Best Cheap Pet Insurance
Pet insurance can seem like an added expense, but it offers significant peace of mind. Estimates from the North American Pet Health Insurance Association (NAPHIA) show that most pet owners will face a pet emergency, resulting in costs between $2,000 and $4,000. While comprehensive pet insurance might be out of your budget, a number of cheap pet insurance options are available. Here’s a look at some of the best.
Pets Best Pet Insurance: Best Overall
If you’re primarily seeking the cheapest pet insurance, Pets Best Pet Insurance often has some of the lowest prices in the market. However, it’s essential to keep in mind that “you get what you pay for.” For instance, Pets Best includes a per-incident limit that maxes out at $14,000, with a lifetime limit capped at $100,000. Additionally, individuals seeking coverage for herbal or holistic treatments should consider alternatives. Reimbursement rates, in our experience at Business Insider, are applied after the deductible is met.
- 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.](External link)
Figo Pet Insurance: Best for Senior Pets
Many pet insurance providers have age limits, often restricting coverage to pets younger than 14. These limits can occur because older pets are more prone to developing health conditions. However, Figo Pet Insurance offers coverage for your pet regardless of age. Keep in mind that pre-existing conditions are generally not covered under most plans, even with this provider. This means that conditions such as allergies, cancer, or diabetes diagnosed before obtaining coverage would still leave pet owners responsible for related expenses.Figo offers three plans: the Essential Plan, the Preferred Plan, and the Unlimited Plan. It provides ample coverage options for customizing your policy based on your pet’s needs and your budget. Figo does not offer an accident-only plan. It is important realize that you must pay your vet bills upfront and then be reimbursed. Many pet parents resolve this using services like CareCredit.
- 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.](External link)
Lemonade Pet Insurance: Best for Customization
Lemonade Pet Insurance, a relatively new player in the industry, offers pet insurance alongside home, car, and renters’ insurance. Bundling pet insurance with other products can lead to additional savings. Lemonade also offers discounts for annual payments and for insuring multiple pets. Customization is a key feature of Lemonade. While its basic plan covers tests, procedures, and medications, a range of add-ons can enhance coverage, including vet visit fees, dental illnesses, and behavioral conditions. This level of personalization allows owners to create tailored policies that focus on the coverages needed, thus saving money. The company offers various wellness plans with annual limits ranging from $5,000 to $100,000. The highly rated mobile app and digital platform make it appealing to tech-savvy shoppers. Note that Lemonade is not yet available in all states.
- 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.](External link)
AKC Pet Insurance: Best for Pre-existing Conditions
Several pet insurance companies will cover curable pre-existing conditions if your pet has met the symptom- and treatment-free requirement, typically ranging from 180 days to a year. However, AKC Pet Insurance stands out as the only provider that covers curable and incurable pre-existing conditions once customers have been continuously covered for 365 days.AKC’s plans provide coverage for lab tests, surgeries, hospitalization, vet-prescribed medications, cancer treatment, and euthanasia. There are also options for hereditary conditions, alternative treatments, vet exam fees, breeding coverage, and two-tier wellness plans. The policies themselves are great but the AKC is a great choice due to its stance on pre-existing conditions.
- 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
[Read our AKC Pet Insurance review.](External link)
Nationwide Pet Insurance: Best for Exotic Pets
Finding cheap pet insurance can be more challenging when owning an exotic pet like a bird, rabbit, or reptile. Currently, Nationwide Pet Insurance stands out as one of the few companies that provide coverage for these animals.Three pet insurance plans are offered by the company: Major Medical (accident and illness), Whole Pet (comprehensive accident and illness), and a Wellness package. While Nationwide’s plans offer coverage for various conditions, the coverage structure is predetermined. The sample for accident and illness policy included an allowance for many different potential diagnoses. However, Nationwide is more expensive and offers less 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.](External link)
PetPartners Pet Insurance: Best for Unlimited Coverage
PetPartners Pet Insurance provides options with customizable deductibles, from $100 to $1,000 and up to $20,000 for either the accident-only or accident and illness coverage. PetPartners is on the list because of its basic plan offers unlimited coverage. It sets deductibles at $100, 80% reimbursement, and $500 per incident limits. You can also add riders.
- Annual coverage options: Unlimited
- Reimbursement options: 80%
- Deductible options: $100 to $1000
- Average monthly cost: $24-$53 monthly
[Read our PetPartners pet insurance review.](External link)
How to Save on Pet Insurance
Insurance costs are determined by factors surrounding your pet and company. It’s possible that your pet may be more costly to insure, either because of breed or species-specific high-risk factors or age. However, there are methods for reducing your insurance plan’s expense.
- Choosing higher deductibles: Like health insurance, pet insurance often provides deductible choices. Higher deductibles typically mean lower monthly premiums. This way, your pet’s treatment becomes more expensive upfront, at the vet, but can lower the overall cost of the policy.
- Customizing coverage: Many plans offer customization options beyond deductibles. You can change your coverage limit and what percent of your vet bill that’s covered. Also, you can choose to exclude things like preventative care, or a lighter plan such as an accident-only plan.
- Choosing the right plan: It is crucial to be informed not just by the current premiums, but what insurance companies charge later. You want a company that doesn’t have a premium increase based on the pet’s age.
- Finding discounts: Pet insurance companies offer various ways to save money including multi-pet discounts, paying annually, bundling discounts, and enrolling through certain partners.
Maximizing Value in Pet Insurance
The best cheap pet insurance should provide some value, even if it’s not the most comprehensive. It should assist in covering emergency treatments and surgeries.
- Balancing Cost and Coverage: Buying insurance involves balancing risk and cost. Cutting costs results in more exposure to your pet’s injuries or illnesses not being covered, while you don’t want to pay over the odds for coverage you won’t use. Maximizing the value involves balancing the two.
- Understanding Policy Terms: This helps you understand exactly what you are purchasing For example, understanding what qualifies as a pre-existing condition is key, so you are not caught off guard by potential vet bills.
- Understanding Waiting Periods: These can surprisingly long. Waiting periods vary, lasting from 14 days to six months.
Why You Should Trust Us: How We Rated the Best Cheap Pet Insurance
This is based on several factors: affordability, policy customization, waiting periods. type of policies available.
Alani Asis is a personal finance expert with experience covering insurance, retirement, and credit.
Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team.
