The cost of pet insurance can feel like an unmanageable addition to your monthly budget. However, most pet owners will experience at least one pet emergency and spend between $2,000 to $4,000, according to the North American Pet Health Insurance Association (NAPHIA). While the most comprehensive pet insurance may be out of your budget, there are cheap pet insurance options available that will give you peace of mind without breaking the bank.
Here are our picks for the best cheap pet insurance.
Best Cheap Pet Insurance
- Best Price: Pets Best Pet Insurance
- Best for Senior Pets: Figo Pet Insurance
- Best for Customization: Lemonade Pet Insurance
- Best for Pre-existing Conditions: AKC Pet Insurance
- Best for Exotic Pets: Nationwide Pet Insurance
- Best for Unlimited Coverage: PetPartners Pet Insurance
Featured Companies
- Offers pet insurance with unlimited coverage
- Offers deductibles of as low as $50 and as high as $1,000 annually
- Company partners with large insurance companies like GEICO
- Rates can be extremely affordable for pets of all breeds
- Coverage is available in all 50 states and Washington, DC
- Alternative and holistic treatments may not be included
- Customer reviews indicate claims processing may take longer
- $12 premiums for basic care
- Add-ons available for other preventative care
- Comprehensive mobile experience for claims and support
- Only available in 37 states and Washington DC
- No 24/7 telehealth line for veterinary advice
Lemonade offers auto, homeowners, renters, pet, and life insurance. It's been around since 2015 and is known for offering some of the lowest rates. Lemonade ranks on J.D. Power's customer satisfaction surveys for renters insurance, however, it doesn't rank for life and homeowners insurance.
Lemonade Pet Insurance- Discounts for bundling policies and having multiple pets
- Starts at $10 a month
- Offers a discount for enrolling in an annual payment plan
- Wellness plans and accident and illness plans available
- Available in all 50 states with comprehensive coverage options
- Coverage available for senior dogs and cats
- Pets have to be at least 8 weeks for coverage
- Does not offer coverage for exotic pets
Spot pet insurance provides comprehensive pet insurance, including an allowance for end-of-life memorials. Some plan upgrades cover dental cleanings and other costly services.
Spot Pet InsuranceBest Overall: Pets Best Pet Insurance
If you're purely looking for the cheapest pet insurance, Pets Best Pet Insurance has some of the lowest prices in the industry. However, Pets Best is very much a "you get what you pay for" service. For one, Pets Best has a per-incident limit that maxes out at $14,000 and a lifetime limit capped at $100,000. Additionally, if you're looking for coverage for herbal or holistic treatments, consider searching elsewhere.
It should also be noted that in Business Insider's staff experiences with Pets Best policies, the reimbursement rate is also applied to your deductible.
So if you had a $500 deductible with 90% reimbursement, a $500 claim would leave you with another $50 left on your deductible, with charges applied based on the 90% reimbursement rate. This is not unusual, but it should factor into your budget and policy choices.
- Annual coverage options: $5,000, unlimited
- Reimbursement options: 70%, 80%, 90%
- Deductible options: $50, $100, $200, $250, $500, $1,000
- Average monthly cost: Dogs - $20; Cats - $12
Read our Pets Best Pet Insurance review.
Best for Senior Pets: Figo Pet Insurance
Many pet insurance providers will only insure pets younger than 14. Insurers may put an age cap on eligibility because pets, like humans, tend to develop health conditions as they age. However, Figo Pet Insurance will insure your furry friend, regardless of age. Whatever plan you consider, understand pet insurance companies will not cover pre-existing conditions. For dogs or cats with a history of allergies, cancer, diabetes, or other conditions, this would still leave pet parents on the hook for related bills if diagnosed before buying your plan.
Among the best pet insurance for senior dogs, Figo offers three plans: the Essential plan, the Preferred plan, and the Unlimited plan. This insurer provides ample coverage choices to customize your policy based on your pet's needs and your budget.
Figo doesn't sell a basic, accident-only plan, which is generally cheaper than an accident-illness or wellness program. Additionally, while it reimburses you, you must pay your vet bills upfront. Many pet parents resolve this issue using services like CareCredit, which can be paid off after completing the claim. If you're interested in Figo, we recommend Costco members go through the retail giant's partnership with Figo as you get 15% off standard premiums.
- Annual coverage options: $5,000, $10,000, unlimited
- Reimbursement options: 70%, 80%, 90%, 100%
- Deductible options: $100, $250, $500, $750
- Average monthly cost: Dogs - $26; Cats - $14
Read our Figo Pet Insurance review.
