The cost of pet insurance can vary depending on many factors. Not only do the costs vary between the types of plans you can choose from, but even factors like age, size and breed of your pet can affect the total cost of your pet’s health insurance.
Common factors that can affect the cost of insurance are your pet’s height and weight (larger pets are more prone to illness and injuries), age (older pets are more prone to illness), breed (certain breeds and mixed-breed dogs are more likely to have illnesses as they age), location, and risks in the home or outside the home which affect the likelihood of injury. Additionally, the length of the insurance policy and the insurance company itself will affect the overall cost.
There are four main elements to the cost of an insurance plan: the deductible, the reimbursement level, the annual max, and the premium.
The deductible is the amount you pay before your insurance kicks in. Some plans require that you pay this cost yearly, while others require that you pay per incident.
The reimbursement level is the percentage of the veterinary bill that your insurance company will reimburse you. This usually ranges anywhere from 50% to 100% of the bill. You can save on monthly costs by choosing a plan with a lower reimbursement level, but that means you will have to pay more for your pet’s veterinary procedures.
The annual max is the maximum amount that your insurance company will reimburse you in veterinary charges per year. Your insurance company will always tell you what your annual max is, and if you go above the maximum amount covered, you will have to pay the rest. Depending on how high coverage your insurance plan is, you may not even hit the maximum amount.
The premium is the monthly fee you pay each month to keep your insurance policy. Typically, a higher premium will also have higher coverage in terms of reimbursement level and the annual max, but it is important to consider how much you can afford to pay each month and how likely your pet is to have an accident or illness.