Pet Insurance Cost: Average Vet Prices & Ways to Save

Pet insurance is priced one pet at a time. The premium reflects the species, the age and breed, where you live, and the policy terms you pick, so the same plan can cost one household much more than another. National averages are useful for a budget, but your own quote is the only price that counts.

This guide covers what cats and dogs cost to insure on average, how accident-only plans compare with accident and illness plans, why published averages disagree, and which choices tend to move a quote. It is a cost guide only. Questions about what a policy covers belong with a licensed insurance agent or in the insurer's policy documents.

Cats are cheaper to insure than dogs on every measure in the table above. Industry averages put accident and illness coverage for a cat at $435/yr, which works out to roughly $36/mo when billed monthly. Accident-only coverage for a cat is lower again, at $112/yr.

Plans that fold routine wellness care into the policy cost more. The industry figure for a cat on a plan with embedded wellness is $859/yr, and for a dog it is $1,414/yr. That higher price buys a different product, so compare it against the base premium only after you know what the wellness portion includes.

Published monthly averages for cats differ somewhat by source.

A dog on an accident and illness plan averages $836/yr, or about $70/mo when billed monthly, according to the same industry data. Accident-only coverage for a dog averages $190/yr.

Dogs usually cost more to insure than cats. A dog tends to be exposed to more situations that lead to claims, and vet bills for dogs often run higher. Breed matters too, since some breeds are known for health problems that insurers price in.

Different sources report different dog averages. Some quote industry association data covering many insurers. Others use one insurer's own customers or claims, and those pools differ in breed mix, age, and the plans people choose. A site that averages quotes for a sample pet in a few cities produces yet another number.

Two of the sources above, Spot and Lemonade, are insurers reporting on their own policyholders. Treat those as one company's book of business, not the market. The industry figures from NerdWallet and Kiplinger are drawn from association data, so they describe the market more broadly, though the two may reflect different report years or coverage definitions.

Several inputs move a quote more than anything else:

• Age. Premiums generally rise as a pet gets older, and a policy started young is usually cheaper than one started later.
• Breed and size. Breeds with known inherited conditions cost more to cover.
• Location. Vet prices vary by area, and insurers adjust for that.
• Deductible. A higher deductible lowers the premium but raises what you pay before the insurer reimburses a claim.
• Reimbursement rate. A plan that pays back a larger share of each claim costs more.
• Annual limit. A higher yearly cap, or no cap, raises the price.
• Add-ons. Wellness packages, dental coverage, and similar extras increase the premium.

The simplest way to cut a premium is to choose accident-only coverage, which costs far less than accident and illness coverage in the industry averages. The tradeoff is that it covers injuries and not illnesses, so it may leave you paying for the more common vet visits yourself. Whether that tradeoff suits your pet is a question for a licensed insurance agent.

Other levers include a higher deductible, a lower reimbursement rate, and a lower annual limit. Each reduces the monthly bill and increases your exposure when a claim arrives. Multi-pet and bundling discounts exist at some insurers, so ask about them when you request a quote.

Get quotes for the same pet on the same terms from more than one insurer so the prices compare fairly. Ask each insurer:

• Whether the premium is likely to rise as your pet ages
• Which conditions are excluded, and whether pre-existing conditions are covered
• How waiting periods work before coverage starts
• How claims are paid, and whether you pay the vet first
• What the annual limit and deductible are, and whether the deductible resets each year

The insurer's policy documents answer these questions in writing, and a licensed agent can walk you through them.