Best for Customization: Lemonade Pet Insurance
Lemonade Pet Insurance is a relatively new pet insurance company. Aside from pet insurance, it also offers home, car, and renters insurance (which received high marks for customer satisfaction). So you can bundle your pet insurance with other products for 10% additional savings. Lemonade also offers a 5% discount for paying annually, and an additional 5% discount for enrolling multiple pets.
While it offers a nice array of discounts, Lemonade really stands out for its customizability. Its base plan offers testing, procedures, and medication coverage. While its a very basic plan, customers can add quite a few riders to their plan to beef up coverage, such as vet visit fees, dental illnesses, and behavioral conditions. This level of customization lets pet owners create a policy with the coverages they need while cutting out the benefits they don't want, saving them money.
Lemonade also offers wellness plans and a wide array of coverage options, with annual limits that range from $5,000 to $100,000. If you're a tech-savvy shopper, you may appreciate Lemonade's highly-rated mobile app and user-friendly digital platform. You could purchase a policy, manage your claims, and access your insurance ID at the touch of your fingertip.
Lemonade is not available in all states yet. So be sure to check and see if Lemonade is available to you.
- Annual coverage options: $5,000, $10,000, $20,000, $50,000, $100,000
- Reimbursement options: 70%, 80%, 90%
- Deductible options: $100, $250, $500
- Average monthly cost: Dogs - $28; Cats- $14
Read our Lemonade Pet Insurance review.
Best for Pre-existing Conditions: AKC Pet Insurance
Several companies will cover curable pre-existing conditions if your pet has been symptom- and treatment-free for some time, usually between 180 days to a year. However, AKC pet insurance is the only pet insurance company that covers curable and incurable pre-existing conditions when customers reach 365 days of continuous coverage.
AKC's coverages including lab tests, surgeries, hospitalizations, vet-prescribed medication, cancer treatment, and euthanasia. It offers add-ons for hereditary conditions, alternative treatments, vet exam fees, breeding coverage, and two tiers of wellness. Its coverage options aren't terrific on their own, but AKC's policy toward pre-existing conditions makes it stand out automatically.
- Annual coverage options: $2,500, $5,000, $7,500, $10,000
- Reimbursement options: 70%, 80%, 90%
- Deductible options: $100, $250, $300, $400, $500, $600, $750, $1,000
- Average monthly cost: $45
AKC also offers a basic plan that offers a $100 deductible, 10% coinsurance, and unlimited coverage. However, it has a $500 limit per incident. While great for smaller issues, this coverage would do little to mitigate the cost of a major surgery.
Read our AKC Pet Insurance review.
Best for Exotic Pets: Nationwide Pet Insurance
Finding cheap pet insurance may be challenging if you have an exotic pet like a bird, rabbit, or reptile. Nationwide Pet Insurance is currently one of the very few pet insurance company to offer coverage for exotic pets.
Nationwide pet insurance offers three pet insurance plans:
- Major Medical (accident and illness plan)
- Whole Pet (more comprehensive accident and illness plan)
- Wellness package
Nationwide offers various conditions in its plans. However, the coverage is set. Nationwide's sample accident and illness policy broke down many potential diagnoses with primary and secondary diagnoses allowances. Ultimately, each buyer will receive a policy breakdown. However, Nationwide is a more expensive pet insurance provider with limited flexibility.
- Annual coverage options: Per condition
- Reimbursement options: 50%, 70%, 90%
- Deductible options: $250
- Average monthly cost: Dogs - $35; Cats - $14
Read our Nationwide Pet Insurance review.
Best for Unlimited Coverage: PetPartners Pet Insurance
PetPartners Pet Insurance offers an array of pet insurance options with highly customizable deductibles from $100 to $1,000 and up to $20,000 for accident-only or accident and illness coverage.
However, PetPartners is on this list for its basic plan, which has unlimited coverage. It sets deductibles at $100, 80% reimbursement, $500 per incident. You can also add a variety of riders including preventive care, breeding coverage, and hereditary condition coverage..
- Annual coverage options: Unlimited
- Reimbursement options: 80%
- Deductible options: $100 to $1000
- Average monthly cost: $24-$53 monthly
Read our PetPartners pet insurance review.
How to Save on Pet Insurance
Insurance premiums are a combination of a few factors that revolve around your pets and the insurance company you choose to insure them. Unfortunately, you may simply have a pet that's more expensive to insure, either because your pet's species or breed has a high risk of contracting certain ailments or because they're older.
