How Much Is Pet Insurance in 2024? - NerdWallet (2024)

As cute as pets are, they’re a financial commitment. Americans spent $147 billion on their pets in 2023 alone, according to a 2024 survey from the American Pet Products Association.

Some Americans are turning to pet insurance to help pay some of these expenses. A pet insurance policy can reimburse you for vet bills if your furry friend gets sick. But buying insurance adds another expense to your monthly budget. So how much is pet insurance, and can it save you money in the long run?

How much is pet insurance?

For accident and illness coverage, the average cost of pet insurance in the U.S. is $676 per year for dogs and $383 for cats, according to 2023 data from the North American Pet Health Insurance Association. That translates to about $56 a month for dogs and $32 a month for cats.

For an accident-only policy, the average cost is $204 per year for dogs (about $17 per month) and $116 per year for cats (about $10 per month). An accident-only policy won’t cover illnesses such as cancer, allergies or kidney disease.

Your own pet’s premium will depend on several factors. Below are a few of the most common variables, along with sample rates from popular pet insurers.

Pet insurance cost by city

The cost of veterinary care varies by region. If you live in a place with higher vet costs, you can expect to pay more for pet insurance.

To see how this varies across the U.S., we compared quotes for a 2-year-old mixed-breed dog in a dozen major cities. We found that you could pay as little as $19 a month in Jacksonville or as much as $63 a month for the same dog in New York City.

Here are sample monthly rates from two large pet insurers, ASPCA and Figo.

We also checked out sample monthly rates for a 2-year-old cat in the same large cities. Rates ranged from $9 to 34 per month. (Cats tend to be less expensive to insure than dogs.)

Pet insurance cost by breed

Some breeds are prone to certain medical conditions, which can increase the cost of coverage. For example, French bulldogs are at higher risk than most other breeds of developing medical issues such as breathing problems and skin fold inflammation.

To see how rates vary from one breed to another, we gathered sample monthly rates from Nationwide and Pets Best for some of the most popular dog breeds in the U.S.

Below are sample monthly rates for half a dozen popular cat breeds.

Pet insurance cost by age

As pets grow older, they’re more likely to develop medical conditions such as arthritis or heart disease. Because older pets tend to need more vet care, pet insurers typically charge them higher rates. Keep this in mind if you plan to adopt an older pet from a shelter — and remember that even if your puppy is cheap to insure now, you’ll likely pay more in the future.

Below you can see how different your monthly rates might be when insuring a 2-year-old dog vs. an 8-year-old one.

Monthly pet insurance costs also vary for younger vs. older cats, as seen below.

Pet insurance cost by company

Each pet insurer has its own way of calculating rates. Below you can see a range of sample monthly costs from more than a dozen pet insurance companies for a 2-year-old mixed-breed dog living in Katy, Texas.

We also gathered sample rates for a 2-year-old domestic shorthair (mixed-breed) cat in the same Texas ZIP code.

The cost of veterinary care

The cost of vet care has gone up more than 9% since last year, according to the most recent consumer price index from the Bureau of Labor Statistics.

Beyond inflation, you may also find yourself paying more as veterinary medicine becomes increasingly sophisticated. Having more tests and treatments to choose from is good news for your furry pal’s health, but it can also lead to bigger bills.

Here’s how much dog and cat owners spend on various types of visits to the vet each year, according to the American Pet Products Association:

Of course, these numbers are just averages. You could pay for nothing but an annual wellness exam one year and then have to shell out $2,300 for ACL repair surgery the next. If you’d have trouble handling an unexpected emergency vet bill, buying pet insurance might be a good idea.

Another alternative is building up your savings so you have a pot of money available for vet expenses. To help you weigh your options, see whether pet insurance is worth the cost for you.

How pet insurance can reduce surprise bills

While pet insurance can help cut your costs, it won’t reimburse you for every penny you spend at the vet. A policy will typically pay 70% to 90% of your costs after you pay a deductible, which can range from $0 to $1,000 or more. A deductible is the part of your vet bill you’re responsible for.

In most cases, you’ll need to pay the bill upfront and then file a claim with your insurer for reimbursem*nt.

There are a few types of pet insurance plans:

Not all pet insurers offer accident-only plans or wellness coverage.

When buying a pet insurance plan, it’s important to read the terms and conditions carefully. For instance, many companies have waiting periods before your coverage starts, and not all of them cover the same types of treatments. Learn more about pet insurance coverage.

How to lower your pet insurance cost

To minimize your pet insurance bill, the following tactics can help.

Customize your plan

You can often lower your price by changing the terms of your policy. For example, choosing a higher deductible will generally reduce your monthly premium. Just keep in mind that you’ll have to cover more of Fluffy’s vet bills before your insurer starts reimbursing you.

Similarly, you can try lowering your reimbursem*nt percentage. For example, you could have your insurer pay 70% or 80% of your vet bills rather than 90%. Choosing a lower coverage limit can also reduce your premium.

Check for discounts

Some pet insurance companies offer savings for insuring multiple pets, paying your bill annually rather than monthly or serving in the military.

You might also get a discount if you buy pet insurance along with another policy from a company that sells multiple types of insurance. For example, existing Nationwide policyholders can save 5% on a new pet insurance policy.

Finally, check whether your employer offers pet insurance as a benefit. You may be eligible for a discounted rate.

Shop around

There are more than 20 pet insurers in the U.S. competing for your business, so let them. Compare quotes from three insurers for similar amounts of coverage, and go with the option that works best for your budget.

It can be difficult to make fair comparisons between pet insurance quotes because not all companies offer the same coverage options and deductibles. For example, one insurer may have 90% reimbursem*nt on all plans while another company offers a maximum of 70% for your pet. It’s up to you to decide which features might be worth paying a little more for.

Here are a few more things to check when comparing pet insurance costs:

Shopping around is most important when you first buy your policy because pet insurance companies typically won’t cover pre-existing conditions. That makes it less appealing to switch plans during your pet’s lifetime.

Say you’ve had pet insurance with Company A for three years. During that time your dog developed allergies, and Company A has paid for her medication. If you decide to switch to Company B, the allergies would be a pre-existing condition and your new plan wouldn’t cover any treatments for them.