Pet insurance is designed to help you financially take care of your furry family members in case of an illness or accident. This insurance is relatively inexpensive, but there are many factors that go into the cost of pet insurance. On average, policyholders pay around $47.20 a month for dogs and $29.54 a month for cats in pet insurance. Common factors that may affect these rates include:
Type of Animal
As you can see by the monthly averages, pet insurance is generally more expensive for dogs than for cats. This is because indoor cats face less risk of injury or death than dogs. Dogs frequently roam outside, escape fences, interact with other pets, etc., while cats remain mainly indoors with little chance of escape or interaction with an unknown animal.
Certain dog breeds are known to have more health issues than others. Dog breeds with a history of certain diseases, illnesses and other medical issues cost more to insure. Shi tzus, for example, often have a history of medical issues with their front legs that require surgery. Collies often suffer from “collie eye,” which causes them to go blind as they grow older. Along with more expensive premiums, some of these medical issues may not be covered. Most hereditary issues are covered, but every policy is different. Be sure to speak with your insurance agent about any exceptions on your pet insurance policy.
Deductible and Coverage Limits
As with any other insurance policy, you have an option to set your pet insurance’s limits and deductible. The deductible is how much you will have to pay out of pocket when it comes time to file a claim. A higher deductible means paying more out of pocket, but it also generally means lower monthly premiums.
Age of the Pet
Just like humans, animals suffer more health issues as they grow older. Older pets may cost more to insure, due to the likelihood of filing a claim. While some issues that occur due to old age may be covered, pet insurance often excludes pre-existing conditions.
Your location can have a heavy influence on your pet insurance premiums. This is primarily due to the veterinary expenses in your area. States and cities with higher veterinary expenses will also charge more for pet insurance in order to cover the additional cost.
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