That said, there are a few ways to reduce the cost of your insurance plan, even with a pet that is expensive to insure.
Choosing higher deductibles
Similar to health insurance, pet insurance plans often have deductible options. The higher your deductible, the lower your monthly premiums. This means that any treatment your pet needs will be more expensive when you're checking out at the vet, but you may ultimately save money on your policy.
Customizing coverage
Many pet insurance plans have customization options beyond deductibles. You can adjust your coverage limit and the percent of your vet bill that's covered. You may also opt out of certain coverages, like preventative care, or choose a lighter plan like an accident-only plan instead of a comprehensive policy.
Choosing the right plan
While finding an option that won't charge exorbitant premiums now is important, it's just as important to consider how much an insurance company will charge later on. You'll want to find a pet insurer that won't increase premiums based on your pet's age.
You can find our guide on the best senior pet insurance here.
Finding discounts
While you can tweak your policy to lower costs here and there, nothing beats a simple discount. Pet insurance companies offer various ways to save here and there, including multi-pet discounts, discounts for paying annually, bundling discounts, and discounts for enrolling through certain partners.
Maximizing Value in Pet Insurance
The best cheap pet insurance should still provide adequate and flexible coverage, even if it's not the most comprehensive. It should at least partially cover emergency treatment and surgeries so you have some assistance when paying off vet bills.
Balancing Cost and Coverage
It's important to understand that shopping for pet insurance, and any insurance for that matter, is a balancing act between risk and cost. As you cut costs, you're more exposed to the risk that your pet's injuries or illnesses aren't covered. That said, you don't want to pay more for coverage that you're unlikely to use.
As a result, maximizing the value of your insurance is a matter of balancing these two factors. Understanding all the available policies and your pet's susceptibilities can help you make a precise decision about your level of coverage.
Understanding policy terms
It's important to understand your policy terms so you know exactly what your purchasing. For example, you should know exactly what qualifies as a pre-existing condition for your company, so you're not blindsided by a vet bill when your insurance company refuses to pay for a treatment.
Additionally, it's important to be mindful of waiting periods, which can last surprisingly long, anywhere from 14 days to six months.
Why You Should Trust Us: How We Rated the Best Cheap Pet Insurance
We review a company based on several benchmarks and compare it against the industry standard.
- Affordability: We consider an insurer cheap if it meets or is below the industry average premiums. We also compare the prices against its competitors.
- Policy customization: We look at the breadth of an insurer's policy options. Policy options include the number of annual coverages, deductibles, and reimbursement options. The price is not the only determining factor if you compare a $50 for unlimited coverage with 80% reimbursement with a $10 policy with a $5,000 annual cap.
- Waiting period: A waiting period is the time between purchasing a policy and when coverage kicks in. The average waiting period for accident coverage is three days, and fourteen days for illness coverage. However, waiting periods for genetic conditions and serious illnesses could last a year.
- Types of policies available: The best pet insurance companies typically offer three types of plans: accident-only, accident-illness, and wellness plans. We look through an insurer's website to determine if it sells some variation of those three plans.
- Exclusions and limits: Pets come in all shapes and sizes. Unfortunately, insurance companies will exclude some pets from coverage, like older pets or even those with curable pre-existing conditions. Additionally, we look at policy limits, like how many times a company will
- Company offerings: We look at the extensiveness of a company's policies. Some insurers offer coverage for microchipping, alternative medicine, and other unique conditions.
We go into further detail in Business Insider's pet insurance rating methodology.
Cheapest Pet Insurance FAQs
Small, spayed, female mixed-breed dogs are the cheapest to insure, according to North American Pet Health Insurance Association (NAPHIA).
Consider your needs before choosing a deductible. Choosing a high deductible may lower your monthly premiums. However, to start your coverage as soon as possible, consider choosing a low deductible, like $100 to $500.
You'll decide what coverage you're willing to pay for upfront. However, whenever you have a qualifying claim, you should file a claim with your pet insurance provider. Insurance providers may have a time limit on claims, and you have to fulfill your annual deductible before full coverage will kick in.
Pet insurance your pet insurance is expensive, it may be due to your dog or cat's breed and age. Some breeds are viewed as higher risk than others. As your pet ages, the likelihood of health issues increases, which is reflected in higher premiums.
Be aware of potential hidden costs such as additional fees for certain services, policy administration fees, or higher deductibles.
