coverage for $6 per month,* while comprehensive coverage for large breed dogs averages $25.03 to $72.53 per month, depending on your state. It’s better to invest in pet insurance earlier in your pet’s life to keep your premium cost low and to ensure they’re eligible for the type of plan you want.

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Pumpkin: Best For Generous Plans For All Dogs And Cats

Why we picked it: Pumpkin keeps things simple with a single accident and injury plan that automatically reimburses 90% of vet expenses for all pets, with no upper age limits. You can choose among three annual coverage limits and add a preventive care package if youd like. Coverage for accidents and injuries kicks in after 14 days, even for hip and knee issues.

The company covers dental illnesses, behavioral issues, vet exam fees for covered conditions and alternative therapies, all without an extra charge.

You can file claims online through Pumpkins web portal. The company offers a 10% discount if you enroll more than one pet.

Age restrictions: The minimum age is 8 weeks. Theres no maximum age limit.

Plans available: Accident and illness, wellness.

Pros:

• Reimbursement rate of 90% on all plans.

• 14-day waiting period for all conditions, including cruciate ligament injuries and hip dysplasia.

Cons:

How Much Does Pet Insurance From Embrace Cost

The price you’ll pay depends on what levels of coverage you choose for your pet, along with your pet’s breed, age, size, and location. Premiums are frequently under $50 per month for each pet, which is exceptionally affordable depending on how many pets you have. So while Embrace is not the most expensive pet insurance company, it’s also not the cheapest.

It’s not just comprehensive coverage giving the company an edge, though. While Embrace does not offer unlimited coverage like Healthy Paws or other similar competitors, it does offer a diminishing deductible model. Your deductible goes down $50 every year you don’t file a claim. So your premium would adjust with age, location, and other factors. But if you choose a $200 deductible on a new puppy and don’t file a claim for four years, you could qualify for coverage without a deductible on your 4-year-old dog when they need veterinary care. So how much do real pet parents pay for Embrace?

First, we’ll examine sample premiums for a medium-sized mixed-breed 3-year-old dog living in Colorado.

If you go with the most popular coverage levels and limits, you will pay $35.69 per month. However, your premium would go up if you decided to buy more coverage.

Next, let’s look at premium options for a 5-year-old male Tabby cat from Colorado. With the most popular reimbursement limits, coinsurance, and annual deductible, you’d pay $51.90 per month.

Select higher levels of coverage, and you’ll see the premium increase.

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How Pet Insurance Costs Are Determined

When it comes to pet insurance, there are a lot of factors that go into determining your actual costs. For example, your pet’s breed can significantly affect how much you end up paying. This is because certain breeds are more prone to specific health problems, which can drive up the cost of coverage.

Your pet’s age is also a factor, as older animals are more likely to need medical care than younger ones. The gender of your pet can also affect costs, as some insurers charge higher rates for male pets.

Finally, your location can also influence how much you pay for pet insurance. For example, in some areas, vets charge more for their services, translating into higher premiums for policyholders. No matter what, it’s important to know all the factors determining your pet insurance costs.

Decide How Much Coverage You Want

Most pet insurance plans cap the amount they pay out per year, although some have no annual limit. Only you can decide the amount that gives you reasonable peace of mind for paying vet bills.

If your dog or cat is relatively healthy, you might go years without paying for anything but routine care. But an unexpected surgery or serious illness could add up to thousands of dollars in expenses.

» MORE:Pet insurance coverage guide

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Latest News On Pet Insurance

Pet ownership is great but if theres one thing to complain about, its the hair shedding. Wed wager that no one enjoys sweeping fur balls off the floor on a weekly basis. Fortunately, the right vacuum cleaner can tackle this problem better than any broom. Read our review of the Best Vacuum Cleaners for Pet Hair to see which cordless, upright or robot model works for your home.

The food section at a local pet store much like your grocery stores cereal aisle may induce a sort of choice overload. There are just too many options: dry food, wet food, grain-free, affordable, expensive the list goes on. Our Best Dog Food and Best Cat Food reviews can help simplify the choice.

You’d be surprised to learn that many insurance providers won’t cover veterinary exam fees even if the visit is related to a covered injury or illness. Fortunately, finding an insurer that does isnt that hard, but make sure to read the fine print. A handful of insurers cover exam fees as part of the base plan, while others offer it as a rider. Read Pet Exam Fees: Whats Covered and Whats Not to learn more.

Discount-hunting and comparison shopping takes time so its best to know which expenses are worth the effort and which arent. 5 Smart Ways to Save Money on Your Pets identifies areas where you can actually save a little such as medications, pet wellness plans and off-brand products.

Other Pet Insurance Companies We Considered

In narrowing down our list, these companies stood out in some respects but didnt quite match the strengths of our top picks.

