Conversely, the average annual policy cost for a cat is $126.26 for accident only, $289.99 for accident and illness, and $743.11 for insurance with embedded wellness.

According to Kiplinger, preexisting conditions are never covered, which adds an incentive to purchase a policy before your pet has health issues. Hereditary disorders may not be covered, either.

It’s important to read the fine print to determine what is and ins’t covered. It’s also important to determine what deductible the company offers. Deductibles may be annual, per visit or per incident and a company may impose an annual maximum, a maximum per incident or a maximum over your pet’s lifetime.

Pet insurance will generally pay about 80-90 percent of the cost of medical care, dependent on the policy and the deductible selected.