The type of pet you are insuring is only one factor in determining your pet insurance costs. For example, the average cost of pet insurance for a dog is $48 per month and $28 per month for a cat, according to a Forbes Advisor analysis. That’s based on a policy with $5,000 of annual coverage, a $250 deductible and an 80% reimbursement level.
Here are some other common factors that determine pet insurance costs.
Annual Maximum, Deductible and Reimbursement Level
These are the three main variables that determine how much reimbursement you’ll get if you file a pet insurance claim: annual maximum, deductible and reimbursement percentage. Pet insurance is more expensive if you choose a high annual maximum, low deductible and/or high reimbursement level.
Age of the Pet
Younger pets are generally cheaper to insure than older pets. That’s because older pets are more likely to develop injuries and illnesses, which means higher vet bills. Higher insurance claims are passed on to policyholders in the form of higher pet insurance premiums. We’ve found the best prices for pet insurance are after a pet’s first birthday up to age six.
Breed of Pet
Some breeds are predisposed to hereditary problems and diseases, which can result in more vet visits and higher medical costs.
For example, a small mixed breed dog costs $33 per month to insure compared to $76 per month for a French bulldog, according to a Forbes Advisor analysis of the most expensive dogs to insure.
Gender of Pet
Pet insurance companies have found that female pets typically have fewer claims than males, so some insurers use the gender of the pet in pricing. Male pets cost about 5% more than females for pet insurance, according to the National Association of Insurance Commissioners.
Your location
The average cost for a vet visit is about $61, based on analysis by Forbes Advisor. Because average veterinary costs vary across the country, insurers take these into account when setting rates.
