How Much Does Pet Insurance Cost?
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KEY POINTS
Pet Insurance on the Rise
Each year, an increasing number of families opt for pet insurance, safeguarding both their furry friends and finances.
What Drives Your Cost
Discover how your pet's breed, age, and your location influence insurance costs through our financial models.
Customize Your Coverage
Identify your insurance needs and effortlessly secure competitive quotes using our platform.
Did you know?
In 2022, there were over 5 million pets insured in North America. The average annual pet insurance premiums in the United States for accident and illness protection were $640 for dogs and $387 for cats. Accident only coverage drops the averages to $387 and $122 respectively (NAPHIA).
Pet Insurance Overview
Pet insurance plans can be broadly categorized into two types: Accident and Illness coverage and Accident-only coverage.
Accident and Illness Coverage
These types of policies provide inclusive protection, addressing both accidental injuries and illnesses such as infections and chronic conditions. This comprehensive option may also include coverage for routine care as an optional feature.
Accident Only Coverage
These types of policies only provide coverage specifically related to medical expenses arising from accidents, excluding coverage for pre-existing conditions or illnesses.
While Accident-only policies often have more affordable premiums, it's crucial for pet owners to carefully evaluate their pet's health history and financial constraints when deciding between the two.
Additionally, understanding aspects like waiting periods, deductibles, and coverage limits is essential to make informed choices and avoid any misunderstandings regarding policy coverage.
Types and Stages of Care for Your Pet
Whether you presently have a pet or are contemplating welcoming one into your home, an inevitable bond forms as they integrate into your family. It's essential to prioritize their well-being, ensuring they receive the necessary care.
Meeting their health needs may involve navigating various types and phases of care, often entailing a significant financial investment.
|
Types and Stages of Care |
|
|
Category |
Care |
|
Preventive |
Vaccinations, parasite control, routine check-ups |
|
Primary Veterinary |
Sick visits, diagnostic tests (e.g., X-rays, ultrasounds) |
|
Dental |
Cleanings and treatments (e.g., extractions) |
|
Nutritional |
Custom diet and weight management based on breed, age, and health status. |
|
Emergency |
Visits and critical care for sudden severe illnesses, injuries, or accidents |
|
Surgical |
Spaying/neutering, injuries, tumors, or congenital conditions |
|
Rehabilitative |
Recovery from surgery or injuries |
|
Physical Therapy |
Addressing mobility or chronic conditions |
|
Specialized |
Ophthalmology, dermatology, cardiology, geriatric |
|
Behavioral Health |
Consultation and training for complex behavioral problems |
|
End-of-life |
Hospice and euthanasia services |
The good news is that the North American pet insurance market is robust, growing, and can provide tailored solutions to mitigate your financial risk against many of these unforeseen medical expenses.
North American Pet Insurance Marketplace
The number of pets insured continues to rise in the U.S. and Canada (NAPHIA).
|
Year |
U.S. |
Canada |
|
2018 |
2,156,448 |
271,000 |
|
2019 |
2,517,122 |
302,424 |
|
2020 |
3,101,956 |
352,631 |
|
2021 |
3,970,535 |
432,533 |
|
2022 |
4,849,540 |
508,730 |
The pet insurance trend is increasing across local neighborhoods throughout the U.S. and Canada as the growth rates depicted below illustrate.
|
Year |
U.S. |
Canada |
|
2018-19 |
16.7% |
11.6% |
|
2019-20 |
23.2% |
16.6% |
|
2020-21 |
28.0% |
22.7% |
|
2021-22 |
22.1% |
17.6% |
These trends are supported by our love for our dogs and cats.
