Imagine a beloved dog or cat gets seriously ill and finds out that the care they need is costing thousands of dollars. This scenario is heartbreaking, but incredibly common. What’s worse, many pet owners don’t have the money to pay for it.
How hard can pet health care be for you? According to medical finance company CareCredit, it costs an average of $4,000 to treat a dog or cat for cancer, while removing foreign bodies from a pet’s stomach can cost anywhere from $2,955 to $3,262.
What if your pet breaks a bone? Injury treatment and rehabilitation for cats costs about $2,257, and the same treatment costs $2,371 for a dog.
What is the average cost of pet insurance?
Pet insurance premiums are generally affordable and depend largely on choosing the best coverage for your pet. Cat insurance is usually less expensive than dog insurance, but this can vary depending on the breed you buy and the type of policy. Most pet insurance companies offer two types of insurance: accident only and comprehensive insurance. Accident-only plans include accidents such as fractures or poisoning. This costs much less than a comprehensive plan, which covers both accidents and illnesses. And while not all pet health insurance companies offer preventative coverage, Pets Best’s progressive pet insurance from Pets Best allows you to add additional regular care plans to a comprehensive policy.
To get an idea of the cost of pet insurance for dogs or cats, here’s an example of the cost of a Pet Best plan. Average annual costs are listed, but you can choose monthly or quarterly costs instead. The cost of accident and illness compensation depends on your pet and the level of compensation and deductible you choose. Daily care plans and incident-only plans have a fixed price.
How much does pet insurance cost?
Approximate pet insurance from one of our rated companies ranges from about $11 to $70, depending on the type of pet, breed, age, pre-existing conditions and where you live.
According to the Insurance Information Institute (III), the cost of coverage also depends on the level of care you choose. There are generally three levels of care.
- Basic Coverage: Compensates for accidental injuries and illnesses (excluding cancer).
- Comprehensive coverage: Add office visits, diagnostic tests, x-rays, lab costs, and prescriptions to your basic plan.
- Pet Health Care: Compensates for preventive care, including vaccinations.
Pet insurance is very similar to human health insurance with annual premiums, deductibles, co-pays and upper limits, says Janet Ruiz, director of strategic communications for III. Older pets usually pay higher premiums than younger pets, and dogs get higher premiums than cats.
Among the top pet health insurance companies we compiled, Lemonade offers the cheapest pet insurance for both cats and dogs. According to our data, the monthly premium for cat insurance is $11 and the monthly premium for dog insurance is $19.44.
When considering the cost of a pet insurance subscription, important issues include: If you choose to pay out-of-pocket, how much will vet visits and pet medical expenses cost during a pet’s lifetime?
“You’re really protecting your finances and your pet’s health, protecting your ability to make decisions in stressful and emotional moments. “It’s a great place to live,” says Kristen Lynch of NAPIA. “If you have pet insurance,” he said, “do you want to put your pet to sleep because you don’t have the money for the procedure? There’s no need to make that choice, like “
How location affects costs
Where you and your pet live can also affect the cost of pet insurance. Veterans in metropolitan areas, such as New York City, may charge more for services than veterans in rural areas6. To compensate for this, pet insurance premiums will increase accordingly. Environmental factors are also taken into account in determining risk. Domestic cats in the suburbs don’t seem to face many dangers, but street cats in big cities live on the edge. They are more likely to suffer injuries and illnesses in the future, which means your insurance premiums will be higher because of their reckless lifestyle!
Types of pet insurance.
When you start comparing policies with pet insurance companies, you’ll also see different levels of care. Some companies offer more levels of coverage, but pet insurance is usually divided into one of three levels:
- Basic Pet Insurance: This level of insurance is the least expensive option and is designed to prevent catastrophic pet care costs in the event of accidental injury and serious illness. Basic pet insurance can only cover injuries caused by accidents. Excesses tend to be much higher on basic pet insurance plans, and there is an upper limit on how much you will pay per year or over the life of your pet.
- Comprehensive Pet Insurance: This level of pet insurance usually costs more, but includes more types of injuries or illnesses, as well as office visits, certain types of tests and prescription drugs. Excesses are generally lower than you might find in your basic pet insurance plan, but the coverage cap still limits the amount your policy pays for pet care.
- Wellcare Pet Insurance. The top tier of pet insurance includes the most reliable coverage for pets you can buy with your money. This coverage includes proper care and preventative care such as flea and heart disease pills, as well as regular vaccinations. These insurance policies tend to have lower deductibles or lower deductibles than other pet insurance policies.
When you start buying pet insurance, you should try to compare offers from several different companies. However, there should also be a general concept of coverage that can benefit you the most.
Comprehensive plans, including health visit plans, usually require you to pay higher premiums. However, higher premiums can increase the premium cap and get you more benefits. Similarly, if you have lower coverage limits and fewer benefits included, you may sign up for much lower basic pet insurance.
Should I buy pet insurance?
It may be worth knowing that you are prepared for an unexpected illness or injury to your pet. Some health problems cost only a few hundred dollars, but serious problems like pet cancer and surgery for cats and dogs can cost thousands of dollars. Not knowing what will happen in the future, getting proper protection can provide peace of mind about what happens to your pet. Learn more about how pet insurance compensates for cancer and how pet insurance compensates for surgery.
Please tell us how to lower your pet’s insurance premiums.
Now that you know what factors affect pet insurance premiums, you can find a policy that fits your budget. There are several ways to lower your insurance premiums.
● If you are a first-time pet owner, consider getting a hybrid cat or dog. Remember that premiums can go up for purebreds.
● If you’re not picky about furry families, consider getting a cat instead of a dog. On average, cat insurance costs less than dog insurance.
● If you choose a large deductible, you’ll have to pay more out of pocket for your vet, but your monthly premium will also be lower.
● Think carefully about what kind of care your pet may need. If you’re raising a young cat or dog, you may not need accident and illness insurance until they’re older.
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