How Much Does Pet Insurance Cost in 2024?

When it comes to our pets, we can never plan for every accident and injury. Luckily, having pet insurance may provide pet owners with insurance coverage for approved expenses covered by their policy.

After reading this guide, you’ll have a better idea of how much pet insurance costs, how those costs are determined, what is and isn’t covered by pet insurance, and if a policy is worth it for you and your furry family.

How Much Is MetLife Pet Insurance?

If you’re asking yourself, “How much is pet insurance?” the cost varies by provider. At MetLife Pet Insurance, our policies start at $9 per month for cats and $15 per month for dogs.¹

Cost-effective policies can help ensure your furry family member gets the care they need whenever they need it. But your premium can depend on your pet’s risk (the likelihood of them needing medical care), and it can be determined by things like the species, breed, and age of your pet, along with where you live.

Because of this, the cost of pet insurance can vary quite a bit. As of 2024, the average monthly premium for dog insurance that covers accidents and illnesses has increased to $53 per month.² Meanwhile, monthly premiums for cat insurance covering accidents and illnesses average around $32.²

Let’s take a look at some factors that can affect pet insurance prices.

Species

The dogs versus cats debate may never be settled. But when it comes to pet insurance, the numbers are clear: Dog insurance is, on average, more expensive than cat insurance. Based on a 2022 study by the North American Pet Health Insurance Association (NAPHIA), the average cost of pet insurance per month was around $49 for a dog and around $29 for a cat.³

Breed

At MetLife Pet, all pets are created equal. There are no breed restrictions when it comes to coverage. However, some breeds of cats and dogs may come with higher premiums than others because they’re considered a higher risk. You may also find that pet insurance for a mixed-breed pet can cost less than for a purebred.⁴

The reason? Typically, mixed breeds tend to require less healthcare than purebreds.⁴ Mixed-breed dogs can come from a diverse gene pool and be less susceptible to genetic conditions. Purebred lines are carefully controlled via inbreeding. This is how desirable traits of purebreds are developed, but it also means they’re more likely to suffer from health issues passed down through the generations. Because of this, a purebred is considered a greater risk, so pet insurance premiums are usually higher.

Here’s a look at some of the average monthly premiums for pet insurance based on species and breed.

Average monthly premium for dogs by breed⁵

* Average age 5 years

Average monthly premium for cats by breed⁵

*Average age 5 years

Age

Our pets are like us — the older they get, the more likely they are to encounter health issues. Luckily, there are no upper-age restrictions on MetLife Pet Insurance policies. You can enroll no matter how old your pet is. Just know that if you’re getting a quote for a senior dog, your premium will likely be higher than it would be for a puppy. This also means your premium may increase year to year.

Location

Where you and your pet live can also influence the cost of pet insurance. Vets in metropolitan areas, like New York City or Dallas, Texas, may charge more for services than rural vets. Vets in Florida may charge differently than vets in California, depending on certain considerations like state taxes and the demand for veterinary services. Your pet insurance premium will adjust accordingly to offset this.

Environmental factors are also considered when determining risk. A suburban house cat in Virginia may not encounter as many hazards as an outdoor cat in the swamps of Louisiana. If there’s a greater chance of injury and illness in your pet’s future, your premium could be higher to account for their lifestyle.

Pet Insurance Coverage

Pet insurance plans can cover a range of injuries, conditions, and illnesses. But there are also some limitations and exceptions that aren’t covered, helping to make pet insurance policies more affordable. Let’s take a look at the kind of coverage a pet insurance policy can provide.

What pet insurance covers

MetLife Pet Insurance plans may provide comprehensive cat or dog health insurance coverage on the following:

• Accidents
• Illnesses (including hereditary, congenital, and chronic conditions)
• Hospitalizations, emergency care, and surgeries
• Diagnostic tests (including X-rays and ultrasounds)
• Exam fees
• Medications
• Holistic care and alternative therapies
• Routine wellness and preventive care

Read your policy carefully to ensure you understand the fine print of your coverage. For a more thorough list of what’s covered, see our Coverage and Exclusions page.

What pet insurance doesn’t cover

It’s important to remember that most pet insurance companies will not cover any accidents or injuries deemed to be pre-existing.⁶ The following also aren’t covered by insurance:

• Elective procedures
• Vitamin or mineral supplements
• Organ transplants
• Illness or injury related to racing, organized fighting, coursing, or commercial guarding
• Breeding or conditions related to breeding
• Grooming and bathing

Is Pet Insurance Worth the Cost?

Pets can be expensive, and it’s not always the expected costs that add up. According to MetLife Pet’s research with CivicScience, two-thirds of pet owners in the U.S. primarily pay out of pocket or with cash for vet expenses, compared to just 3% who use pet insurance. Meanwhile, according to Rover, dog owners could spend over $830 on vet visits in the first year of having a puppy.⁷ This doesn’t include the cost of a spay or neuter surgery, which could run you another $1,500.⁷

As pet insurance premiums have increased, so too have vet bills. Why? Vet expert Dr. Hunter Finn sheds some light: “As all things seem to increase with inflation, veterinary bills are not immune. As a practice owner myself, it is very costly to run a veterinary hospital due to things like payroll, inventory costs going up, expensive medical equipment, and fixed expenses like rent.”

So is pet insurance worth it? If you look at the numbers, the value of pet insurance quickly becomes clear. The average emergency vet bill for a cat can range from $600 – $3,000 with the cost of emergency care for dogs even higher, up to $5,000 just for surgery.⁸ If you’re paying the 2024 average pet insurance monthly premium for your cat ($32) or dog ($53), your policy may pay for itself after just one emergency vet bill.²

What pet parents have saved with MetLife Pet

Take a look at some of the claims MetLife Pet Insurance policy holders have submitted and how much money was put back in their wallets.

How To Get Lower Pet Insurance Rates

Now that you know which factors influence pet insurance costs, you should be able to find a policy that fits your budget. As pet parents ourselves, we’re all about sticking to a budget and saving money where we can. Here are a few things you could do to potentially lower your pet insurance price:

• Adopt a mixed-breed dog: Remember, premiums may go up for purebreds.
• Adopt a cat instead of a dog: On average, cat insurance costs less than dog insurance.
• Choose a larger deductible plan: Having a larger deductible means you’ll need to pay more for your vet bills out of pocket, but it will also lower your monthly premium. This could be a good option if you believe your pet won’t visit the vet often.
• Ask your employer: Your employer may offer discounted pet insurance as an employee benefit.¹⁴

Think carefully about the care your pet might need. If you have a mixed breed or a young pet, you might not need accident and illness coverage until they get older. But if you have a purebred or a very adventurous pet, enrolling in a pet insurance plan early could save you money in the long run.

Most pet insurance companies offer plans that allow you to customize your coverage. To help you get the best rates, MetLife Pet Insurance offers award-winning,¹⁵ flexible pet insurance policies, and you can put multiple pets on one family plan. Get started with a free quote to help ensure your pet — and your wallet — are protected.