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How Much Does Pet Insurance Cost?

The average pet insurance cost is $640 per year for dogs and $387 for cats for the most common type of policy.

NerdWallet Rating: 5 out of 5 stars

Spot

Covers what others don’t: prescription food, microchips, and behavioral therapy
Offers preventative treatment and screenings plans
No upper age limit for coverage of older pets
10% multi-pet discount

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on Spot's website

ASPCA

Generous coverage options, including wellness and accident-only plans
Shorter waiting periods than most insurers
10% discount for veterinarians and multiple pets
In addition to cats and dogs, horse plans are also available

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on ASPCA's website

Lemonade

Easy claims submission process through the app
Quick claims payout, with about 50% paid immediately
5-10% discounts available for some customers
Donates a portion of profits to pet charities

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on Lemonade's website

Embrace

Many ways to customize your coverage and monthly rate
Reimbursement amounts up to 90%
Covers curable pre-existing conditions
Discounts available, including 10% multi-pet discount

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on Embrace's website

The cost of pet insurance

The average cost of an accident and illness policy in the U.S. is $640 per year for dogs and $387 for cats, according to 2022 data from the North American Pet Health Insurance Association. That translates to about $53 a month for dogs and $32 a month for cats.

For an accident-only policy, the average cost is $201 per year for dogs (about $17 per month) and $122 per year for cats (about $10 per month). An accident-only policy won’t cover illnesses such as cancer, allergies or kidney disease.

Your pet's premium will depend on several factors. Those factors include; where you live, species, breed, and age.

How pet insurance can reduce surprise bills

While pet insurance can help cut your costs, it won’t reimburse you for every penny you spend at the vet. A policy will typically pay 70% to 90% of your costs after you pay a deductible, which can range from $0 to $1,000 or more. A deductible is the part of your vet bill you’re responsible for.

In most cases, you’ll need to pay the bill upfront and then file a claim with your insurer for reimbursement.

There are a few types of pet insurance plans:

Accident and illness coverage helps pay for emergency care, surgeries, hospitalizations, diagnostic tests and prescription medications if your pet gets sick or injured.

Accident-only policies cover many of the same expenses, but only after an accidental injury.

Wellness coverage can pay for routine care such as annual checkups, vaccinations and preventive treatments. You can often add this coverage to an accident and illness plan for an extra cost.

Not all pet insurers offer accident-only plans or wellness coverage.

When buying a pet insurance plan, it’s important to read the terms and conditions carefully. For instance, many companies have waiting periods before your coverage starts, and not all of them cover the same types of treatments.

How to lower your pet insurance cost

To minimize your pet insurance bill, the following tactics can help.

Customize your plan

You can often lower your price by changing the terms of your policy. For example, choosing a higher deductible will generally reduce your monthly premium. Just keep in mind that you’ll have to cover more of Fluffy’s vet bills before your insurer starts reimbursing you.

Similarly, you can try lowering your reimbursement percentage. For example, you could have your insurer pay 70% or 80% of your vet bills rather than 90%. Choosing a lower coverage limit can also reduce your premium.

Check for discounts

Some pet insurance companies offer savings for insuring multiple pets, paying your bill annually rather than monthly or serving in the military.

You might also get a discount if you buy pet insurance along with another policy from a company that sells multiple types of insurance.

Finally, check whether your employer offers pet insurance as a benefit. You may be able to get a discounted rate.

Shop around

There are more than 20 pet insurers in the U.S. competing for your business, so let them. Compare quotes from three insurers for similar amounts of coverage, and go with the option that works best for your budget.

It can be difficult to make fair comparisons between pet insurance quotes because not all companies offer the same coverage options and deductibles. For example, one insurer may have 90% reimbursement for all pets while another company offers a maximum of 70%. It’s up to you to decide which features might be worth paying a little more for.

Here are a few more things to check when comparing pet insurance costs:

What’s not covered? Some plans won’t pay for prescription food, exam fees or treating dental illnesses. A plan that looks more expensive might end up being a better value if the company includes more coverage.

What are the waiting periods? A waiting period is the time between when you buy your policy and when your coverage starts. With some plans, you could have to wait six months to a year for certain types of coverage.

How much will the plan pay? Check whether there are limits on how much your plan will pay per year or per incident.