How Much Does Pet Insurance Cost in 2024?

As pet owners, you want to provide the utmost care for your pet. However, you may be surprised by how much it truly costs to own a pet. Considering that the costs of pet care, medication and treatments continue to rise, getting pet insurance can help by sharing the financial burden. Based on MoneyGeek’s study, the average annual cost of pet insurance is $607.71 for dogs and $299.32 for cats.

Aside from your pet's age, breed, size and location, the type of coverage such as basic protection and comprehensive and wellness care dictate pet health insurance prices. Keeping your pet healthy, getting them insured as early as possible, taking advantage of discounts and shopping around are some of the ways to reduce costs.

• Cost of Pet Insurance by State
• Pet Insurance by Coverage Limit
• Cost of Pet Insurance by Company
• Cost of Pet Insurance by Breed
• Cost of Pet Insurance by Pet Age
• How Much Coverage Your Pet Needs
• Cost of Pet Insurance FAQs
• Methodology

The cost of pet insurance varies by location, with metropolitan areas generally being more expensive than rural areas. Areas with a high cost of living are expected to have high vet costs to cover high wages and rental fees. Not to mention, you are also more likely to find advanced care and specialty treatments in bigger cities. Additionally, pets in cities are more likely to be involved in accidents — such as getting hit by a car — than those in rural areas.

Dog health insurance costs vary widely between each state. On average, Wyoming dog owners pay the cheapest pet insurance cost at $504.44 per year, while Connecticut dog owners pay the highest rate at $778.63 per year.

Wyoming is the cheapest state to own a dog. As the second least densely populated state, it has a lower risk of accidents and, therefore, more affordable rates. On the other hand, Connecticut is the most expensive state to own a dog. According to a Statista survey, Connecticut placed seventh among all states with the highest cost of living.

Cat health insurance is cheaper than dog insurance but still varies in different locations. On average, Louisiana cat owners pay the most affordable average pet insurance cost at $248.88 per year, while Connecticut cat owners pay the highest average rates at $385.12 per year.

Louisiana is the cheapest state to own a cat. Louisiana's cost of living is well below the national average. As referenced earlier, Connecticut has a very high cost of living. With this in mind, it’s no surprise that Connecticut has high pet insurance costs and is also one of the states with the lowest rates of pet ownership.

While you may have little control over where you live, it's essential to know how external factors like location dictate the cost of your pet insurance. High cost of living, availability of advanced treatments and a high risk of accidents are some factors that drive up the cost of pet insurance. These factors are why pets in metropolitan areas are more expensive to insure than their rural counterparts.

Pet insurance cost is directly proportional to the coverage limit or the level of care that you choose for your pet. You will have to pay more for premiums if you want more protection other than basic accident and illness coverages if you find your pet to be high risk. Healthier pets have a lower risk and need less coverage. Consult a vet to know which coverage would provide the best pet insurance for your circumstances.

Dog insurance is more expensive than cat insurance. Cats have a longer life span and are less likely to get injured or affected by infectious diseases than dogs. Therefore, they are less risky to insure.

Pet health insurance costs depend on your chosen coverage limit. Pet insurance costs for dogs average $331.10 per year if you choose a low coverage limit worth $5,000. However, this average rate increases to $607.71 per year if you choose an average coverage limit worth $10,000. Pet insurance costs for dogs with unlimited coverage average $655.56 per year.

Pet health insurance costs for cats are significantly lower, often just over half as expensive as insurance for dogs. On average, pet insurance for cats costs $179.54 per year if you choose a low coverage limit worth $5,000 and $299.32 per year if you choose an average coverage limit worth $10,000. Pet insurance for cats with unlimited coverage costs $364.16 per year on average.

Pet insurance companies have different coverage limit options. Trupanion, for example, provides no payout limits and offers 90% reimbursement on accidents and illnesses. Banfield offers a wellness program to add to your main pet insurance plan. Wellness programs like this include vaccinations, annual check-ups and screenings essential to your pet’s health, especially during their first years. Because companies offer different coverage limits, it’s a good idea to compare insurance and wellness plans from multiple providers.

The same pet getting the same coverage will have different premiums from different companies.

The cheapest pet insurance company for dogs is Figo, with an average cost of $495.35 per year. Figo offers flexible plans and full reimbursement options, ensuring the maximum money back for pet owners.

The most expensive pet insurance company for dogs is Nationwide, with an average annual cost of $860.80. Nationwide offers coverage for nearly every type of pet care you might need but also comes with high premiums.

Cat insurance annual costs can go as low as $237.69 on average from GEICO and as high as the $408.60 average rate offered by Pumpkin.

The cheapest pet insurance company for cats is GEICO. Apart from flexible policy options, GEICO covers routine care and a discount scheme that reduces your deductibles for each year you don’t file a claim.

The most expensive pet insurance company for cats is Pumpkin. It offers one straightforward plan with a $7,000 coverage limit and a high reimbursement rate of 90%. Compared to other providers, Pumpkin provides extensive coverage that you would otherwise pay extra for with other providers.

Chihuahuas are the cheapest dog breed to insure, while Bernese Mountain Dogs are the most expensive. Between different cat breeds, medium-hair cats are the cheapest to insure, while Maine Coons are the most costly.

Your pet’s breed significantly impacts the cost of pet health insurance. Some breeds are more expensive to care for than others, require vet visits more often or are prone to certain breed-related illnesses. Behaviors of specific breeds, such as swallowing foreign objects, are also a strong indicator of whether they’ll need coverage for accidents. Breeds of larger size often age faster, and therefore could get sick more often.

Pet insurance costs also depend on whether a pet is a pedigree, crossbreed or mongrel. Pedigrees are more expensive to insure than crossbreeds, as they tend to develop breed-specific or hereditary conditions. Because of poorly documented hereditary conditions resulting from unintended breeding, mongrels can be more expensive to insure as well.

