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The 7 Cheapest Pet Insurance Companies (June 2024)
The Cheapest Pet Insurance CompaniesHere are the eight best and most affordable pet insurance companies based on our review:
Why Trust MarketWatch GuidesOur editorial team follows a comprehensive methodology for rating and reviewing pet insurance companies based on coverage, cost, customer service and more. Our team secret-shopped for quotes in April 2024 to provide the most accurate rates possible. Advertisers have no effect on our rankings.
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Veterinary Professionals
To determine which pet insurers offer the cheapest coverage, our team secret-shopped several brands and collected nearly 18,000 quotes. We requested quotes for 10 pet types with a variety of breeds and ages ranging from 3 months to 8 years old. Then, we averaged rates from each provider to complete our ranking of the cheapest companies.
Cheap Pet Insurance Companies in Detail What Companies Didn't Make the Top 8 Cheapest Pet Insurers?If none of the above options fit your pet's needs, consider Embrace or Paw Protect. Embrace offers an accident and illness plan that covers a comprehensive list of services and an optional wellness plan with three benefit levels. Paw Protect offers the unique option of applying for an interest-free line of credit to pay for vet bills.
However, cost was a determining factor in excluding these providers from our list. According to our research, Embrace and Paw Protect policies cost $53 per month on average.
How We Ranked Cheap Pet Insurance CompaniesWe reviewed rates and plan options from each pet insurance company to find the cheapest options for pet owners. Our team analyzed data from 35 pet insurance companies, gathering pricing information for four different pets directly from companies' websites and through PetInsurer.Com. Here's how we gathered our cost data:
To assess pricing, we collected sample quotes for 10 types of pets. Providers can earn the most points for offering affordable coverage and a multi-pet discount. For this review, we collected quotes from the provider on our list across all 50 U.S. States based on the following sample pets:
We scored each provider on a 100% scale and divided the final score by 20 to calculate an overall rating out of 5 stars. Here are more details about the factors we considered for the cheapest companies:
To learn more about our rating methodology, read our full pet insurance methodology for reviewing and scoring providers.
Compare Cheap Pet Insurance CompaniesWhen comparing pet insurance plan costs, it helps to start with a clear picture of the coverage you want. Keep the plan details — such as deductible, reimbursement rate and annual percentage — the same across companies you consider for a fair comparison. If you compare an unlimited policy to one with a $5,000 annual limit, the cost and value difference between the two companies will not be evident. Not all pet insurers measure risk equally, so be sure to collect at least three quotes before enrolling in any plan.
What Is the Best and Most Affordable Pet Insurance?ManyPets is the most affordable pet insurance company for cats, offering coverage for less than $30 per month in many scenarios we tested. We averaged actual quotes from all 50 states for a total of 200 sample premiums and obtained the following average monthly rates for four types of pets:
Lemonade is the most affordable pet insurance company for dogs, offering plans on average $0.10 less than ManyPets. Lemonade's overall average landed $0.12 more than ManyPets. For the same pets as above, Lemonade's averages are as follows:
There are more ways to find the cheapest pet insurance than simply shopping for the lowest premiums. We surveyed 1,000 pet owners with pet insurance to learn more about how much pet insurance costs, what customers look for in a policy and how to save money.
Here, we offer tips and tricks for lowering your monthly premium without minimizing the peace of mind that your furry friend is covered in the event of unexpected vet care.
Consult a Veterinarian on Which Plan Your Pet NeedsYour veterinarian can help you determine which affordable pet insurance plan best fits your pet's needs without exceeding your budget. For example, a vet can help you pinpoint common conditions your pet's breed faces and ensure they are covered in the plan you buy.
Ask an Expert: A Veterinarian's Take on Finding Affordable Pet Insurance
"Any pet at any age can have medical problems, so I recommend pet insurance for almost all pets, but especially young animals who are otherwise healthy and without preexisting conditions. This will allow for the least expensive and most comprehensive insurance."
Insure Your Pet EarlyNo pet insurer will cover pre-existing conditions, which are injuries or illnesses a vet notices before your coverage starts. Insuring your animal at an early age is the best way to maximize your coverage and avoid denied claims.
