Pet insurance premiums vary widely so it’s important to do your research to understand what’s included and how these match up with your needs as a pet mom or dad.
In general, monthly insurance premiums range from $25 to $70 for dogs and $10 to $40 for cats. One of the biggest factors to consider is your desired level of coverage, which is often based on certain risk factors. For instance, if you are a cat owner, you might be willing to pay a few extra dollars a month for a plan that offers a higher payout for lymphoma treatment.
You will also have to consider the species, breed, age and location. For instance, Great Danes can be up to 63% more expensive to insure than other breeds, according to Insurance Business America. Premiums also vary based on state.
There are also two other factors to consider when it comes to cost: deductibles and maximum payouts:
- Maximum payouts – Many pet insurance policies have a cap or limit on payout benefits for your pet. These can be per incident, per year or over the life of the policy. Others like healthypaws have no maximum annual or lifetime payouts.
- Deductibles – In the pet insurance world, there are two types of deductibles: the annual deductible and the per-incident deductible. The annual deductible is more predictable because you only need to meet it once. The good news is that overall deductibles aren’t too exorbitant, ranging from $0 to $1,000, depending on the provider. Just like for your own health insurance, if you want a more affordable premium, your deductible will be higher. The reverse is also true. Note that the higher the deductible, the lower the reimbursement rate will likely be.
Pro-tip: In choosing a provider and plan that’s right for you, be sure to ask if there are any potential discounts that you can benefit from such as a reduced rate if you plan to cover more than one pet.