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Pet insurance is a valuable tool pet owners use to insulate themselves against unexpected vet bills for their dogs and cats, but it often doesn't come cheap. Exact costs vary depending on several factors, but most people can expect to pay a few hundred dollars per year for this protection. Read on to learn more about average pet insurance costs and steps owners can take to score a great deal.
Pet insurance costs vary significantly based on several factors. It's possible to get coverage for less than $10 per month in some cases while other policies can easily exceed $100 per month. On average, though, most people pay anywhere from $20 to $50 per month, with dog owners paying more than cat owners.
There are three basic costs associated with pet insurance:
Several factors influence the cost of pet insurance premiums, including:
Contrary to popular belief, the following factors don't have any effect on pet insurance premiums:
The average cost of a dog insurance policy is about $18 per month for accident-only coverage or about $50 per month for accident and illness coverage, according to the North American Pet Health Insurance Association (NAPHIA). This is quite a bit higher than the cost of pet insurance for cats. That's because data shows dog owners are more likely to file pet insurance claims, and when dogs visit the vet, their treatments often cost more.
Larger dogs are often more expensive to insure than smaller dogs as they're more prone to health issues. It might only cost around $30 per month to purchase accident and illness coverage for a Chihuahua, but the owner of a Doberman could expect to pay $70 or more per month for the same coverage.
Some of the most expensive dog breeds to insure, according to an AdvisorSmith survey, are:
Cats are typically cheaper to insure than dogs, with average premiums costing around $11 per month for accident-only coverage and $28 a month for accident and illness coverage, according to NAPHIA. But again, this varies considerably by breed. Cat breeds that are more prone to health issues are more expensive to insure.
Some of the most expensive cat breeds to insure, according to AdvisorSmith, are:
Discounts aren't as common with pet insurance as they are with auto and home insurance. But the best pet insurance companies offer at least a few of the discounts listed below:
But as with any type of insurance, pet insurance discounts vary by company and sometimes by state. The only way to know which discounts are available is to get a quote from each pet insurance company in consideration.
Pet owners looking to keep their pet insurance costs down should try some of the following tips:
Lastly, keep in mind a low cost isn't always the most important thing when shopping for pet insurance. Focus on finding the best value instead. If a cheap policy doesn't provide the coverage a pet needs, it's not going to be much good in the long run. Owners should focus first on finding policies that cover all the care they believe their pet could need and then choosing the one that offers the best price.
Yes, pet insurance costs typically go up every year because as pets age, they become more susceptible to injuries and diseases.
Pet insurance costs vary significantly depending on the pet's species, age, gender, breed, and location. It also depends on the type of policy the owner is interested in. But not all policies are expensive. In some cases, it's possible to get protection for less than $10 per month.
Yes, older pets are typically more expensive to insure because they're more prone to health issues than younger pets.
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