|
Year |
U.S. |
|
|
Dogs |
Cats |
|
|
2018 |
1,808,405 |
348,043 |
|
2019 |
2,097,971 |
419,151 |
|
2020 |
2,570,739 |
531,217 |
|
2021 |
3,244,360 |
726,175 |
|
2022 |
3,884,748 |
964,792 |
|
Year |
Canada |
|
|
Dogs |
Cats |
|
|
2018 |
210,596 |
60,404 |
|
2019 |
234,611 |
67,813 |
|
2020 |
265,086 |
87,545 |
|
2021 |
335,260 |
97,273 |
|
2022 |
391,185 |
117,545 |
Average Pet Insurance Premiums
The average pet insurance premiums paid in 2022 vary by the type of coverage underwritten and the type of animal insured (NAPHIA).
|
Year |
U.S. |
|
|
Accident & Illness |
Accident Only |
|
|
Dog |
||
|
Annually |
$640.04 |
$200.58 |
|
Monthly |
$53.34 |
$16.70 |
|
Cat |
||
|
Annually |
$387.01 |
$122.19 |
|
Monthly |
$32.25 |
$10.18 |
|
|
Canada |
|
|
Accident & Illness |
Accident Only |
|
|
Dog |
||
|
Annually |
$813.98 |
$247.69 |
|
Monthly |
$67.83 |
$20.64 |
|
Cat |
||
|
Annually |
$427.44 |
$197.79 |
|
Monthly |
$35.62 |
$16.48 |
Pet Insurance Costs by Region, Breed, and Age
There are many factors that impact the pet insurance premiums you pay. To get a sense of how these dynamics play out, we ran the numbers for two breeds of dogs and cats in different cities and different ages.
The model was based on $5,000 coverage, a $500 deductible, and 90% reimbursement, and produced the following results.
|
DOGS – 1 Year Old |
||
|
City |
Monthly Premiums |
|
|
Boxer |
Labradoodle |
|
|
New York |
$97.33 |
$55.88 |
|
Chicago |
$70.06 |
$40.23 |
|
Atlanta |
$60.91 |
$34.98 |
|
Fort Wayne |
$51.50 |
$29.57 |
|
Miami |
$47.77 |
$27.43 |
|
DOGS – 5 Years Old |
||
|
City |
Monthly Premiums |
|
|
Boxer |
Labradoodle |
|
|
New York |
$131.67 |
$75.61 |
|
Chicago |
$94.77 |
$54.42 |
|
Atlanta |
$82.38 |
$47.31 |
|
Fort Wayne |
$69.68 |
$40.01 |
|
Miami |
$64.63 |
$37.11 |
|
CATS – 1 Year Old |
||
|
City |
Monthly Premiums |
|
|
Exotic |
Mixed Breed |
|
|
New York |
$39.14 |
$33.96 |
|
Chicago |
$28.18 |
$24.45 |
|
Atlanta |
$24.50 |
$21.25 |
|
Fort Wayne |
$20.72 |
$17.97 |
|
Miami |
$19.22 |
$16.66 |
|
CATS – 5 Years Old |
||
|
City |
Monthly Premiums |
|
|
Exotic |
Mixed Breed |
|
|
New York |
$45.95 |
$39.87 |
|
Chicago |
$33.09 |
$28.71 |
|
Atlanta |
$28.77 |
$24.96 |
|
Fort Wayne |
$24.34 |
$22.11 |
|
Miami |
$22.56 |
$19.57 |
FINAL THOUGHTS
When making decisions about pet insurance, start by evaluating your pet's specific needs, taking into consideration factors like breed, age, and any existing health conditions.
Utilize our financial tools to compare different coverage options, including deductibles and limits, aiming for a balance between affordability and comprehensive care. Pay close attention to policy exclusions and limitations, understanding the details to avoid any unforeseen issues.
Additionally, think about including wellness and routine care options in your plan to cover preventive measures, vaccinations, and dental care, thereby supporting your pet's overall health.
Competitive Pet Insurance Quotes
Feel free to make use of our partner platform to receive competitive quotes and ensure peace of mind by acquiring a pet insurance policy specifically customized for your furry companion.
All of the providers below offer policies in the United States. Trupanion and Fetch also offer policies in Canada.
