Pet insurance can be a valuable tool for managing unexpected veterinary costs. However, the monthly premiums can be a significant expense, particularly as your pet ages. To help you find the best value, CNBC Select has analyzed leading pet insurance companies to highlight the most affordable options.
CNBC Select’s Top Recommendations for Cheap Pet Insurance
Here are some of our top picks, based on different criteria:
- Best for multiple pets: Spot
- Best for senior pets: Pets Best
- Best for Costco members: Figo
- Best for speedy claims: Lemonade
- Best for prescription coverage: CarePlus by Chewy
- Best for pre-existing conditions: AKC Pet Insurance
- Best for birds, lizards or other pets: MetLife
Spot
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Spot Pet Insurance offers accident-only and accident and illness plans, with wellness add-ons. They provide a 10% discount for insuring multiple pets.
- Age limits: No upper age limit
- Coverage limit: $2,500 to unlimited
- Annual deductible: $100, $250, $500, $750, or $1,000
- Reimbursement rate: 70%, 80%, or 90%
- Waiting period: 14 days for accidents and injuries
- Discounts: 10% multi-pet discount
- Direct vet pay: No
Pros:
- No Upper age limits
- Exam fees covered
- 10% discount for additional pets
Cons:
- 14-day waiting period for accidents
- Average rates for cats are higher than competitors
Who’s this for? Spot is a great choice if you have multiple pets, due to their multi-pet discount.
Standout benefits: The wellness plan, which starts 24 hours after purchase, includes spaying/neutering and dental treatments.
Spot sample rate:
- For dog: $36.00 per month
- For cat: $18.92 per month
Pets Best
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Pets Best offers accident-only, accident and illness, and wellness plans. They are a good option for older pets as there’s no upper age limit.
- Age limits: No upper age limit
- Coverage limit: $5,000 or unlimited
- Annual deductible: $50, $100, $200, $250, $500, or $1,000
- Reimbursement rate: 70%, 80%, or 90%
- Waiting period: 3 days for accidents, 14 days for illnesses, and 6 months for cruciate ligament injuries
- Discounts: 5% multi-pet discount
- Direct vet pay: Yes
Pros:
- Deductibles as low as $50
- No maximum age limit
- Offers direct-payment option
Cons:
- Exam fees not included with basic plan
- Multi-pet discount is lower than other providers
Who’s this for? Pets Best is suitable for senior dogs and cats.
Standout benefits: Pets Best offers an unlimited coverage option.
Pets Best sample rate:
- For dog: $34.56 per month
- For cat: $22.51 per month
Figo
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Figo offers accident and illness and wellness plans. Costco members can save 15%.
- Age limits: No upper age limit
- Coverage limit: $5,000, $10,000 or unlimited
- Annual deductible: $100 to $1,500
- Reimbursement rate: 70%, 80%, 90% or 100%
- Waiting period: 1 day for accidents, 14 days for illnesses, and 6 months for orthopedic injuries to dogs
- Discounts: 5% multi-pet discount, 15% discount for Costco members and 5% military discount (in most states). Your deductible drops by $50 each year you don’t file a claim.
- Direct vet pay: No
Pros:
- Costco members can save 15%
- No upper age limit for enrollment
- 100% reimbursement option available
Cons:
- Vet exam fee not covered by basic plan
- Doesn’t offer an accident-only plan
- Multiple-pet discount lower than many competitors
Who’s this for? Figo Pet Insurance offers 15% off for Costco members.
Standout benefits: Figo has a 100% reimbursement option.
Figo sample rate:
- For dog: $55.00 per month
- For cat: $32.38 per month
Lemonade
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Lemonade offers accident and illness and wellness policies in 38 states. They are known for their AI-powered interface.
- Age limits: At least 8 weeks old with a maximum of 10 to 14 years, depending on breed
- Coverage limit: $5,000, $10,000, $20,000, $50,000 or $100,000
- Annual deductible: $500 to $750
- Reimbursement rate: 70%, 80% or 90%
- Waiting period: 2 days for accidents, 14 days for illnesses, 6 months for cruciate ligament injuries
- Discounts: 5% multi-pet discount, 5% off for paying annual premium in full, and 10% for bundling pet insurance with other Lemonade policies
- Direct vet pay: No
Pros:
- 10% bundling discount available
- 2-day waiting period for injury coverage
Cons:
- Only available in 37 states
- Strict age limits for enrolment
Who’s this for? Lemonade is a good option for those who appreciate a user-friendly, AI-powered claims process.
