Dog insurance can be a crucial part of caring for your pet, especially when unexpected health issues arise. Like health insurance for humans, dog insurance can help manage the cost of veterinary care, from accidents to illnesses. But how much does it cost to insure your furry friend?
In this article, we will break down the average costs of dog insurance in 2024 and the factors that can influence premiums.
Average Cost of Dog Insurance
The average cost of an accident-and-illness plan for dogs is around $53 per month, according to data from the North American Pet Health Insurance Association (NAPHIA). For an accident-only plan, the cost is lower, averaging around $16.70 per month.
However, when analyzing premium quotes from different insurance companies, dog insurance costs can vary significantly depending on factors like location, plan type, and your dog’s breed. Based on over 200 quotes from various insurance providers, the overall average premium for dog insurance is around $88.19 per month. This amount typically includes a deductible of around $500 and a reimbursement rate of about 80%.
Here’s a comparison of average monthly premiums from different dog insurance providers:
| Company | Average Monthly Premium |
|---|---|
| Lemonade | $35 |
| AKC | $43 |
| Odie | $45 |
| Pets Best | $59 |
| Embrace | $62 |
| Healthy Paws | $62 |
| Wagmo | $67 |
| Nationwide | $68 |
| MetLife | $68 |
| Figo | $88 |
| ASPCA | $97 |
| Petplan | $103 |
| Trupanion | $296 |
As you can see, prices can range dramatically, with some companies offering more affordable plans, while others charge higher premiums based on coverage specifics. So choose the company according to your preferences.
Factors That Influence the Cost of Dog Insurance
Several factors impact the cost of dog insurance, and it’s important to understand them before selecting a plan. Here are the primary influences on premium rates:
1. Dog Breed
Certain breeds are more expensive to insure than others. Mixed-breed dogs tend to have lower premiums because they are less prone to genetic conditions. In contrast, purebred dogs, which are more likely to inherit health issues like hip dysplasia, tend to be more costly to insure.
2. Dog Age
Older dogs usually come with higher insurance costs due to more chances of health issues. Some companies may even restrict illness coverage for dogs over a certain age. In contrast, insuring a younger dog tends to result in lower monthly premiums.
3. Plan Type
There are different types of pet insurance plans, and the type you choose will influence the cost. Accident-and-illness plans, which offer more comprehensive coverage, are typically more expensive than accident-only plans. Adding wellness or preventative care coverage will also increase your premium.
4. Deductible
The deductible is the amount you pay out of pocket before the insurance kicks in. Plans with higher deductibles tend to have lower monthly premiums, while plans with low deductibles cost more each month but reduce the out-of-pocket expenses when your dog requires care.
5. Reimbursement Rate
This is the percentage of your veterinary bill that the insurance company will reimburse after you’ve met your deductible. A higher reimbursement rate (up to 100%) will increase the premium, while lower reimbursement levels will result in more affordable premiums.
6. Location
Where you live can also affect how much you pay for dog insurance. Veterinary care costs vary by state, and some areas have higher costs of living or more expensive veterinary services, which can lead to higher insurance premiums.
Tips for Saving on Dog Insurance
While the cost of insuring your dog can vary, there are ways to save money without compromising on coverage:
- Opt for a higher deductible: Choosing a higher deductible can lower your monthly premium. Just make sure you can afford to pay the deductible if your dog needs care.
- Consider an accident-only plan: If your dog is generally healthy and you want coverage for unexpected accidents rather than illnesses, an accident-only plan can save you money.
- Look for discounts: Many insurance companies offer discounts for insuring multiple pets, paying your annual premium upfront, or renewing your policy. Be sure to ask about any available discounts.
- Compare quotes: It’s important to shop around and compare insurance plans from different providers. Even for similar coverage, the cost can vary greatly depending on the insurer.
Best Dog Insurance Companies
While price is an important factor, it’s also crucial to consider the quality of coverage and the benefits that come with each plan. Based on various evaluations, here are some of the top dog insurance providers:
- Figo: Known for its high reimbursement levels and quick claim repayments, Figo offers comprehensive illness and injury coverage with no age limits for dogs.
- Embrace: Embrace stands out for covering exam fees and offering dental illness coverage. They also have a Wellness Rewards program for routine care and grooming.
- ASPCA: ASPCA offers plans that cover behavioral issues, alternative therapies, prescription food, and more. They also provide a discount for insuring multiple pets.
- Nationwide: Nationwide offers a wide variety of plans and even provides 24/7 access to a veterinary hotline.
- MetLife: MetLife offers customizable plans with no breed or age restrictions, and they provide optional wellness coverage.
Conclusion
Dog insurance can be an excellent way to manage unexpected veterinary expenses, especially for breeds that are more likely get to health issues. The average cost of dog insurance in 2024 is around $88 per month, but it varies based on factors like breed, age, location, and the type of plan. By understanding these factors and shopping around, you can find the right coverage for your dog at a price that fits your budget.
If you want to safeguard your dog’s health and protect yourself from unexpected medical bills, investing in dog insurance can be a smart choice.
So that was all about this article. If you have any further questions feel free to comment down below. We are always here to help you!
