The cost of pet care, including insurance, can feel daunting, especially when added to your monthly expenses. However, most pet owners will face a vet emergency at some point, with average costs ranging from $2,000 to $4,000, according to the North American Pet Health Insurance Association (NAPHIA). While comprehensive pet insurance might seem out of reach, affordable options are available to provide peace of mind. This guide explores some of the best and most affordable pet insurance options.
Best Cheap Pet Insurance
Here’s a look at our top picks for 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
Pets Best Pet Insurance: Best Overall
If you’re primarily seeking the cheapest pet insurance, Pets Best often provides some of the most competitive rates. Keep in mind that this often comes with some trade-offs. For example, Pets Best has a per-incident limit of up to $14,000 as well as a lifetime limit of $100,000. Additionally, those looking for coverage for holistic or herbal treatments should consider other options.
It’s also important to note that, based on Business Insider’s staff experiences, the reimbursement rate is applied to your deductible. So, if you have a $500 deductible with 90% reimbursement, a $500 claim will leave you with $50 remaining on your deductible, and reimbursements would then be based on the 90% rate. This is not unusual, but it is key to consider when comparing plans.
- 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
Figo Pet Insurance: Best for Senior Pets
Many insurance companies limit coverage to pets under a certain age like 14. This is because, just like humans, older pets are more prone to developing health issues. However, Figo Pet Insurance will insure your pet regardless of age. It is important to understand that most pet insurance will not cover pre-existing conditions, regardless of the plan. For pets with a history of allergies, cancer, diabetes, or other conditions, related bills will likely not be covered.
Figo offers three plans: the Essential plan, the Preferred plan, and the Unlimited plan. This allows you to customize your policy based on your budget and your pet’s needs. Note that Figo doesn’t sell a basic, accident-only plan, which is typically a less expensive offering. Also, while you are reimbursed by Figo, you must pay vet bills upfront. Many pet owners use services like CareCredit to address this issue.
- 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
Lemonade Pet Insurance: Best for Customization
Lemonade Pet Insurance is a newer company but has already established a positive presence in the pet insurance market. In addition to pet insurance, they offer a wide range of policies, including home, car, and renters insurance. This allows you to bundle your insurance needs, which will provide some savings. Lemonade also offers discounts for paying annually and for insuring multiple pets.
Lemonade stands out for its level of customization. Its base plan provides coverage for testing, procedures, and medications. Customers can add additional riders to enhance coverage, such as vet visit fees, dental illnesses, and behavioral conditions. This customization helps pet owners create policies that meet their specific needs while saving money.
Lemonade offers wellness plans and a variety of coverage options, with annual limits ranging from $5,000 to $100,000. If you’re tech-savvy, you may appreciate their user-friendly mobile app.
- 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
AKC Pet Insurance: Best for Pre-existing Conditions
Several companies cover curable pre-existing conditions if your pet has been symptom- and treatment-free for a set time (usually 180 days to a year). However, AKC pet insurance uniquely covers both curable and incurable issues after 365 days of continuous coverage.
AKC’s coverages include lab tests, surgeries, hospitalizations, vet-prescribed medication, cancer treatments, and euthanasia. They provide additional options for hereditary conditions, alternative treatments, vet exam fees, breeding coverage, and different levels of wellness plans. Note that AKC’s policy regarding pre-existing issues makes it stand out.
- 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.
Nationwide Pet Insurance: Best for Exotic Pets
Finding affordable pet insurance is often more difficult if you own an exotic pet (bird, rabbit, reptile, etc.). Nationwide Pet Insurance is one of the rare pet insurance companies that offer coverage for them.
Nationwide offers three pet insurance plans:
- Major Medical (accident and illness plan)
- Whole Pet (more comprehensive accident and illness plan)
- Wellness package
While Nationwide plans vary, each buyer receives a policy providing a breakdown of potential diagnoses. However, Nationwide tends to be a pricier provider with limited flexibility.
- Annual coverage options: Per condition
- Reimbursement options: 50%, 70%, 90%
- Deductible options: $250
- Average monthly cost: Dogs – $35; Cats – $14
PetPartners Pet Insurance: Best for Unlimited Coverage
PetPartners Pet Insurance provides various pet insurance options with customizable deductibles and accident-only and accident and illness coverage. However, PetPartners is on this list because of its basic plan, which has unlimited coverage. It sets deductibles at $100, offers 80% reimbursement and $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
How to Save on Pet Insurance
Several factors determine pet insurance premiums. Unfortunately, some animals simply cost more to insure because their species or breed is predisposed to certain conditions or may be older. However, you can implement specific strategies to reduce your insurance costs, even for pets that are expensive to cover.
Choosing Higher Deductibles
Similar to health insurance, pet insurance plans provide deductible options. A higher deductible will typically result in lower monthly premiums. This could mean higher upfront costs when your pet needs treatment but can lead to overall savings on your policy.
Customizing Coverage
Many pet insurance plans provide customization options beyond deductibles. You can often adjust your coverage limits and the percentage of your vet bill that will be covered. You may also opt out of certain coverages (like preventative care) or select a lighter plan (such as an accident-only policy) instead of a comprehensive policy.
Choosing the Right Plan
Finding a plan option that does not charge high premiums immediately is important. It’s also smart to consider how much an insurance company will charge later. Look for pet insurers who do not increase premiums based on your pet’s age.
Finding Discounts
While you can adjust your policy to lower costs, you can also take advantage of discounts. Some common discounts include multi-pet discounts, discounts for annual payments, bundling discounts, and discounts for enrolling through specific partners.
Maximizing Value in Pet Insurance
Quality, affordable pet insurance should still provide adequate and flexible coverage, even if it is not the most comprehensive. Policies should, at a minimum, offer partial coverage of emergency treatments and surgeries.
Balancing Cost and Coverage
Choosing pet insurance requires a balance between risk and cost. By reducing costs you may also be increasing the risk that your pet’s injuries or illnesses are not covered. That said, you also do not want to pay more for coverage that is unlikely to be used. Understanding all of the available policies and your pet’s predispositions can provide you with the information required to make informed decisions about the level of coverage required.
Understanding Policy Terms
It’s important to understand the policy terms included with your insurance. For instance, it’s crucial to understand what constitutes a pre-existing condition for the company to avoid being surprised by a vet bill.
Also, note the waiting periods, which can vary from 14 days to six months. Note that this varies depending on certain conditions.
Alani Asis is a personal finance expert with experience covering insurance, retirement, and credit. Her work has been published in AARP, CNN Underscored, Forbes, Fortune, PolicyGenius, and U.S. News & World Report.
Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions.
