How Much Does Pet Insurance Cost?

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Planning for your pet to have an accident or injury is impossible. Luckily, having pet insurance may be able to provide pet owners with financial coverage for approved expenses covered by their policy.2

 The National Pet Health Insurance Agency reports that the pet insurance sector has risen at an annual growth rate of more than 24%. Meanwhile, the number of insured pets in the United States has risen to more than 3.5 million.1 But how much does it cost?  Let's start with the basics:

Pet Insurance Premiums 

What is a pet insurance premium? A premium is the amount of money a policy holder pays in exchange for insurance coverage.  A pet insurance premium may be determined by your pet’s age, breed, medical history, and geographical location, as well as the selected policy and coverage level.

What does Pet Insurance Cover?

Pet insurance plans can cover a range of injuries, conditions and illnesses.  Be sure to read your policy carefully, and check the fine print for coverage details. MetLife Pet Insurance2 plans may provide comprehensive cat or dog health insurance coverage on the following:

  • Accidents
  • Illnesses (including hereditary, congenital & chronic conditions)
  • Hospitalizations
  • Surgeries
  • Diagnostic Tests
  • Exam Fees
  • Intervertebral Disc Disease (IVDD)4
  • Cruciate Ligaments4
  • Anterior Cruciate Ligament (ACL)4
  • X-rays
  • Ultrasounds
  • Medications
  • Holistic Care & Alternative Therapies
  • Emergency Care
  • Medial Cruciate Ligament (MCL)4
  • Posterior Cruciate Ligament (PCL)4
  • Cranial Cruciate Ligament (CCL)4
  • Routine wellness & preventive care5

The important thing to remember with pet insurance, is that most pet insurance companies will not cover any accidents or injuries deemed to be pre-existing. Pre-existing conditions are conditions, illnesses, injuries, or symptoms that manifested and/or showed any symptoms prior to the start date of your pet insurance policy coverage.

Average Cost of Pet Injuries 

According to a MetLife and CivicScience survey, 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, 81% of pet parents spend up to $500 on vet visits in the first year of having a puppy. 

It’s important to remember that pets can be expensive; and it’s not always the expected costs that add up.  

So, How Much Does Pet Insurance Cost?

The cost of pet insurance can depend on the species, breed and age of your pet, as well as where you live. The premium you pay correlates to your pet’s risk of expenses.  According to Consumer Affairs, the average pet insurance policy can cost between $20 and $50 per month per pet.4  That being said, MetLife Pet Insurance is offering some of the most competitive rates in the industry.  Policies can be as low as $9 per month for cats, and $15 per month for dogs.2,5 Remember- age and breed might play a large role in how much it costs to insure your pet. 

Is Pet Insurance Worth it?

Having an active pet insurance policy can help provide pet owners with financial protection for injuries that are deemed covered by their policy.2  MetLife Pet Insurance1 prides itself on providing pet parents with the attention, care, and resources they deserve. 

Consider Investing in Pet Insurance

Looking for more ways to keep your pets happy and healthy? Consider investing in a pet insurance policy with MetLife Pet Insurance.1  We offer dog insurance and cat insurance policies for pet parents.  Get your free quote today.

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Nothing in this article should be construed as financial, legal or veterinary advice. Please consult your own advisors for questions relating to your and your pet’s specific circumstances.

1 Pet Insurance offered by MetLife Pet Insurance Solutions LLC is underwritten by Independence American Insurance Company (“IAIC”), a Delaware insurance company, headquartered at 485 Madison Avenue, NY, NY 10022, and Metropolitan General Insurance Company (“MGIC”), a Rhode Island insurance company, headquartered at 700 Quaker Lane, Warwick, RI 02886, in those states where MGIC’s policies are available. MetLife Pet Insurance Solutions LLC is the policy administrator authorized by IAIC and MGIC to offer and administer pet insurance policies. MetLife Pet Insurance Solutions LLC was previously known as PetFirst Healthcare, LLC and in some states continues to operate under that name pending approval of its application for a name change. The entity may operate under an alternate, assumed, and/or fictitious name in certain jurisdictions as approved, including MetLife Pet Insurance Services LLC (New York and Minnesota), MetLife Pet Insurance Solutions Agency LLC (Illinois), and such other alternate, assumed, or fictitious names approved by certain jurisdictions. 

2 Provided all terms of the policy are met. Application is subject to underwriting review and approval. Like most insurance policies, insurance policies issued by IAIC and MetGen contain certain deductibles, co-insurance, exclusions, exceptions, reductions, limitations, and terms for keeping them in force. For costs, complete details of coverage and exclusions, and a listing of approved states, please contact MetLife Pet Insurance Solutions LLC. 

5 For policies issued by IAIC, coverage for these conditions is subject to a 6-month wait period. Please review your policy for complete details. 

1Pet Industry Market Size, Trends & Ownership Statistics , AmericanPetProducts.org 

2. Most Americans own a pet, but not insurance their companions will need , CNBC 

3.  Average Cost Of Emergency Vet Visits In A City Near You, Emergency Vets USA 

4. Pet Insurance Costs, Consumer Affairs