The Average Cost of Pet Insurance (2021) – AdvisorSmith

Average Cost of Pet Insurance

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The average cost of favored policy in the U.S. is $49.51 per month or $594 per year for dogs and $28.48 per month or $342 per year for cats. This coverage is becoming more and more prevailing in the U.S., particularly as pet possession has boomed during the coronavirus pandemic. According to holocene reports, the number of insured pets has grown at an annual pace of 23.2 % over the survive five years .

Average Cost of Pet Insurance

Pet policy premiums vary wide depending on a number of factors, including your location, the breed of pet, the age of the pet, prior health history, and more. nationally, the average monthly premium for dogs is $ 49.51 for a policy covering both accidents and illnesses and $ 18.17 for a policy covering accidents merely. For cats, the average monthly premium is $ 28.48 for an accident and illness policy and $ 11.13 for an accident-only policy .

Coverage Type Average Annual Growth Rate 2020 2019 2018 2017 2016 2015
Dog (Accident & Illness) 5.1% $594.15 $585.40 $558.93 $544.85 $517.63 $465.02
Cat (Accident & Illness) 1.6% $341.81 $349.93 $349.34 $342.37 $321.27 $316.30
Dog (Accident Only) 6.0% $218.13 $194.09 $190.02 $190.08 $168.35 $164.16
Cat (Accident Only) 0.0% $133.61 $126.08 $140.87 $152.66 $149.51 $135.85

The average annual growth rate of premiums over the last six years is 3.2 %, with 3.3 % growth in frank insurance premiums and 3 % growth in computerized tomography insurance premiums.

Average Cost of Pet Insurance for Dogs

While nationally, the average pet policy premium for dogs is $ 49.51 per month, this monetary value can vary importantly depending on a act of factors. In regulate to better understand how different variables—including the insurance company you choose, your localization, and your dog ’ randomness breed—impact the premiums you end up paying, we conducted a discipline using quote estimates from a variety of insurers .
We used a sample pawl profile for our study, which was a male, 5-year-old labrador retriever in adept health with no preexistent conditions located in Chicago, Illinois. We sampled the top twelve darling insurers and found premiums ranged from a low of $ 49.08 to $ 165.11 per month. Premiums were based upon $ 10,000 in annual benefits, a 70 % reimbursement floor, and a $ 250 annual deductible .
Below you ’ ll find our analysis of the average cost of positron emission tomography insurance for dogs by insurance company .

Insurer Average Annual Cost Average Monthly Cost
24PetWatch* $824 $68.68
ASPCA $1,096 $91.31
Embrace* $766 $63.85
Figo $626 $52.19
Healthy Paws* $830 $69.13
Lemonade $589 $49.08
Nationwide $1,455 $121.21
PetFirst $1,108 $92.35
PetPartners $741 $61.79
PetPlan* $968 $80.63
Pets Best* $744 $62.03
Trupanion* $1,981 $165.11

*Quote estimates based on slightly different plan options : 24PetWatch used an 80 % reimbursement rate, Embrace used a $ 300 deductible, Healthy Paws and PetsBest used an unlimited annual utmost benefit, PetPlan used a $ 15,000 soap benefit, and Trupanion used an unlimited soap profit and a 90 % reimbursement pace .

Pet Insurance Cost for Dogs by Breed

Depending on the breed of frump you own, your indemnity premiums can vary wide. Some breeds may be more prone to health issues than others, and pricing typically reflects this risk. In our analysis, we found prices differed from a first gear of $ 52.47 per calendar month for a Yorkshire terrier to a high of $ 124.12 per calendar month for a Rottweiler .
Below you ’ ll find our analysis of the average cost of pet indemnity for dogs for 15 of the most popular breeds in the U.S .

