How much is pet insurance?

How much pet insurance costs depends on the kind of animal, its age, weight, breed, health status and even where you live.

According to the North American Pet Health Insurance Association (NAPHIA), pet insurance premiums for cats in 2024, the most recent year for which information is available, remained about the same as in 2023. (That's true for both accident-only and accident-and-illness policies.)

The not-so-great news: While premiums for accident-only pet insurance for dogs dipped slightly between 2023 and 2024, they rose for accident and illness policies.

In 2024, accident-only pet insurance for dogs averaged $16.10 per month (or $193.29 annually) according to NAPHA, down from about $17 a month ($204 annually) in 2023.

Accident and illness policies for dogs rose to $62.44 per month in 2024 (or $749.29 per year), up from just over $56 per month in 2023.

Several factors, including the dog's age and breed, impact the cost of a pet insurance policy.

Dog insurance rates by age 

Older dogs tend to cost more to insure than younger dogs. We gathered quotes from two top insurers, Spot and Embrace, to see how much it would cost to insure a medium-sized male mixed-breed dog in New York City for a plan with a $5,000 annual limit, a 90% reimbursement rate and a $500 deductible.

Dog insurance rates by breed 

Because some purebreds are more likely to have hereditary issues, your dog's breed also affects the cost of pet insurance. Here are sample quotes from Spot and Embrace for a 1-year-old dog in New York City for a plan with a $5,000 annual limit, 90% reimbursement and a $500 deductible.

Accident-only policies for cats averaged $9.17 a month (or $110.03 a year) in 2024, according to NAPHIA, compared to a little less than $10 a month (or $120 a year) in 2023.

The average accident and illness policy for a cat was $32.21 a month (or $386.47 annually) in 2024, about the same as in 2023.

As with dogs, however, age and breed matter.

Cat insurance rates by age 

Pet insurance gets more expensive as your cat gets older. We gathered sample quotes for the same pet at different ages from two of our top picks for pet insurance, including Embrace and Spot.

Here are sample quotes for a male mixed breed cat living in New York City for an accident and illness plan with a $5,000 annual limit, a 90% reimbursement rate and a $500 deductible for the same sample cat at different ages from two of our top picks for cat insurance, Spot and Pets Best.

Cat insurance rates by breed  

Mixed-breed cats are generally cheaper to insure. Here are quotes for 1-year-old male cats of several different breeds in New York City for an accident and illness policy with a $5,000 annual limit, 80% reimbursement rate and $250 deductible.  

The benefits and drawbacks of pet insurance.

Pros

• May protect your savings. A trip to the vet can cost thousands of dollars. A policy can absorb some of that cost.
• You can choose your vet. Unlike health insurance, which typically requires treatment from in-network providers, most pet insurance plans let you see any licensed veterinarian.
• Direct payment options. A growing number of providers, including Healthy Paws and Trupanion, will send payment directly to the vet, saving you the trouble of filing a claim. You need to set up direct payment in advance, however, and will still have to cover the deductible or any co-pay.

Cons

• Policy may not pay for itself. If your pet doesn't need care or doesn't visit the vet enough to cover your annual deductible, you won't reap any financial benefit.
• Rates increase as your pets get older. While a quote for a puppy might be low, pet insurance plans tend to increase with each renewal.
• Doesn't cover preexisting conditions. If your senior dog has a heart problem, a new pet insurance policy won't cover any veterinary expenses related to that condition.
• Age and breed restrictions. Some companies exclude breeds with a high risk of certain genetic conditions. Most also have an age limit for enrollment, usually between 10 and 14 years old. Pets Best has no upper age limit, however.

You can't change your pet's age or breed, but you can make some adjustments to lower your costs.

• Raise your deductible. Your deductible is the amount you must pay before your insurance company contributes anything. A higher deductible generally means a lower monthly premium.
• Get a discount. Spot and ASPCA pet insurance both offer a 10% multi-pet rate reduction, while Lemonade has a 10% bundling discount on pet insurance combined with a renters, homeowners, automobile or life insurance policy.  
• Shop around. Insurers consider each pet differently and have different discounts. Get several quotes with the same coverage limits, deductibles and reimbursements to be sure you're getting the best deal.  

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every pet insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of pet insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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