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How Much Does Pet Insurance Cost?

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 Clearly, pet insurance is an area of interest for pet owners in the nation. 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.  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 2020 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. 
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