Is Pet Insurance Worth the Cost?

Pet insurance is worth the monthly cost if your pet gets sick or injured.

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Taylor Milam-Samuel
Taylor Milam-Samuel
  • 8+ years writing for major outlets, including MarketWatch and Business Insider

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Taylor Mlam-Samuel is a personal finance writer and credentialed educator. When she’s not helping readers better save and spend money, she can be found teaching.

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Katie Powers
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Katie PowersSenior Editor
  • Licensed auto and home insurance agent

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Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Mark Friedlander
Reviewed byMark Friedlander
Mark Friedlander
Mark FriedlanderSenior Director, Media Relations, Triple-I
  • Corporate communications director for Insurance Information Institute

  • 20+ years in insurance and communications

As Director, Corporate Communications for Triple-I, Mark serves as the non-profit’s national spokesperson, sharing information and education on a wide array of insurance issues.

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Pet insurance is a predictable monthly expense that can help pet owners pay for their pet’s medical bills for routine and emergency vet care. Even though it’s an additional expense, it can save you money if your pet gets sick or injured.

Depending on the type of insurance policy you buy, your coverage might not cover all your pet’s care. Your pet’s age and health status can also increase how much you pay for coverage.

Here’s what you should know about pet insurance to help you decide whether it’s worth it.

Should you get pet insurance?

Whether pet insurance is a good idea for you depends on your budget and your pet. Coverage usually makes sense if an unexpected veterinary bill would cause you financial stress. Pet insurance may not cost much less than typical annual pet care expenses, but it can make a substantial difference if your pet experiences an unexpected injury or illness.

For example, dog owners across the U.S. spend an average of $242 per year for routine vet visits and $458 for surgical procedures — for a combined total of $700. Compared to the annual average cost of $516 for pet insurance for a dog, out-of-pocket expenses cost more on average.[1]

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The cost of pet insurance

The average cost of pet insurance for accident and illness coverage is $43 per month for dogs and $23 for cats, based on data from Insurify and its pet insurance partner Fletch. Prices can vary dramatically depending on your pet’s health status and more. Policies may also have exclusions for pre-existing health conditions.

Here's the median cost of pet insurance from top pet insurance companies.

The below rates are estimated rates current as of: Thursday, May 1 at 12:00 PM PDT
Insurance Company
sort ascsort desc
Average Cost: Dogs
sort ascsort desc
Average Cost: Cats
sort ascsort desc
Lemonade$29$17
Pets Best$39$19
Healthy Paws$41$21
Spot$42$21
ASPCA$47$25
Prudent Pet$63$37
Figo$68$28
Fetch Pet$70$24
Pumpkin$97$41
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.

Just like insurance for humans, many factors affect the cost of pet insurance. Understanding how insurers set rates can help you make the best policy choice for your needs. Here are some important factors that influence pet insurance premiums:

  • illustration card https://a.storyblok.com/f/162273/150x150/ddd4923942/dogs-96x96-orange_009-search.svg

    Coverage type

    More extensive coverage costs more, while basic policies tend to cost less. For example, accident and illness coverage is more expensive than accident-only coverage.

  • illustration card https://a.storyblok.com/f/162273/100x100/ed7e75ea26/cat.svg

    Animal

    The type of animal you want to insure affects how much coverage costs. For instance, cats typically cost less to insure than dogs.

  • illustration card https://a.storyblok.com/f/162273/150x150/75706d0209/pets-96x96-green_032-dog.svg

    Breed

    Some breeds are prone to certain health conditions or other medical concerns that lead to increased costs. For example, flat-faced breeds like French bulldogs are prone to breathing problems.

  • illustration card https://a.storyblok.com/f/162273/150x150/de7936d9a3/veterinary-96x96-orange_023-veterinarian.svg

    Health

    Animals with pre-existing health conditions typically cost more to insure, while a healthy pet is cheaper.

  • illustration card https://a.storyblok.com/f/162273/150x150/ea882939d1/veterinary-96x96-green_020-medical-report.svg

    Age

    Your pet’s age affects costs. Older pets are typically more expensive to insure since they may have more medical issues due to aging.[3]

Average cost of common pet treatment

The average yearly cost of vet expenses, including routine visits and surgical vet care, is $700 for dogs and $379 for cats. One-time medical expenses or an emergency surgery can increase the amount you pay in a given year.

