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By
Christy Bieber
Edited By
Angelica Leicht
September 27, 2024 / 10:23 AM EDT
/ CBS News
Here’s how experts say you can find the most affordable pet insurance now.
Rox Dinulescu/Getty Images
Approximately 60 million American households own pets, according to the U.S. Census Bureau. Within those households, pets are eating up an increasing share of income. Pet expenditures totaled $57.8 billion in 2013, but the Bureau of Labor Statistics reports they increased 77.9% in eight years, hitting $102.8 billion in 2021.
While pet owners face many expenses, vet bills are often one of the biggest. Routine care averages $225 for dogs and $160 for cats according to the ASPCA, not including preventative medication. Expenses are much higher if there are problems, and more than 40% of pet owners report that costs prevented them from getting care.
For families concerned about covering vet bills, buying full-coverage pet insurance may be well worth the price. Insurance policies for both dogs and cats have become more popular and more widely available, with policies reimbursing pet owners for part or all of the care their animal receives. However, not all policies are created equal, with three options available including:
- Accident-only, which had an average annual premium of $122.19 for cats and $200.58 for dogs in 2022, according to the North American Pet Health Insurance Association.
- Accident and illness, which had average annual premiums of $387.01 for cats and $640.04 for dogs.
- Comprehensive plans with wellness coverage, which charged average annual premiums of $613.67 for cats and $1,134.29.
If you’re interested in getting any of these types of insurance, these tips will help you find the most affordable coverage offering the protection your pet deserves.
Start comparing your best pet insurance options and get coverage today.
Buy coverage as soon as possible
If you want your pet insurance to be as affordable as possible, time is of the essence.
“Obtain the insurance as early as possible before your pet has any conditions that might be considered pre-existing,” says Dr. Ali Mason, regional director of operations at DVM and Thrive Pet Healthcare.
Dr Matthew McCarthy, a veterinarian and the founder and owner of Juniper Valley Animal Hospital also warns that any medical issues could result in your pet being considered to have a pre-existing condition, which could make it impossible to get coverage for that health issue and make buying any policy “markedly more expensive.”
Buying a policy as soon as possible also benefits you for another reason. “Younger dogs will have lower premiums,” says Dr Sandi Norman, DVM and part-time General Practice Director at Noah’s Animal Hospitals. “Rates go up as your pet ages.”
If you want to be especially proactive,