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Many pet owners may be reluctant to purchase pet insurance, as it's yet another monthly bill. 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).
The good news is you can avoid a financial crisis on top of your pet's health emergency with pet insurance. The best part is that unlike human health insurance, pet insurance doesn't have to cost hundreds of dollars per month.
Estimates on the cost of pet insurance suggest the average pet insurance premium falls between $20 and $50 per month. So, we've found the most affordable pet insurance providers for every family with pets in the US.
Best Cheap Pet Insurance Companies of 2023
- Pets Best Pet Insurance: Best Price
- Figo Pet Insurance: Best for Senior Pets
- Spot Pet Insurance: Best for Customization
- Lemonade Pet Insurance: Best for Bundling
- ASPCA Pet Insurance: Best for Preexisting Conditions
- Healthy Paws Pet Insurance: Best for Alternative Therapy
- Nationwide Pet Insurance: Best for Exotic Pets
- Trupanion Pet Insurance: Best for Unlimited Coverage
Compare The Best Cheap Pet Insurance Companies
Methodology: How We Chose The Best Cheap Pet Insurance Companies
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: Pets come in all shapes and sizes. Unfortunately, insurance companies will exclude some pets from coverage, like older pets or even those with curable preexisting conditions.
- 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 our insurance rating methodology.
Cheap Pet Insurance Frequently Asked Questions
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.
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Pets Best Pet Insurance
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Figo Pet Insurance
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Spot Pet Insurance
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Lemonade Pet Insurance
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ASPCA Pet Insurance
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Healthy Paws Pet Insurance
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Nationwide Pet Insurance
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Trupanion Pet Insurance
Best Cheap Pet Insurance for Price
Pets Best Pet Insurance
- Annual coverages 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
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 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 bring your rate down even lower. 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.
Pets Best Pet Insurance Review
Best Cheap Pet Insurance for Senior Pets
Figo Pet Insurance
- Annual coverages 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
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 preexisting 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.
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.
Best Cheap Pet Insurance for Customization
Spot Pet Insurance
- Annual coverages options: $2,500, $3,000, $4,000, $5,000, $7,000, $10,000, $15,000, $20,000, unlimited
- Reimbursement options: 70%, 80%, 90%
- Deductible options: $100, $250, $500, $750, $1,000
- Average monthly cost: Dogs - $28; Cats - $14
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 insurer has a great selection of coverages many insurers won't provide, 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.
Best Cheap Pet Insurance for Bundling
Lemonade Pet Insurance
- Annual coverages 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
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.
Best Cheap Pet Insurance for Preexisting Conditions
ASPCA Pet Insurance
- Annual coverages options: $3,000, $4,000, $5,000, $7,000, $10,000
- Reimbursement options: 70%, 80%, 90%
- Deductible options: $100, $250, $500
- Average monthly cost: Dogs - $33; Cats - $17
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 preexisting 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.
Best Cheap Pet Insurance for Alternative Therapy
Healthy Paws Pet Insurance
- Annual coverages options: Unlimited
- Reimbursement options: 50%, 60%, 70%, 80%, 90%
- Deductible options: $50, $100, $250, $500, $750, $1,000
- Average monthly cost: Dogs - $37; Cats - $18
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.
Healthy Paws Pet Insurance Review
Best Cheap Pet Insurance for Exotic Pets
Nationwide Pet Insurance
- Annual coverages options: Per condition
- Reimbursement options: 50%, 70%, 90%
- Deductible options: $250
- Average monthly cost: Dogs - $35; Cats - $14
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:
- Major Medical (accident and illness plan)
- Whole Pet (more comprehensive accident and illness plan)
- A wellness plan
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.
Nationwide Pet Insurance Review
Best Cheap Pet Insurance for Unlimited Coverage
Trupanion Pet Insurance
- Annual coverages options: Unlimited
- Reimbursement options: 90%
- Deductible options: $0 to $1000
- Average monthly cost: Dogs - $50; Cats - $22
Trupanion Pet Insurance is one of the pricier insurers on this list. Also, it offers a limited selection of policy options. However, if you're looking for a plan with unlimited coverage, Trupanion may be your winner. Unfortunately, we've all heard of the unexpected accident or illness in an otherwise healthy pet calling for emergency care.
Some emergency surgeries can easily surpass $20,000, and you might be on the hook for follow-up care, rehab, and even further surgeries. These are the times when unlimited care could be the saving grace to save your furry friend.
Trupanion offers deductibles ranging from $0 to $1,000. What's unique about this insurer is you'll only have to pay the deductible once per condition. For example, say your pet develops an illness requiring ongoing treatment. While most insurers will need you to pay a deductible yearly, you'll only have to pay your deductible once when the condition appears, potentially saving you money. This is handy for chronic conditions like allergies, diabetes, and cancer.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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