For example, you can expect to pay more than $500 to spay or neuter your pet. And dental cleanings — which usually require anesthesia — cost around $400.

The one-time or unexpected veterinary expenses can add up quickly for pet owners.

Good to Know

The expense of significant medical procedures may justify the annual cost of an accident and illness pet insurance plan.

What are the pros and cons of pet insurance?

Like any insurance product, pet insurance has advantages and disadvantages that you should consider before buying a policy. As a pet parent, you'll want to weigh factors like cost, ease of reimbursement, coverage limits, and other factors.

Pros
  • Affordable monthly payments: The average monthly cost of pet insurance premiums are reasonable, at $43 for dogs and $23 for cats.

  • Customize coverage: Pet insurers typically offer different plans that allow you to pick the coverage you want, which can help decrease the cost of coverage.

  • Predictable expense: Instead of paying for large veterinary bills, you can pay the monthly premium, which might allow you to budget more effectively.

Cons
  • Rates vary dramatically: Your pet’s age, health, location, and breed can all affect how much coverage costs and might significantly increase the cost of pet insurance.

  • Must submit claims: Most pet insurers require customers to pay costs up front and then file a claim for reimbursement.

  • Coverage limits: Some pet insurance plans have an annual limit for coverage and won’t provide reimbursement after a certain threshold.

What pet insurance covers

Pet insurance companies typically offer three different levels of coverage: basic, comprehensive, and preventive protection. Specifics vary depending on your pet insurance policy type, but insurance companies usually provide coverage for the following health issues and accidents:

  • Accidental injury

  • Poisoning

  • Illnesses

  • Surgical procedures

  • Broken bones

  • Office visits

  • Prescriptions

  • Diagnostic tests

  • X-rays

  • Blood tests

  • Hip dysplasia

What pet insurance doesn’t cover

Even the best pet insurance plan has limits. You’ll have to pay out of pocket for some procedures and care regardless of the level of coverage you have. Pet insurance companies don’t usually cover the following illnesses or medical conditions:

  • Pre-existing conditions

  • Pregnancy or birth

  • Death

  • Theft of pet

  • Elective procedures

  • Breed exclusions

  • Age exclusions

  • Non-veterinary services

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Pet insurance FAQs

Determining whether the cost of pet insurance makes sense for your financial situation can be a difficult decision. Pet owners often consider the following questions while making a decision.

  • How much should you be spending on pet insurance?

    How much you should spend on pet insurance will depend on multiple factors, including where you live, your pet's age and breed, and overall health. Like human healthcare insurance, pet insurance costs can vary dramatically depending on the type of coverage you want and your pet’s health. Comparing quotes from multiple pet insurers can help you review options and get the best rate.

  • What are the benefits of pet insurance?

    Pet insurance can help pet owners pay for routine and emergency treatment. Vet bills can add up quickly, and if finances are a consideration, the cost of treatment might prevent you from getting the care your pet needs. Pet insurance reduces the financial burden of seeking care and ensures your pet can get the necessary treatment.

  • How much do pet expenses cost without insurance?

    Routine veterinary appointments and surgical care cost dog owners $700 and cat owners $379 per year. Since those represent the average costs of care across the U.S., the true costs can fluctuate each year. Pet owners can also expect to pay hundreds or thousands of dollars for one-time medical costs, like surgeries or dental care.

Sources

  1. Insurance Information Institute. "Facts + Statistics: Pet Ownership and Insurance."
Taylor Milam-Samuel
Taylor Milam-Samuel

Taylor Milam-Samuel is a writer and credentialed educator who is fascinated by how people earn, save, and spend their money. When she's not researching financial terms and conditions, she can be found in the classroom teaching.

Taylor has been a contributor at Insurify since February 2023.

Katie Powers
Edited byKatie PowersSenior Editor
Photo of an Insurify author
Katie PowersSenior Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

  • NPN: 20564519

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

Featured in

media logomedia logo
Mark Friedlander
Reviewed byMark FriedlanderSenior Director, Media Relations, Triple-I
Mark Friedlander
Mark FriedlanderSenior Director, Media Relations, Triple-I
  • Corporate communications director for Insurance Information Institute

  • 20+ years in insurance and communications

As Director, Corporate Communications for Triple-I, Mark serves as the non-profit’s national spokesperson, sharing information and education on a wide array of insurance issues.

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