Dog insurance can be a great tool to help pet parents get cash back on the cost of unexpected vet bills. The average monthly premium for a dog insurance policy is $49.96* (How Much is Pet Insurance in 2024?). To learn more about what affects the cost of a dog insurance policy and find tips on how to lower your monthly premium, keep reading.
What Factors Affect the Cost of Dog Insurance?
There are multiple factors that can affect the cost of dog insurance, including:
Breed: Some dog breeds are known to have more health risks while others tend to be generally healthy. If your curious about which health conditions, if any, your dog may be prone to, visit our breed pages.
Age: As dogs get older, they are more likely to develop health conditions like cancer, diabetes, and heart disease (Senior Dogs 101: Common Health Issues in Senior Dogs). Because they are more prone to health problems, they can be more expensive to insure.
Location: Veterinary costs vary by region, so where you live will play a part in the cost of your pet’s care and the cost of your monthly premium.
Coverage: Most pet insurance providers offer multiple base plans which offer either accident-only or accident and illness coverage. The latter is the more comprehensive plan, and generally has a higher monthly premium.
Some providers, like Spot Pet Insurance, also offer preventive care add-ons that can be added to a base plan for a small fee to help pet parents get cash back on routine care like vaccines, annual wellness exams, and flea and tick preventive.
Policy Features: deductible, reimbursement rate, annual limit
Deductible: The deductible is the amount policyholders pay out of pocket before their pet insurance coverage kicks in.
Reimbursement Rate: The reimbursement rate is the percent of a vet bill that your dog insurance policy can reimburse, once the deductible is met. Reimbursement rates generally range between 70 – 90%.
Annual Limit: An annual limit is the most a policy will payout in a given policy period (typically 1 year). Annual limits can be as low as $2500 or can be unlimited.
How to Lower the Cost of Dog Insurance?
Increasing the annual deductible or lowering the reimbursement rate or annual limit can each lower the monthly premium for your pet insurance policy. Keep in mind how these changes will affect your pet’s coverage, and select the option that will both fit your budget and your pet’s needs.
Some providers offer multi-pet discounts to help decrease the cost of pet insurance for pet parents with more than 1 pet. Spot Pet Insurance offers a 10% multi-pet discount for each additional pet after the first.
Conclusion
Dog insurance policies cost an average of $49.96* per month, but prices can vary depending on a few factors. Pet parents who are looking to decrease their monthly costs should consider lowering their reimbursement rate or annual limit or increasing their deductible. Visit our website to learn more about pet insurance or get a free quote!
* Average premiums are based on current policyholders as of 2024 with accident-only or accident-and-illness plans and may vary due to plan options such as annual limit, co-insurance, and annual deductible, as well as your pet’s breed, age, and location. Quotes at purchase will reflect these factors and your specific selections. Premiums are based on and may increase or decrease due to the age of your pet, the species or breed of your pet, and your home address.
With 10 years of experience as a pet parent, I aim to empower pet owners with insights into pet insurance and maintaining their pet's well-being. I aspire to be a trusted source, combining knowledge with a commitment to the welfare of our beloved pets.
Creative manager by day, pet enthusiast all the time! After 19 years with my dog (hopefully he wins the award for oldest pet in the world), I enjoy spending my days brainstorming tail-wagging content, and sniffing out the latest trends in the pet world.
“How Much Is Pet Insurance in 2024?” NerdWallet, 10 Jan. 2024, www.nerdwallet.com/article/insurance/cost-of-pet-insurance.
“Senior Dogs 101: Common Health Issues in Senior Dogs.” Small Door Veterinary, n.d, www.smalldoorvet.com/learning-center/seniors/health-issues-senior-dogs.