Standout benefits: You can save up to 10% if you bundle your pet insurance policy with renters, homeowners or car insurance from Lemonade.
Lemonade sample rate:
- For dog: $57.01 per month
- For cat: $42.34 per month
MetLife
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MetLife Pet Insurance covers birds, lizards and other less common pets. There are no age restrictions for enrollment.
- Age limits: No age restrictions for enrollment
- Coverage limit: $500 to unlimited
- Annual deductible: $0 to $2,500
- Reimbursement rate: 50% to 90%
- Waiting period: 14 days for illnesses, 12 months for knee injuries
- Discounts: Discounts for buying online and enrolling multiple pets, as well as for animal care staff, military members and health care workers.
- Direct vet pay: No
Pros:
- Covers birds, lizards, small mammals and other exotic pets.
Cons:
- Doesn’t cover microchipping
- No accident-only policy
Who’s this for? MetLife caters to owners of exotic pets.
Standout benefits: There’s no waiting period for accident coverage and your deductible can drop by up to $50 every year you don’t file a claim.
MetLife sample rate:
- For dog: $40.60 per month
- For cat: $25.83 per month
CarePlus by Chewy
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CarePlus by Chewy reimburses up to 100% of costs for prescription medication, food, and supplements.
- Age limits: Pets from 8 weeks old to 14 years old can be enrolled
- Coverage limit: $20,000 or unlimited
- Annual deductible: $250, $500 or $1,000
- Reimbursement rate: 70%-100%
- Direct vet pay: Yes, with Trupanion policies
Pros:
- Some plans have 100% prescription coverage
- Video consultations
- Direct vet pay option available
Cons:
- Does not issue its own policies
- Trupanion policies don’t cover pre-existing conditions
Who’s this for? CarePlus by Chewy offers extensive prescription coverage.
Standout benefits: CarePlus offers direct vet pay with Trupanion plans.
CarePlus by Chewy sample rate:
- For dog: $41.75 per month
- For cat: $27.25 per month
AKC Pet Insurance
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AKC Pet Insurance is the only company that we have found that covers incurable pre-existing conditions. (This benefit requires 12 continuous months of coverage.)
- Age limits: Pets 9 and older are only eligible for accident-only policies
- Coverage limit: $2,500 to $10,000
- Annual deductible: $100, $250, $300, $400, $500, $600, $750 or $1,000
- Reimbursement rate: 70%, 80% or 90%
- Waiting period: 14 days for illnesses, 3 days for accidents, 30 days for hereditary and congenital conditions, 80 days for cruciate ligaments
- Discounts: 5% multi-pet discount
- Direct vet pay: No
Pros:
- Pre-existing conditions covered after a year
- Offers breeding insurance
- Unlimited coverage available
Cons:
- $3 monthly service fee if paying monthly
- Pets over 9 are restricted to accident-only policies
Who’s this for? AKC Pet Insurance may be a good option if your pet has pre-existing conditions.
Standout benefits: AKC also covers expenses relating to breeding, something most pet insurers won’t.
AKC Pet Insurance sample rate:
- For dog: $44.02 per month
- For cat: $30.01 per month
What to Consider When Choosing Pet Insurance
- Types of coverage: Understand the difference between accident-only, accident and illness, and wellness plans to determine which aligns with your pet’s needs and your budget.
- Coverage limits and deductibles: Carefully review coverage limits and deductibles to ensure the plan meets your financial expectations.
- Reimbursement rates: Consider reimbursement rates and choose a plan that offers a comfortable level of financial support.
- Waiting periods: Be aware of waiting periods for accidents, illnesses, and specific conditions.
- Discounts: Look for available discounts, such as multi-pet or online enrollment discounts.
CNBC Select’s comprehensive analysis provides a starting point for finding affordable pet insurance. Comparing various plans and understanding the details of each policy is crucial to selecting the right coverage for your furry companion.