Breed Average Annual Cost Average Monthly Cost
Australian Shepherd $706 $58.81
Beagle $862 $71.81
Boxer $1,238 $103.19
Dachshund $771 $64.29
Doberman Pinscher $1,347 $112.24
English Bulldog $1,395 $116.29
French Bulldog $1,328 $110.70
German Shepherd $958 $79.84
German Shorthaired Pointer $827 $68.93
Golden Retriever $994 $82.80
Labrador Retriever $1,022 $85.15
Pembroke Welsh Corgi $909 $75.77
Poodle $899 $74.89
Rottweiler $1,489 $124.12
Yorkishire Terrier $630 $52.47

Pet Insurance Cost for Dogs by City

location besides plays a big function in the pricing of pet insurance. We found large variances in pricing, from a low of $ 47.52 per calendar month in Oklahoma City, Oklahoma, to a high of $ 87.53 per month in New York, New York .
Below you ’ ll find our analysis of the average cost of pet policy for dogs in 25 of the most populated cities in the U.S .

City Average Annual Cost Average Monthly Cost
Austin, Texas $830 $69.15
Charlotte, North Carolina $738 $61.49
Chicago, Illinois $1,022 $85.15
Columbus, Ohio $710 $59.13
Dallas, Texas $849 $70.78
Detroit, Michigan $803 $66.94
El Paso, Texas $816 $67.98
Fort Worth, Texas $812 $67.69
Houston, Texas $799 $66.61
Indianapolis, Indiana $611 $50.90
Las Vegas, Nevada $579 $48.28
Los Angeles, California $848 $70.65
Memphis, Tennessee $693 $57.72
Nashville, Tennessee $693 $57.72
New York, New York $1,050 $87.53
Oklahoma City, Oklahoma $570 $47.52
Philadelphia, Pennsylvania $716 $59.64
Phoenix, Arizona $776 $64.68
Portland, Oregon $785 $65.41
San Antonio, Texas $802 $66.86
San Diego, California $799 $66.60
San Francisco, California $854 $71.19
San Jose, California $728 $60.65
Seattle, Washington $692 $57.70
Washington, D.C. $908 $75.67

Average Cost of Pet Insurance for Cats

The average pet indemnity premium for cats is $ 28.48 per calendar month, but this cost varies across a wide roll of factors. In our psychoanalysis, we looked at quotation mark estimates from different insurers to understand how your pricing may vary depending on which company you purchase from .
The sample kat profile we used was a male, 5-year-old alien in good health with no preexistent conditions located in Chicago, Illinois. We sampled the top twelve pet insurers and found premiums ranged from a depleted of $ 19.83 to $ 80.84 per calendar month. Premiums were based upon $ 10,000 in annual benefits, a 70 % reimbursement charge, and a $ 250 annual deductible .
Below you ’ ll find our analysis of the median monetary value of pet indemnity for cats by insurance company .

Insurer Average Annual Cost Average Monthly Cost
24PetWatch* $481 $40.12
ASPCA $590 $49.19
Embrace* $496 $41.36
Figo $306 $25.53
Healthy Paws* $327 $27.29
Lemonade $238 $19.83
Nationwide $819 $68.23
PetFirst $475 $39.56
PetPartners $289 $24.11
PetPlan* $470 $39.15
Pets Best* $350 $29.20
Trupanion* $970 $80.84

*Quote estimates based on slenderly different plan options : 24PetWatch used an 80 % reimbursement rate, Embrace used a $ 300 deductible, Healthy Paws and PetsBest used an unlimited annual maximum benefit, PetPlan used a $ 15,000 soap benefit, and Trupanion used an unlimited soap benefit and a 90 % reimbursement pace .

Pet Insurance Cost for Cats by Breed

We besides took a look at the variances in cost by cat breed. Some breeds may be more prone to certain health conditions, and different breeds have different average lifespans, which results in unevenness in price. We found average premiums ranged from a low of $ 26.23 per calendar month for a domestic shorthair to a high of $ 44.03 per calendar month for an exotic.

Below you ’ ll find our analysis of the average monetary value of pet insurance for cats for 15 of the most popular breeds in the U.S .

Breed Average Annual Cost Average Monthly Cost
Abyssinian $473 $39.41
American Shorthair $365 $30.39
Bengal $425 $35.44
Bombay $407 $33.89
British Shorthair $434 $36.15
Devon Rex $513 $42.77
Domestic Shorthair $315 $26.23
Exotic $528 $44.03
Maine Coon $462 $38.50
Persian $435 $36.29
Ragdoll $394 $32.86
Russian Blue $405 $33.76
Scottish Fold $438 $36.47
Siamese $360 $29.97
Sphynx $440 $36.65

Pet Insurance Cost for Cats by City

Our analysis found that pricing for pet indemnity differed significantly by location, from a humble of $ 24.44 per calendar month in Oklahoma City, Oklahoma, to a senior high school of $ 46.24 per month in New York, New York .
Below you ’ ll find our analysis of the average cost of pet insurance for cats in 25 of the most populate cities in the U.S .

City Average Annual Cost Average Monthly Cost
Austin, Texas $431 $35.88
Charlotte, North Carolina $407 $33.89
Chicago, Illinois $528 $44.03
Columbus, Ohio $385 $32.06
Dallas, Texas $438 $36.51
Detroit, Michigan $422 $35.21
El Paso, Texas $425 $35.38
Fort Worth, Texas $423 $35.26
Houston, Texas $418 $34.84
Indianapolis, Indiana $334 $27.86
Las Vegas, Nevada $312 $26.04
Los Angeles, California $435 $36.27
Memphis, Tennessee $378 $31.48
Nashville, Tennessee $378 $31.48
New York, New York $555 $46.24
Oklahoma City, Oklahoma $293 $24.44
Philadelphia, Pennsylvania $389 $32.45
Phoenix, Arizona $401 $33.40
Portland, Oregon $426 $35.48
San Antonio, Texas $419 $34.92
San Diego, California $416 $34.65
San Francisco, California $438 $36.48
San Jose, California $387 $32.23
Seattle, Washington $399 $33.22
Washington, D.C. $495 $41.26

Common Health Conditions for Dogs

While positron emission tomography insurance may seem like another extra cost, for some positron emission tomography owners, the investing ends up being well worth it. If your pawl ends up suffering an accident or illness, veterinarian costs can run fabulously high .
Below is data on some of the most common conditions that dogs are brought into the vet for, along with the highest cover claim amount for that ailment in 2019. It ’ s pass that in a worst-case scenario, you can end up paying upwards of $ 20,000 for treatment for your andiron .

Rank Dog Health Condition % of Top 10 Claims Highest Covered Claim Amount
1 Stomach issues 26.0% $29,086
2 Skin conditions 17.0% $4,138
3 Pain 14.0% $11,425
4 Ear infections 10.0% $12,954
5 Eye conditions 7.7% $7,637
6 Growths (lumps) 5.8% $13,692
7 Cancer 5.0% $21,644
8 Cranial cruciate ligament injury 4.8% $12,972
9 Urinary tract conditions 4.8% $9,115
10 Heart conditions 4.5% $18,027

Common Health Conditions for Cats

Costs to treat caterpillar ailments vary wide, from a few hundred dollars to treat a skin condition like folliculitis to tens of thousands of dollars to address congestive heart failure. Below, we ’ ve included datum on some of the most common conditions that cats are brought into the veterinarian for, along with the highest traverse claim sum for that ailment in 2019 .

Rank Cat Health Condition % of Top 10 Claims Highest Covered Claim Amount
1 Stomach issues 31.8% $24,402
2 Urinary tract conditions 12.5% $12,587
3 Cancer 8.4% $11,643
4 Heart conditions 8.1% $7,606
5 Skin conditions 7.2% $1,695
6 Eye conditions 7.1% $4,080
7 Pain 6.8% $5,815
8 Kidney conditions 6.5% $14,737
9 Diabetes 6.5% $9,610
10 Ear infections 5.2% $3,094

What’s covered by pet insurance and what’s not?

Pet policy coverage differs importantly depending on the insurance company and the particular product package you purchase. Each insurance company has a diverseness of options and endorsements that you can add to your darling insurance policy and packages the policies differently, then when shopping for pet insurance, you ’ ll necessitate to examine closely what an insurance company may be offering you .
broadly, however, darling policy typically covers the be :

  • Routine preventative care, including vaccinations
  • Lab work
  • Accidents, injuries, and illnesses
  • Prescriptions
  • X-rays
  • Surgeries, including spay/neuter
  • Hospitalizations
  • Dental work

A coarse choice that pet insurers provide is the choice between an “ accident-only ” and an “ accident and illness ” plan. accident and illness plans are typically the most common plans, and they include coverage for when your darling suffers an injury or illness, while accident-only plans are less expensive and don ’ deoxythymidine monophosphate extend coverage for illnesses such as digestive issues, allergies, and cancer .
In terms of exclusions, pet policy typically does not cover preexistent conditions and cosmetic procedures. Pet policy besides does not cover liability, in the sheath that your pet injures person else or damages person ’ south property. Pet indebtedness coverage is more typically found in a homeowners or renters insurance policy .

What determines the cost of pet insurance?

Pet insurance pricing can vary widely depending on a total of variables. Your best bet is to understand the type and degree of coverage you ’ rhenium looking for and gather quotes from a assortment of insurers. To better understand what impacts the premium you ’ ra quoted, the following are a few factors that affect pet policy cost :

  • Location. You’ll typically find that pricing in metropolitan areas is higher than in more rural areas. This can account for the fact veterinary costs are higher in more metropolitan areas, in addition to the fact that higher population density may mean increased risk of accidents for your pet.
  • Species. Pet insurance is typically offered for dogs and cats, and generally, coverage for dogs is more expensive.
  • Breed. Certain breeds may be more susceptible to genetic disorders or other health conditions, which in turn increases the premiums you’ll pay to insure riskier breeds.
  • Age. Older pets will typically have more health issues than younger pets, meaning increased pricing as a pet ages.
  • Gender. Male pets generally see higher pricing than female pets, as male pets typically see more claims overall.
  • Coverage limits. Many insurers offer you the ability to choose your maximum benefit level, with higher limits corresponding with higher premiums.
  • Deductible. The deductible amount is what you’ll need to pay out-of-pocket on a claim before the insurer starts to provide coverage. Generally, the higher the deductible you choose, the lower your premium will be.
  • Reimbursement rate. The higher the reimbursement rate, the less you’ll have to pay on a bill out-of-pocket. Typically, insurers offer between 60% and 90%, with lower reimbursement percentages equating to lower premiums.

Methodology

AdvisorSmith used data published by the north american Pet Health Insurance Association on the average premiums paid for darling policy on cats and dogs between the years 2015 and 2020. This datum was published in the NAPHIA ’ s State of the Industry Report 2021 .
We besides used quote estimates from 12 different insurers across 25 of the most populate U.S. cities and for 15 of the most democratic breeds of frump and cat-o’-nine-tails in the U.S. Quote estimates besides made use of a sample distribution frank and vomit visibility.

For the sample pawl profile, we used a male, 5-year-old labrador retriever in good health with no preexistent conditions located in Chicago, Illinois. For the sample kat profile, we used a male, 5-year-old alien in good health with no preexistent conditions located in Chicago, Illinois .
coverage options were set at $ 10,000 in annual benefits, a 70 % reimbursement level, and a $ 250 annual deductible, wherever applicable .
AdvisorSmith besides used data published by the Healthy Paws Pet Insurance & Foundation on the most common andiron and cat health conditions. This data was published in their 2019 price of Pet Health Care Report .

beginning : https://www.peterswar.net
Category : Finance

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