The Average Cost of Pet Insurance
Pet insurance works much the same way human health insurance does, with annual premiums, deductibles, and co-pays. Some plans even have caps on how much they'll reimburse you. Pet insurance can be an advantageous financial choice if your pet is prone to medical issues or you're concerned about unexpected expenses.
cost of pet insurance
The cost of pet insurance can vary significantly based on your plan, the age, and breed of your pup, and where you live. Some insurers, like Embrace or Trupanion, provide discounts to policyholders who never make a claim.
Embrace offers an innovative deductible arrangement in which its deductible drops by $50 annually if your pet is uninsured, without altering the monthly premium you pay. Furthermore, it rewards policyholders who make claims by giving them discounts for each one.
Nationwide, the largest pet insurer charges $60 for Major Medical and $90 for Whole Health (which includes everything in Major Medical plus flea/tick medications and primary care). ManyPets provides a $0 deductible option while ASPCA and Trupanion charge higher premiums with a $0 deductible option.
Younger pets tend to be healthier and therefore costlier to insure than their older counterparts. Furthermore, younger animals' medical requirements tend to be lower as well, meaning fewer vet visits and treatments are necessary.
reduce your premium
To reduce your premium, opt for a low-deductible, high-reimbursement plan. Generally, the lower the deductible, the lower your monthly payment will be.
Some plans offer you the ability to adjust your deductible, co-insurance, and annual limit to reduce prices. Unfortunately, these changes could reduce coverage for your pet so they may not be worth it in the end.
As a general rule, the more coverage you purchase, the higher your monthly cost will be. That's because you must pay out-of-pocket for your pet's medical care before being reimbursed by the insurance company.
Are you uncertain whether pet insurance is suitable for your furry friend? Here is a list of the 10 least expensive dog and cat breeds to insure, including English Springer Spaniels and Miniature Yorkshire Terriers--both known for being healthy pets.
MoneyGeek's analysis of pet insurance quotes from Embrace, FIGO, Nationwide, and Pets Best found the average cost to be $42 per month for dogs or cats. While this is not a cheap plan, it is less than most people pay for basic coverage policies.
A typical plan is designed to cover unexpected emergencies.
However, it's essential to remember that even with the lowest deductible and highest reimbursement rate, your policy won't cover every veterinary expense.
Therefore, getting preventive care such as vaccinations and dental cleanings is recommended; doing so could end up saving you money in the long run.
