✓ Covers some pre-existing conditions if they have been cured and treatment-free for 180 days.
✓ Unlimited annual coverage option available.
✓ Standard plans cover alternative therapies, behavioral issues and congenital conditions.
✓ Shorter waiting period than most plans for cruciate injuries (14 days).
✓ Multipolicy and pay-in-full discounts available.
✓ Donates a portion of premiums to nonprofit organizations.
- Physical therapy, acupuncture and chiropractic care cost extra.
✓ Many ways to customize your plan.
✓ Orthopedic waiting period can be reduced with a vet exam.
Like human health insurance, pet insurance covers the cost of medical care. Pet insurance is designed to cover unexpected costs, so it may not pay for routine care or conditions your pet had before you bought the policy.
There are three main types of pet insurance plans:
Accident and illness: The most common type of pet insurance, these plans cover treatment for illnesses and accidental injuries.
Accident-only: These plans tend to be more affordable. They’ll pay if your pet swallows a toy or is hit by a car, but not for any illnesses such as diabetes or arthritis.
Wellness or preventive care: This type of coverage is usually an add-on to one of the policies above. It’ll pay for well visits, vaccines and other routine care.
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.
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:
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.
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 your pet'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: