Budgeting for Pet Ownership: How Much Does Pet Insurance Cost?
Any pet owner can attest to the amount of joy a pet brings to their life. But they also know just how expensive a pet can be, too. According to online pet care marketplace Rover, the typical dog owner spends between $610 and $3,555 per year on routine preventative medications, vet visits, food, flea and tick prevention, and more. Cats cost slightly less, with owners spending between $180 and $870 per year.
However, these figures don’t account for emergency veterinary care, which can cost as much as $1,290 for dogs and $1,615 for cats.
Fortunately, pet insurance can make pet ownership more affordable. According to the North American Pet Health Insurance Association (NAPHIA), the average monthly cost of accident and illness coverage for cats is $32, and for dogs it’s $53. However, costs can vary depending on factors such as the coverage you choose, you and your pet’s characteristics.
Dog Insurance Cost by Age
The age of your dog can significantly impact the cost of insurance. Here’s how much you can expect to pay for coverage for a medium mixed breed dog at different age levels in New York City:
| Age | Spot Pet Insurance | Embrace Pet Insurance |
|---|---|---|
| 1 year | $62.66 per month | $80.95 per month |
| 2 years | $62.66 per month | $68.85 per month |
| 3 years | $67.14 per month | $70.71 per month |
| 4 years | $71.61 per month | $76.29 per month |
| 5 years | $76.09 per month | $82.81 per month |
| 6 years | $89.52 per month | $91.18 per month |
| 7 years | $107.42 per month | $100.48 per month |
| 8 years | $125.32 per month | $110.72 per month |
| 9 years | $143.22 per month | $123.74 per month |
Dog Insurance Cost by Breed
In addition to age, the breed of your dog can also affect the cost of insurance. Here are some sample quotes for a medium mixed breed dog, a Golden Retriever, a French Bulldog, a German Shepard, a Pembroke Welsh Corgi, and a Standard Poodle living in New York City:
- Medium mixed breed: $62.66 per month (Spot Pet Insurance), $80.95 per month (Embrace Pet Insurance)
- Golden Retriever: $85.15 per month (Spot Pet Insurance), $121.42 per month (Embrace Pet Insurance)
- French Bulldog: $108.51 per month (Spot Pet Insurance), $186.31 per month (Embrace Pet Insurance)
- German Shepard: $74.14 per month (Spot Pet Insurance), $121.42 per month (Embrace Pet Insurance)
- Pembroke Welsh Corgi: $74.14 per month (Spot Pet Insurance), $114.44 per month (Embrace Pet Insurance)
- Standard Poodle: $85.15 per month (Spot Pet Insurance), $140.96 per month (Embrace Pet Insurance)
Cat Insurance Cost by Age
Similar to dogs, the age of your cat can impact insurance costs. Here’s what you can expect to pay for coverage at different age levels for a male mixed breed cat in New York City:
- 1 year: $33.65 per month (Spot Pet Insurance), $30.96 per month (Pets Best Pet Insurance)
- 3 years: $33.65 per month (Spot Pet Insurance), $30.96 per month (Pets Best Pet Insurance)
- 5 years: $39.26 per month (Spot Pet Insurance), $34.82 per month (Pets Best Pet Insurance)
- 7 years: $50.48 per month (Spot Pet Insurance), $47.69 per month (Pets Best Pet Insurance)
- 9 years: $61.70 per month (Spot Pet Insurance), $65.41 per month (Pets Best Pet Insurance)
Cat Insurance Cost by Breed
Just like with dogs, the breed of your cat can also affect insurance costs. Here are some sample quotes for a male mixed breed cat, a Maine Coon, a Siamese, and a Ragdoll living in New York City:
- Mixed breed: $33.65 per month (Spot Pet Insurance), $30.96 per month (Pets Best Pet Insurance)
- Maine Coon: $42.68 per month (Spot Pet Insurance), $39.29 per month (Pets Best Pet Insurance)
- Siamese: $33.65 per month (Spot Pet Insurance), $34.06 per month (Pets Best Pet Insurance)
- Ragdoll: $33.65 per month (Spot Pet Insurance), $35.16 per month (Pets Best Pet Insurance)
Tips to Save on Pet Insurance
While the costs of pet insurance can add up, there are ways to save money:
- Skip wellness coverage if you don’t need help covering routine costs.
- Raise your deductible to lower your monthly premium, but make sure you can afford the deductible if your pet needs care.
- Look for discounts from insurance companies that offer them for enrolling multiple pets.
- Shop around and compare quotes to ensure you get the best deal for your pet insurance coverage.
Pet insurance can provide peace of mind and financial security when it comes to covering your pet’s healthcare expenses. By budgeting for pet insurance and following these money-saving tips, you can ensure that your furry friend receives the care they need without breaking the bank.