Our 2022 pet insurance survey showed that 77% of pet owners insured their pets before age two, but we recommend insuring your pet even earlier if possible. For example, Fetch offers an advantage by allowing coverage to start when your pet is just six weeks old — typically before many health issues present themselves.
Consider an Accident-Only PlanAccording to the North American Pet Health Insurance Association's (NAPHIA) 2022 State of the Industry Report, you can expect to pay $29 monthly for dogs and $11 for cats with accident-only coverage. That amounts to monthly savings of about $20 for dogs and $9 for cats compared to accident and illness coverage.
Although accident-only plans have limited coverage, they are ideal for some pet owners' needs and budgets. For example, if you have a vaccinated indoor cat, you may not be as worried about the probability of illness. An accident-only plan would still cover accidental injuries from chewing cords, falling from heights, eating poisonous houseplants and more at a lower cost.
Adjust the Coverage LevelsMost pet insurers allow you to customize components of your policy, enabling you to adjust the amount of coverage you receive and the cost. Here are the key components of pet insurance policies and how they affect your bottom line:
When customizing your coverage, be mindful that you don't make changes that will drastically limit your coverage's effectiveness.
"Keep in mind that a lower coverage level means a lower premium, but it also means less protection for your pet and more out-of-pocket costs if your pet becomes ill or injured," said Becky Simmonds, professional dog trainer and behaviorist at Breed Advisor.
Review Available DiscountsWhether you have multiple furry friends or a history of military service, you can save money on pet insurance by selecting a provider with discounts that match your situation. The following are common pet insurance discounts:
Every pet insurance plan will have different costs, coverage options and features, so it's important to take your time and research which provider is the best fit for you. We recommend you get a quote from at least three pet insurance providers on this list.
In addition to price, consider other features that may be important to you, like a mobile app, a 24/7 emergency vet line, or a robust wellness plan. Dr. Jamie Whittenburg, veterinary director with Senior Tail Waggers, emphasized the importance of learning about each policy's finer details.
"Understanding what is and is not covered, claim procedures and turnaround times, and reimbursement policies are especially important," Whittenburg said.
How Much Does Pet Insurance Cost?The average cost of pet insurance is $46 per month. However, pet insurance prices can vary significantly depending on the level of coverage you want and the details of your pet, among other factors. You'll get the most accurate cost information by gathering quotes for your specific needs. That said, our team collected and reviewed actual quotes from top pet insurers to find the providers with the lowest prices. We obtained quotes for the following pets:
For each species, we calculated the average premium by taking the mean of the quotes obtained.
What Affects the Cost of Pet Insurance?Pet insurers consider the following factors when determining the cost of a policy:
Pet insurance can save you money if your pet experiences an emergency accident or illness and requires expensive veterinary care. Unless it is a pre-existing condition, pet insurance may pay a significant portion of this bill — typically between 70% and 90% — allowing your pet to receive needed care for a much lower fee.
Here is an example. Suppose you have an accident and illness plan for your dog, costing $584 per year according to NAPHIA's averages. After two years of coverage and $1,168 in premiums, your dog swallows a bone and needs emergency vet care.
According to Care Credit, treating a foreign object in a dog's stomach costs $3,262. You consent to the treatment and file a claim.
Your insurance company pays $2,436 once the claim is approved, leaving you with a bill for $826 (your $500 deductible plus 10% of $3,262).
In this example, you pay a total of $1,994 for pet insurance and the cost of the claim. That's $1,268 cheaper than the out-of-pocket expenses for this emergency without pet insurance.
The following chart shows the amount an average pet owner can expect to save each year when they enroll in a comprehensive pet insurance plan that covers vet visits, medication, emergency care, vaccines, and spaying or neutering.
Monthly pet insurance costs in each state were found by averaging the price of 4 pet care plans for 11 providers for a total of 38 quotes averaged. The cost to own a pet was calculated through a Guides Home Team analysis of the annual reoccurring costs of pet care. Our team only considered the pet care costs that would be covered by pet insurance in calculating yearly savings.
At What Age Is Pet Insurance the Cheapest?Simply put, the younger your pet is, the cheaper it is to insure. Pet insurance plans are the most affordable at the minimum pet age requirement, which for most companies is 8 weeks. This is because puppies and kittens are less likely to experience health complications than older animals and, therefore, present a smaller risk to insurers. Some insurers even impose an age cutoff for coverage or charge more for senior pets.
