According to the 2011-2012 National Pet Owners Survey conducted by the American Pet Products Association about 62% of U.S. families own a pet or pets.
Pets are not only great companions but have proven to help those with depression, allergies, sickness and overall health of their owners. But they also come with financial responsibilities.
We have tried to break down the cost of owning a pet for a lifetime. Of course some pets cost more than others for example a show dog, but based on the buying behavior or our customers, we can generalize on the average cost of a pet for a lifetime.
According to a 2019 facts and figures from Value Penguin, the average monthly cost of pet insurance is $44.66 for dogs and $27.93 for cats, specifically for pet insurance plans that cover both accidents and illnesses.
After obtaining quotes from eleven of the largest pet insurance companies, we found that the monthly cost of the average pet insurance plan ranges from about $25 to $70 for dogs, and $10 to $40 for cats.
How much you pay for pet insurance varies widely: the monthly premium can range from as low as $10 to higher than $100, though most pet owners can expect to pay between $30 and $50 per month for a plan with decent coverage. Your pet’s age, species and breed, as well as where you live and the coverage package you choose, all go into your insurance rates. The average cost of pet insurance is higher for dogs–60% more expensive than cats for accident and illness policies. Older animals and larger animals also face higher pet insurance rates, as these groups tend to have the most health issues. Below are the industry-wide averages for pet insurance, according to the North American Pet Health Insurance Association.