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How Much Should You Be Paying For Pet Insurance?

2 Mins read
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Congrats, you’re officially a proud pet owner! Your pet will change your life forever, so it is important to select the proper pet insurance plan. There are many factors to consider when choosing a plan: 

• The type/breed of your pet 

• The size and age of your pet 

• The monthly cost and the deductible amount 

• The annual maximum amount that the insurance company provides 

Keeping this list in mind is a great way to find your perfect pet plan. Look for plans that are cost effective, in your area, and provide your pet with coverage for any type of problem. 

Breed, Size, and Age Importance 

As stated above, it is important to know the breed, size, and age of your pet. In general, larger dogs cost more to insure than smaller dogs. If you have a large German Shepherd, the monthly cost of insurance will be higher than if you have a medium-sized Beagle. Since cats are all relatively the same size, cat insurance is more likely to be a similar amount for all breeds. 

It is also important to take the age of your pet into account. Older pets are at a higher health risk than younger pets. A puppy may not need to be taken to the vet often, but a 10 year old Golden Retriever has a higher risk for cancer, disease, or broken limbs. 

The Deductible, Annual Cost, and Reimbursement Amount 

The deductible is the amount of money you will pay before the insurance company covers the cost. The higher the deductible, the lower the monthly cost, and vice versa. If you get reimbursed 100% for a procedure and your deductible is $100, you cover the first $100 and the insurance company pays the rest. 

The annual maximum that your insurance company offers is also extremely important. The annual maximum is how much the insurance company will cover in 1 year. This can range from $2,000 to $20,000. Here is an example of what this looks like: 

• You get reimbursed 100%, your deductible is $100, and your annual maximum is $15,000. 

• The procedure costs $16,100. 

• You pay for the first $100 out of pocket, the company reimburses you $15,000, and you cover the remaining $1,000 cost. 

This formula is a hack you can use when reviewing different options. 

Monthly Costs 

The monthly costs of pet insurance can range anywhere from $20-$100 for dogs and $10-$60 for cats. According to Value Penguin, the average monthly costs for dogs is $47/month and $30/month for cats. While these costs are an approximation, knowing the cost range will help you make the best informed decision. 

Pet Love 

Pets are members of our families. They are with us through the highs and lows in our lives. Pet insurance is a simple way to make sure your pet is always protected. Life is unpredictable, and nothing would be worse than not being able to afford an out of pocket procedure for your fur baby. Deciding to get pet insurance will put you at ease and ensure a long, happy life for you and your pet. 

Also Read: Pet Insurance and The Fine Print

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What is Pet Insurance and Do I Need It?