Additionally, it can be financially advantageous to enroll your animal before pre-existing conditions develop and exclude your pet from insurance coverage.
Is Cheap Pet Insurance Worth It?Pet insurance is worth the cost for over 85% of respondents in our 2024 survey of 1,000 pet owners, up 3% from our survey in 2023. However, whether cheap pet insurance is worth it for you depends on your needs and the methods you use to reduce the cost of coverage. An accident-only plan may be worth it for a pet parent of an indoor cat but it might not be enough coverage for an energetic puppy with free reign outdoors.
Becky Simmonds, dog trainer and behaviorist at Breed Advisor, said, "Unexpected veterinary expenses can be very costly, and pet insurance can help cover these costs. If you are worried about being able to afford unexpected veterinary bills, pet insurance can provide financial protection for your pet."
Additionally, cheap pet insurance is not inherently inferior to more expensive options in terms of coverage and plan details. Our top picks in this article all offer full-service accident and illness plans that can protect pet parents financially after a wide variety of pet emergencies. We recommend carefully reading through a pet insurance policy before enrolling to ensure it covers any breed-specific dental or other health conditions you're particularly concerned about.
DID YOU KNOW?
According to our 2024 pet owner survey, 84% plan to re-enroll their pet when their policy ends, either with their current provider or a new one.
Frequently Asked Questions About Cheap Pet Insurance How can I qualify for cheap pet insurance?There is no special qualification for cheap pet insurance. Details about your pet, such as its species, age and pre-existing conditions, may determine its eligibility for any given plan.
How much is full coverage pet insurance?Using cost data gathered from 11 top pet insurers, we found pet insurance costs $23 to $48 for an adult dog, and cat insurance costs anywhere from $15 to $24.
Is it easy to find cheap pet insurance?The providers on this list offer high-quality pet insurance at affordable prices, making it easy to find an excellent policy in your price range. Lemonade consistently offers low prices across multiple states, but Spot or ASPCA may be a good choice for pet parents who want affordable accident-only coverage.
What is the average annual cost to insure a dog?According to the Insurance Information Institute, the average annual premiums for dog insurance in 2020 were $218 for accident-only insurance plans and $594 for an accident-and-illness plan.
Are wellness care add-ons worth it?Yes, wellness care add-ons can be worth it. Based on our 2021 survey of 1,000 pet owners, 70% of those without pet insurance paid between $200 and $1,000 for routine care services each year. A preventive care add-on covers wellness care such as vaccinations, blood work, flea and tick treatment, heartworm prevention and spay/neuter surgery. Additionally, the average annual price of a preventive care add-on is less than these combined services.
Is there a pet insurance policy without a deductible?There are pet insurance policies without deductibles. However, remember that some pet insurance policies with no deductible require a much higher premium.
Best Cheap Pet Insurance Companies Of July 2024
Best Affordable Pet Insurance Overall Pets Best Pet Insurance
If you're looking for pet insurance at a cheap rate, Pets Best Pet Insurance has some of the lowest prices in the industry. You can go to any licensed veterinarian. However, it should 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.
Pets Best offers three types of plans: accident-only, accident and illness, and a wellness plan. With highly customizable options, you can further lower your rate. Plus, the insurer doesn't have an age gap on pet insurance.
Unfortunately, if you're looking for alternative treatments like herbal and holistic treatments, consider searching elsewhere.
Read our Pets Best Pet Insurance review.
Best Affordable Pet Insurance 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.
Unfortunately, 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.
Read our Figo Pet Insurance review.
Best Affordable Pet Insurance for Customization Spot Pet Insurance
With Spot Pet Insurance, you have nine annual coverage limits, three reimbursement, and five deductible options. This insurer offers an excellent range of policy coverages to mix and match as you choose. Of course, your monthly premiums will vary accordingly.
Spot pet insurance also offers an accident-only and accident-illness plan. The company as a wider range of pet coverage that many competitors lack, like prescription food and behavioral modification. Based on our research at the time of this guide, Spot doesn't sell wellness plans. However, you can add the gold and platinum preventative care plan to supplement your policy.
