Luis Pazos 
Imagine your beloved dog or cat falling seriously ill and finding out their treatment will cost thousands of dollars. This heartbreaking scenario is quite common. Unfortunately, many pet owners don’t have the money to cover such high veterinary bills.
According to CareCredit, treating a dog or cat with cancer costs pet owners around $4,000 on average. Removing something stuck in a pet’s stomach can cost between $2,955 and $3,262. If your pet breaks a bone, fixing it and providing rehab for a cat costs about $2,257, while it’s $2,371 for a dog. These high costs explain why many pet owners opt for pet insurance, which helps cover these expenses. Like human health insurance, pet insurance requires a monthly or annual payment and a deductible, but it can save you from paying thousands if your pet gets sick or injured.
How Pet Insurance Works
Pet insurance works similarly to human health insurance. According to the Insurance Information Institute (III), these policies come with deductibles, co-pays, and coverage limits. Most people buy pet insurance for dogs and cats, but you can also get it for exotic birds, rabbits, potbelly pigs, and other pets. The cost of pet insurance depends on factors like your pet’s age, health, type of animal, and the coverage level you choose. Generally, older pets require more expensive premiums, and some companies have age limits. For instance, Healthy Paws Pet Insurance only offers coverage for pets up to 13 years old. Pre-existing conditions are usually not covered, and some breeds may be harder to insure due to costly hereditary conditions.
Types of Pet Insurance
When comparing pet insurance companies, you’ll find different levels of coverage:
- Basic Pet Insurance: This is the least expensive and covers only severe injuries and illnesses, often only those from accidents. These plans have higher deductibles and coverage caps.
- Comprehensive Pet Insurance: This is more expensive but covers more types of injuries and illnesses, including office visits, tests, and prescription drugs. Deductibles are lower, but there are still coverage caps.
- Well Care Pet Insurance: The most comprehensive coverage includes preventive care like flea and heartworm pills and vaccinations. These plans often have no or low deductibles.
When shopping for pet insurance, compare quotes from different companies and have an idea of the coverage level that suits you best. Higher premiums offer higher coverage caps and more benefits, while basic plans are cheaper but offer less coverage.
What Does Pet Insurance Cover?
Pet insurance typically covers:
- Illnesses
- Accidents
- Some hereditary and congenital conditions
- Cancer
- Diagnostic treatments
- Hospitalization
- Emergency care
However, pet insurance plans often exclude:
- Pre-existing conditions
- Routine care and wellness
- Office visits and exam fees
Average Cost of Pet Insurance
The cost of pet insurance varies widely based on the animal, age, health, and coverage level. According to the North American Pet Health Insurance Association (NAPHIA) in 2022:
- Accident only coverage costs $16.70 per month for dogs and $10.18 per month for cats.
- Accident and illness coverage costs $53.34 per month for dogs and $32.25 per month for cats.
Sample quotes from popular providers show that the cost varies significantly depending on coverage. Basic plans are cheaper, while comprehensive plans with benefits like prescription drug coverage and wellness visits are more expensive.
How to Shop for Pet Insurance
To get the best pet insurance, compare quotes from at least three to four providers. Consider the following factors:
- Annual and lifetime coverage caps
- Policy exclusions
- Deductible amounts
- Wellness care options
- Reimbursement levels
Pet insurance shopping is easier than buying human health insurance. Most companies let you get a free quote online in minutes, requiring basic information about your pet and your contact details.
Final Thoughts on How Much Pet Insurance Costs
Pet insurance helps ease the financial burden of caring for your pets. With high costs for treating illnesses or injuries, insurance is a valuable option. It works similarly to human health insurance, with varying coverage levels and premiums influenced by factors like age, health, and type of animal. There are three main coverage tiers: basic, comprehensive, and well care, each with different exclusions. Compare quotes, understand coverage caps, exclusions, deductibles, and reimbursement levels to find the best plan. Online tools make it easy and convenient.
Frequently Asked Questions (FAQ)
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Do veterinarians accept pet insurance?
Yes, you pay upfront for care and submit bills for reimbursement. Just visit a licensed vet. -
How much is pet insurance for a dog?
In 2020, it cost between $18.17 and $49.51 per month, according to NAPHIA. -
How much is pet insurance for a cat?
In 2020, it cost between $11.13 and $28.28 per month, according to NAPHIA. -
How much is pet insurance at Petsmart?
Costs vary based on the animal’s type, age, and health. Contact Petsmart for a quote. -
What is a pet insurance “reimbursement rate?”
It’s the percentage of costs your plan reimburses, typically between 60% and 90%. -
Why doesn’t pet insurance cover pre-existing conditions?
Just like you can’t buy homeowners insurance for an already burning house, pet insurance doesn’t cover known pre-existing conditions. Buy it early to get coverage before issues arise. -
Does pet insurance have a waiting period?
Yes, many plans require a waiting period of 30 or 60 days before you can use your coverage.
