As a pet owner, you likely know just how expensive a trip to the vet can be. On top of that, serious health scares can be really pricey.
This is what makes pet insurance so attractive to many pet parents.
But is pet insurance worth it? How much does it cost on average?
Cost Varies Based on the Type of Pet
When talking about the average cost per month, it can vary depending on the type of pet you have.
In general, pet insurance for dogs is more expensive than insurance for cats. It’s also important to note that the cost of insurance for dogs can also vary widely by breed.
Mixed breeds are usually the least expensive to insure. This is because purebred pets are more likely to have inherited medical conditions than mixed breeds.
Some breeds also have more inherited health conditions than others. For instance, short-nosed dogs, like pugs or bulldogs, are prone to breathing problems.
On top of that, large dogs can be more expensive to insure because they require more medication, which can cost more. They’re also more prone to joint issues than small dogs.
Age Plays an Important Role in Cost
Pet insurance costs go up as your pet ages. If you’re considering getting a pet insurance policy, it’s probably better to do it now rather than wait until they are older. When pets are really young, insurance policies can also help you save money on necessary procedures such as vaccines, neutering and spaying.
Some insurance companies will lock in your insurance premium, even as your pet ages — but not all of them will. It’s important to read the fine print of policies you’re considering to see if rates will increase in the future.
The Two Types of Pet Insurance
Of course, cost will vary depending on the insurance company. Each company will consider facts about your pet differently, and price your pet’s coverage differently. They also vary in their deductibles, and maximum annual coverage limits.
When you start looking at pet insurance, you’ll also notice that there are two different kinds of policies: accident and injury insurance, and accident-only insurance.
There’s a stark difference in the price of these two kinds of policies, but that’s because the coverage is very different. Accident-only insurance will not cover basic recurring vet costs. And while accident-only pet insurance is a more affordable option, it’s much harder to find.
Saving Money on Pet Insurance
You obviously won’t be able to change your pet’s age or breed to save on pet insurance. However, you can lower the cost by putting all of your pets on the same policy, much like how other types of insurance work.
If possible, you can also try to find a plan with a higher deductible and lower reimbursement limits. Paying for the year’s coverage upfront might also help save a few dollars, and it could help save on service fees.