Read our Spot Pet Insurance review.
Best Affordable Pet Insurance for Bundling 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.
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. Unfortunately, Lemonade is not available in all states yet. So be sure to check and see if Lemonade is available to you. But with up to $100,000 in annual coverage, Lemonade covers most significant health events for pets.
Read our Lemonade Pet Insurance review.
Best Affordable Pet Insurance for Preexisting Conditions ASPCA Pet Insurance
Unfortunately, all pet insurance providers exclude preexisting conditions from coverage. This is because pet insurance companies have to mediate risk to keep premiums low for everyone. However, several companies will cover pre-existing conditions if your pet has been symptom- and treatment-free for some time. ASPCA Pet Insurance is one of those providers.
ASPCA pet insurance will cover curable preexisting conditions if your cat, dog, and even horses if your pet has been symptom-free for over 180 days (excluding ligament and knee conditions).
With ASPCA pet insurance, you choose an accident-only, accident and illness, and preventative care plan. ASPCA pet insurance's comprehensive programs cover alternative therapies, behavioral issues, and congenital and hereditary conditions. The provider even covers pet microchipping. When going through the quoting process online, we were told we must speak to a live representative to obtain a quote for unlimited annual coverage.
Read our ASPCA Pet Insurance review.
Best Affordable Pet Insurance for Alternative Therapy Healthy Paws Pet Insurance
Only a few providers offer alternative medicine if you prefer to take the holistic and herbal route when seeking treatment for your pet. Healthy Paws Pet Insurance offers a comprehensive list of non-invasive forms of therapy, including acupuncture, hydrotherapy, physical therapy, laser therapy, and massage care, as long as a licensed veterinarian provides the treatment.
The trade-off, however, is Healthy Paws won't cover preventative and wellness care. Its site specifies Healthy Paws believes wellness costs can be planned for. For example, you expect to do a yearly exam and get updated vaccines, and even if you save a little bit each month, you can plan accordingly. However, accidents and severe chronic illnesses are difficult to plan for, and costs are frequently unreasonable. So Healthy Paws focuses on the most significant area of need it sees.
Read our Healthy Paws Pet Insurance review.
Best Affordable Pet Insurance 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 the only pet insurance company to offer wide-reaching coverage for many exotic pets. Other companies offer "discount plans," much like human prescription discount plans. However, you'd have to work with specific vets, and coverage would be specific to the treatment provided.
Nationwide pet insurance offers three pet insurance plans:
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.
Read our Nationwide Pet Insurance review.
Best Affordable Pet Insurance 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..
Read our PetPartners pet insurance review.
Tips for Reducing Pet Insurance Costs
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 deductiblesSimilar 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 coverageMany 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 planWhile 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.
Maximizing Value in Pet Insurance 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 termsIt'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.
Cheap Pet Insurance Frequently Asked Questions (FAQ) Which dog breed qualifies for the cheapest pet insurance?
Small, spayed, female mixed-breed dogs are the cheapest to insure, according to North American Pet Health Insurance Association (NAPHIA).
Is cheap pet insurance worth it?There are cheap pet insurance companies that still offer comprehensive benefits at a lower price.
How do I find the cheapest pet insurance for my pet?You can find the cheapest pet insurance by trying different insurance providers, considering plans with higher deductibles or customized coverage, and looking for discounts or special offers.
Does cheap pet insurance cover emergencies and surgeries?Many affordable pet insurance plans cover emergencies and surgeries, but the cost of a procedure may exceed your coverage limit, leaving you to pay the difference.
Are there any hidden costs I should be aware of with cheap pet insurance?While you won't have any hidden fees when signing up for cheap pet insurance, your premiums may increase as your pet ages. Additionally, cheap coverage may not be as comprehensive, so you may find yourself paying more than expected for vet visits.
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.
We go into further detail in our pet insurance rating methodology.
Accident-Only Pet InsuranceAffordable Pet Coverage
While pet insurance can provide financial protection and peace of mind when it comes to unexpected veterinary expenses, the decision to purchase a policy is personal and depends on a variety of factors. Consider your financial situation and your pet's age, breed, health history and lifestyle as you shop for pet insurance.
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