What Pet Care and Pet Coverage Really Costs

Pet insurance helps cover the costs of your furry friend’s medical care. If you’ve ever gotten a vet bill you already know that unexpected veterinary care can run into the tens of thousands of dollars. Having pet health insurance means you can avoid having to ask yourself whether you can afford the treatment that your dog or cat needs to live their best life.

A pet insurance policy for a dog or a cat starts at $10/month at Lemonade. Whether or not you can expect to pay that price depends on a ton of other details though… Let’s cut through the complicated small print, and figure out once and for all how much pet insurance actually costs.

The average cost of pet health insurance

So what’s the average cost of pet insurance? The price of pet insurance plans can vary significantly, depending on a bunch of different factors, so we decided to check out some rates.

First, we got a pet insurance quote for a 2-year-old, short-haired cat in Brooklyn, New York. We picked the base policy offered by six different pet insurance companies, and adjusted the coverages as much as we could to include a $250 deductible, 80% co-insurance, and the maximum annual limit available, with no add-ons or discounts.

We built these quotes to be as identical as possible, but there are a few coverage differences to note. For example, Healthy Paws only offered 80% co-insurance without an annual limit, and Trupanion only offered a 90% co-insurance option. We standardized the offerings as much as possible.

The average cost of cat insurance turned out to be about $25/month.

Next, we pulled quotes for a 2-year-old Labrador, also from Brooklyn, New York. We got the cost of a monthly premium for pet health insurance with no add-ons or discounts, and the average price of dog insurance came to around $66/month.

Because of AI and machine learning, Lemonade’s lower overheads and lower fraud costs means expenses are slashed with technology.

Making sense of your pet insurance policy price

Several factors impact your pet insurance quote:

Cat or dog?
Cats are cheaper to insure than dogs because medical costs are generally cheaper for cats. Also, many cats stay inside, so they’re less exposed to risks that could lead to an accident or an illness than a dog is.

Age
As pet owners get older, they end up needing more health care… and the same is true for their pets.

Breed
Some breeds are naturally more costly to take care of than others. But, a hereditary condition isn’t always considered a pre-existing condition.

Location
Your pet insurance premium price can also change depending on where you live, since vet care is more expensive in some states than others.

What the cost of pet insurance covers

So what are you getting for your monthly premium?

If your pet has an injury, vomiting, diarrhea, infections, cancer, or many other illnesses we hope they never have to experience, a basic policy will help cover the costs of:

• Diagnostics: Blood tests, x-rays, MRI’s, CT scans, and lab work
• Procedures: Outpatient, specialty and emergency care, hospitalization, and surgery
• Medication: Injections or prescription meds

What are some optional add-ons?
If you want to maximize your coverage, Lemonade offers a Preventative package, or a Preventative+ package.

The Preventative package covers extras like routine vaccines. It also gives you access to free online vet chat and health reminders. The Preventative+ package offers perks like flea/tick or healthworm medication, as well as routine dental care.

The prices on these packages will vary by pet, but you can expect Lemonade’s Preventative package to run you an extra $15/month.

What the cost of pet insurance doesn’t cover

• Pre-existing conditions: Anything your pet has shown signs of before the waiting periods for your policy are up
• Dental care: Unless the injury to teeth is caused by an accident, the cost of damaged teeth won’t be covered.
• Preventable situations and neglect: If a pet parent isn’t providing a safe environment or a reasonable standard of preventative care for the pet, it could be considered neglect. If that neglect results in a health issue, it probably won’t be covered.
• Certain things not related to an accident or illness: Things like grooming, microchipping, other elective cosmetic procedures, spaying/neutering, obedience training, and boarding/travel.

How do I get cat insurance or dog insurance?

If you’re not sure whether pet insurance is worth it, imagine the worst-case scenario—and whether you’d have the money put aside to cover the medical costs.

Lemonade’s policy is customizable for a reason. If you can’t pay $60 every month for a policy with 90% co-insurance, that’s OK. We’ve made it so you can change your coverage to set a monthly price that suits your budget. We’ll still pay reimbursements and be there for you, and you can feel more comfortable with your spending on a regular basis.

In our unpredictable world, it’s even more important to protect the ones you love—so you don’t have to make a tough decision down the road.