Fetch by The Dodo

• Dental illness coverage for every tooth, not just canines
• No lifetime or per condition claims limit
• Base policy covers exam fees, behavioral issues and medical boarding fees

• No preventive care rider or accident-only plan
• For coverage to apply, you must take your dog or cat to the vet within 48 hours of noticing symptoms
• 6-month waiting period for hip dysplasia and knee injuries

Fetch by The Dodo is one of the few insurers that will enroll pets as young as six weeks, making it a good option for owners of young kittens who often go to their new homes at that age. The company has no upper age limit, and it has multiple deductibles and annual benefit options. Fetch by the Dodo policyholders will also get reimbursed for medical boarding, behavior modification and lost pet rewards up to $1,000 annually for each benefit.

Bottom line: Fetch by The Dodo has the lowest age limit for enrollment of all the companies we looked at, and it has some additional perks and features that can be appealing to pet owners. However, there are some strict rules policyholders have to follow to get claims reimbursed: the pet must receive medical care within 48 hours of noticeable symptoms and pet owners must file a claim no later than 90 days from the invoice date.

Many Pets

MetLife Pet Insurance

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Average Cost Of Pet Insurance

In order for the insurance company to cover the cost of veterinary care, you first have to first pay a premium to opt into the plan.

Ready to shop pet insurance?

Here’s the average annual cost for a pet insurance policy according to 2020 data collected by the North American Pet Health Insurance Association.

As you can see, adding illness coverage will increase your pet insurance rates but it is the only way to have the insurance company pay for the vet when your pet contracts a disease or gets cancer. Accident and illness coverage is the most popular type of insurance among pet owners who had a policy in 2020 according to the same study.

Pet insurance can also cost more if you get additional coverage, like a wellness plan that covers vaccinations and screenings. Routine care isn’t typically covered by standard pet policy, but be sure to check the details of your plan.

Learn more about what pet insurance covers.

Consider Whether You Need Pet Health Insurance

• A pet health insurance policy reimburses the pet owner for specified veterinary care. As with your health insurance policy, these policies typically itemize covered treatments, deductibles and lifetime or per illness maximums. The cost of the policy may vary based on the amount and type of coverage as well as the breed or species. Estimate the health costs for your animals expected life and take into consideration how much you could afford for emergency treatment or a long illness.
• A pet life insurance policy covers end-of-life costs for your animal. This can include burial or cremation expenses and even bereavement counseling for you and your family.
• Pet injury coverage may be part of your auto insurance policy. It covers the treatment of a pet injured in a car accident up to a set limit. Check with your insurance agent or company to determine if your auto policy includes coverage for a pet traveling in your car.

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How Much Does Pet Insurance Cost On Average In The Us

The average monthly pet insurance premium is $49.51 for dogs and $28.48 for cats, according to the latest report published by the North American Pet Health Insurance Association .

Like human health insurance, you must pay monthly premiums to your pet insurance provider to keep your policy active. These premiums are often the first thing US pet owners look at when considering a plan.

There are two main types of insurance coverage for dogs and cats, and the plan you choose will affect the total cost:

Most people enroll in an Accident & Illness plan, so the datasets reported below will focus on Accident & Illness premiums. However, note that Accident Only plans are also available at a cheaper rate, but with substantially less coverage.

Is Pet Insurance For Cats Worth It

Answering the question is pet insurance worth it? inevitably involves investigating felines, as well as canines.

Cats do normally lead more passive lives than dogs or horses, although they are more likely to contract certain illnesses than dogs are.

Common health problems for cats include digestive and urinary tract disorders, and kidney disease. These are costly, and are conditions which require close observations and swift interventions for the domestic cat.

According to these quotes found on MoneySuperMarket, the average premium for a cat insurance policy is £5.75 per month. However, this price is affected by the age, breed and medical history of the cat, as well as your location and the type of policy you select.

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Average Cost Of Dog Insurance

Pets Best’s customizable dog insurance plans cost an average of $9 to $72.53 per month, depending on the dog’s breed and play type. Find the plan that fits your pup’s needs.

Learn more about how to shop for pet insurance and which pet insurance coverage types are best for your needs.

What Are The Alternatives

As a pet owner, you only have a few alternatives to pet insurance for covering the cost of veterinary care if you are paying out-of-pocket.

• You could set aside enough savings to pay when the time comes
• You could borrow from friends and family
• You could launch a crowdfunding campaign
• You could acquire veterinary financing

If you look online, you might find people touting the importance of financing your own pet care and setting aside money each month over a pets lifetime to pay for veterinary bills. However, this does not work if your pet needs expensive surgery or test before you’ve accumulated enough savings…nor does it work if you have more than one incident.

Something else to consider, Pawlicy Advisor surveyed more than 20,000 pet owners and only 19% said they could cover a $5,000 vet bill out-of-pocket without pet insurance.

Alternatives to pet insurance are not ideal options. Savings accounts offer only limited protection, and other options like crowdfunding or grant programs should really be reserved as backup plans. Only pet insurance gives you peace of mind and protection from multiple emergencies and the most costly expenses.

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