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How Much Should You Pay For Pet Insurance

The arrival of Covid-19 on American shores, and the subsequent lockdown, triggered a surge in pet ownership. Wanting to have companionship during the lockdown period, and a means to cope with stress and anxiety, many households took to owning pets. Growth in pet ownership is predicted to keep growing even after the pandemic. Many Americans are having to familiarize themselves with the costs of pet ownership, especially when it comes to visiting the vet. Seeing a vet can be very expensive, even more so if it’s an emergency. Emergency visits can cost pet owners thousands of dollars. Pet insurance is a great way of reducing the financial burden from taking a pet to see the vet. Having pet insurance will save you lots of money when you most need to have your pet treated. The question is, how much should pet insurance cost?

Pet insurance costs vary widely even where the coverage is the same. It’s important to shop around and see what different policies have to offer and what they cost. Below, I will show you a few examples of pet insurance costs. The quotes assume that you have a medium-sized mixed breed dog, live in California, Florida or Texas, that you want to get annual coverage for up to $5,000 with $250 in deductibles and a 90% reimbursement level. According to Forbes Advisor, Embrace, Pets Best and TrustedPals are among the best pet insurance companies.

InsurerAge of PetMonthly Cost
Embrace3 months old$45.50

4 years old$50.06

8 years old$63.75
Pets Best3 months old$30.80

4 years old$33.07

8 years old$68.23
TrustedPals3 months old$39.33

4 years old$35.67

8 years old$54.67

What Determines Pet Insurance Costs?

The basic question you should ask yourself is whether the cost of pet insurance is worth the benefits it offers you. The cost of pet insurance is determined by a number of factors. I’ll highlight the two major determinants below.

  1. The Kind of Pet Insurance. This is the most important factor. There are generally three kinds of pet insurance: 
    • Accident and illness policies are used to protect you from the costs of accidents and illness suffered by your pet. It also covers the cost of diagnostic tests, hospitalization and surgery. 
    • Accident-only policies cover the costs of accidents suffered by a pet. 
    • Wellness plans are usually bought in conjunction with other policies. They cover preventive and routine care costs such as flea and tick prevention, vaccinations and wellness visits. It’s advisable to combine a wellness plan with either the accident-only plan or an accident and illness plan, so that you can assure yourself that when you take your pet to an animal hospital such as Pharr Road Animal Hospital, your pet will be covered. 
  2. Annual Coverage Limits. The coverage limit is the ceiling your insurer sets on how much it will pay under its policy. Some insurers, such as Toto, have relatively low annual coverage limits. Toto’s best policy is capped at $2500. Others, such as Pets Best, offer uncapped coverage policies. The higher the annual coverage, the higher the monthly premiums.