On average, Chihuahuas are the cheapest breeds to insure at $449.54, while Bernese Mountain Dogs are the most expensive at $1,245.03 per year. According to the American Kennel Club research on the most popular dog breeds in the U.S., Chihuahuas rank 34th, while Bernese Mountain Dogs rank 22nd.

Being the smallest dog breed is probably what makes Chihuahuas the cheapest to insure. These are energetic and affectionate little toy breeds with an average 14–16 year lifespan. Make sure to look out for coverage for hip dysplasia and dental procedures. As Chihuahuas usually like to run around, they are prone to dislocate their kneecaps. Just like any toy breed, they are also prone to dental issues.

Bernese Mountain Dogs are large breeds with a short lifespan of 7–10 years. Because they are prone to various types of cancer, like lymphosarcoma and osteosarcoma, as well as elbow and hip dysplasia, getting insurance for these breeds is much more expensive.

Large breeds often cost more as they tend to have the most health issues. They also age faster and have shorter life spans, not to mention requiring a higher dosage of medication. Rottweilers, for example, have an average lifespan of 9–10 years. Pet insurance for this breed costs an average of $1,210.08 per year. Compare this to a Maltese, which has an average lifespan of 12–15 years and costs an average of $509.41 per year to insure.

Regardless of size, you’ll also see that some breeds are more expensive to insure because of their activity level. Energetic dogs like Beagles and Chesapeake Bay Retrievers are prone to injuring themselves and therefore cost more to insure than less active dogs. On average, Beagles cost $731.90 per year, and Chesapeake Bay Retrievers cost $822.44.

Medium-hair cats are the cheapest breeds to insure at $299.32 per year on average, while Maine Coons are the most expensive, at an average of $417.90 per year.

Bengal cats have an average life span of 12–16 years and are known to be a healthy breed, which is why they are the cheapest cat breed to insure. They do have a few health issues, including hip dysplasia and hereditary conditions like cataracts and cardiomyopathy.

Maine Coons are typically large breeds with health problems like fractures, heart disease, kidney problems and cancer, making them the most expensive cat breed to insure. They have an average lifespan of 12–15 years.

Just like dogs, specific cat breeds are more expensive to insure due to common breed-specific medical conditions. At an almost similar pet insurance rate as the Maine Coon are Persians at an average of $417.82 per year. They are prone to ulcers, heart conditions and cystitis. Siamese cats, with an average pet insurance cost of $359.25 per year, have a number of health conditions like Progressive Renal Atrophy which often leads to blindness, as well as lung cancer, asthma and hip dysplasia.

Getting insurance for a puppy costs much less than getting insurance for an older dog. The same applies to a kitten, which is much cheaper to insure than an older cat.

As your pets get older, they become much more susceptible to accidents and illnesses, which cause their insurance rates to go up. Though your monthly premiums are still expected to increase every year, you will likely pay less when you insure your pets during their first years rather than waiting until later. When comparing policies, examine the varying rates depending on your pet’s age.

Since most companies don’t cover pre-existing conditions and some even outright reject older pets, you will be able to avoid staggering medical bills by enrolling them in a policy before any condition starts to show up.

Dog insurance at age six costs $746.60 on average per year. By age nine, it increases by 58.36% and costs roughly $1,182.32 per year. By age 12, it increases by a whopping 73.34% and costs an average of $2,049.43 per year.

Cat insurance at age six costs $419.10 on average per year. By age nine, it increases by 44.75% and costs around $606.64 per year. By age 12, it increases by 62.01% and costs $982.83 per year on average.

The amount of coverage needed by different pets varies widely due to several factors, including:

• Age
• Breed
• Location
• Coverage limit

Younger pets are generally healthier and lack pre-existing conditions, making them cheaper to insure than older pets. Your pet’s breed will determine how much it will cost to cover possible breed-related illnesses, while your location estimates the cost for medication, treatment and other vet fees. All these factors play a role in determining the total cost to insure your pet. MoneyGeek’s average recommended annual coverage limit is $5,000–$10,000.

The ability to customize plans makes insurance more affordable, as you have the option to buy only what your pet needs. There are several cheap pet insurance options for dogs and cats that you can customize to your pet’s needs.

Buying a policy takes a lot of research and decision-making. Finding out which coverage your pet needs in relation to its breed, age, size and many other profile factors helps you identify the right coverage. It’s also worth looking at some wellness plans and seeing if you can maximize their benefits. Of course, it’s impossible to do that without the help of a veterinarian who knows more about your pet’s health issues and possible hereditary issues.

Getting pet insurance avoids having to choose between your pets and your finances. Some pet owners are indecisive about getting pet insurance because of the cost. However, there are some ways that you can reduce the cost of pet insurance.

Above all, the best way to reduce costs is by shopping around and comparing policies in your area. It is common for responsible pet owners to understand how pet insurance works and what it covers and research different policies and their benefit inclusions. Knowing which coverages are included in a policy and comparing it to other available options helps you better decide on the best protection for your pet.

Getting pet health insurance can be a daunting task. Take a look at the common questions pet parents have surrounding the cost of pet insurance. By understanding the answers to these questions, you can make a better decision for your pets.

To obtain cost data, MoneyGeek collected quotes from 13 companies across all 50 states and Washington, D.C., average pet insurance premiums were calculated based on rates for $10,000 coverage with a $250 deductible and 80% reimbursement. Unlimited coverage includes a $250 deductible and 90% reimbursement, whereas $5,000 coverage includes a $500 deductible and 90% reimbursement. Averages for dogs and cats of certain breeds and ages were obtained through extrapolation.