Having pet insurance can offer substantial financial protection should your furry friend need emergency medical care. However, premiums can strain your budget. NerdWallet analyzed quotes from numerous pet insurance providers to locate the most affordable options.
Top Recommendations for Budget-Friendly Pet Insurance
Here’s a look at five companies that provide pet insurance at reasonable prices. You can find what works best for your needs and financial situation:
- Pets Best: Best overall for the cheapest insurance for dogs.
- Figo: Top choice for the lowest-cost pet insurance for cats.
- Lemonade: Often considered the best cheap pet insurance for younger pets.
- Pumpkin: A good choice for more affordable pet insurance for older pets.
- AKC: Recommended for pet owners looking for insurance that may cover pre-existing conditions.
How We Evaluated Cheap Pet Insurance
NerdWallet obtained quotes for accident and illness insurance plans through various insurers’ websites. The costs were assessed in five different cities across the U.S. The sample pets used were a medium-sized mixed-breed dog and a domestic shorthair cat, both of which were either 2 or 8 years old. Each plan had a $250 deductible, a $5,000 annual coverage limit, and an 80% reimbursement rate. More information is available in our methodology.
It’s important to understand that your insurance rates could differ based on your location, the type and amount of coverage you select, and your pet’s breed and age. While a company might offer the most affordable rates in our tests, it may not suit your needs perfectly.
Individual Company Profiles
Pets Best: Affordable Pet Insurance for Dogs
Pets Best
See rates on the Pets Best website
NerdWallet Rating: 5.0/5
- Annual max coverage: Unlimited
- Reimbursement rates: 70%, 80%, 90%
- Deductibles: $50 – $1,000
- Policy highlight: Potential for direct reimbursement to your vet
Pros:
- Customizable plan options
- Unlimited annual coverage
- No upper age limit for enrollment
Cons:
- Exam fees and specific therapies are included only in more comprehensive plans.
- Does not cover food or supplements.
Bottom line: The ability to customize plans and have the option for direct payments to a vet make Pets Best an excellent option for dog owners.
Why we picked it: Pets Best was consistently affordable for dog insurance in our tests. Discounts are offered for military members and those insuring multiple pets.
Pets Best enables you to tailor plans in numerous ways, allowing you to find the best combination of coverage and cost. A 24/7 vet helpline is available to address urgent concerns at any time. Average monthly rates for dogs are $48 and for cats, $33.
Figo: Budget-Friendly Pet Insurance for Cats
Figo
See rates
NerdWallet Rating: 4.5/5
- Annual max coverage: Unlimited
- Reimbursement rates: 70%, 80%, 90%, 100%
- Deductibles: $100 – $1,500
- Policy highlight: Mobile app with helpful features
Pros:
- No upper age limit for pet enrollment
- Unlimited annual coverage
- Several reimbursement options, including full reimbursement
Cons:
- Doesn’t offer accident-only plans.
Bottom line: Figo stands out with coverage, a range of deductibles, and multiple reimbursement options.
Why we picked it: Figo had the lowest average cost for cats among the companies evaluated. Additional discounts apply for those in the military and insuring multiple pets.
One of Figo’s unique features is its 100% reimbursement; the company covers all vet bills once you meet your annual deductible (most pet insurers offer reimbursement from 70% to 90%). Figo’s app also offers a place to store digital medical records. Average monthly rates for dogs are $55 and for cats, $22.
Lemonade: Best Cheap Pet Insurance for Younger Pets
Lemonade
Get a quote on Lemonade’s site
NerdWallet Rating: 4.0/5
- Annual max coverage: $100,000
- Reimbursement rates: 60%, 70%, 80%, 90%
- Deductibles: $100 – $750
- Policy highlight: Quick claim processing
Pros:
- Fast claims processing
- Multi-policy and pay-in-full discounts
- Donations of premiums to nonprofit organizations
Cons:
- Not available in all states.
- Coverage for specialized treatments costs extra.
Bottom line: Lemonade works efficiently online and has fast claims processing, but its standard coverage has more limited benefits compared to some other plans.
Why we picked it: Lemonade offered some of the best rates for 2-year-old cats and dogs in our tests. Customers get discounts for paying annually and for insuring several pets. More savings can happen if you have other Lemonade policies like homeowners, renters, or life insurance.
Lemonade’s “Giveback” program makes it stand out, donating part of the profits to policyholders’ chosen charities. Claim processing is efficient, using AI to review and often immediately pay claims. Average monthly rates for dogs are $52 and for cats, $27.
Pumpkin: Affordable Pet Insurance for Older Pets
Pumpkin
Get a quote on Pumpkin’s site
NerdWallet Rating: 4.5/5
- Annual max coverage: Unlimited
- Reimbursement rates: 80%, 90%
- Deductibles: $100 – $1,000
- Policy highlight: Coverage for prescription food and supplements
Pros:
- 10% discount for each additional pet insured.
- No maximum age limit.
- Short 14-day waiting period (cruciate ligament injuries and hip dysplasia).
Cons:
- Does not cover herbal supplements.
Bottom line: Pumpkin offers extensive accident and illness coverage, which includes dental illnesses and some pre-existing conditions.
Why we picked it: Its affordable rates mean it’s a great option for older pets. Pumpkin also covers arthritis, diabetes, and other ailments commonly found in older pets. A preventative care plan supplements its accident and illness coverage, helping with regular expenses. Average monthly rates for dogs are $65 and for cats, $28.
AKC: Best Pet Insurance for Pre-Existing Conditions
AKC
See rates on Money.com
NerdWallet Rating: 4.5/5
- Annual max coverage: Unlimited
- Reimbursement rates: 70%, 80%, 90%
- Deductibles: $100 – $1,000
- Policy highlight: Covers some pre-existing conditions
Pros:
- 24/7 vet helpline
- Discount for insuring multiple animals
- Covers pre-existing conditions after a waiting period
Cons:
- Doesn’t cover most dental procedures.
- Coverage for hereditary and congenital conditions costs extra.
Bottom line: While the basic plan lacks benefits, AKC is worth considering for its options to customize coverage.
Why we picked it: AKC may cover pre-existing conditions. Once you have a plan for a year, some pre-existing conditions may be covered (this isn’t available in all states). Other perks include a multi-pet discount and a 24/7 vet helpline.
Other Affordable Pet Insurance Considerations
If the companies listed above do not seem right for you, consider other affordable pet insurance companies.
Factors Determining Pet Insurance Costs
Each company uses its own formula, but these factors heavily influence insurance prices:
- Where you live: High costs of living often mean higher vet costs, leading to higher premiums.
- Your pet’s age: Older pets tend to have more health issues, and thus, more expensive insurance.
- Your pet’s species and breed: Dogs usually cost more to insure than cats; breeds susceptible to health issues will cost more.
- The coverage you choose: Comprehensive plans with unlimited payouts and high reimbursement rates are more expensive.
Tips for Finding Cheaper Pet Insurance
To get the best possible rate for your plan, consider:
- Shop around: Get quotes from at least three companies.
- Customize your coverage: Adjust your deductible, coverage, or reimbursement rate to match your budget.
- Inquire about discounts: Some insurers offer savings for multiple pets, military service, or combining policies.
- Look for employer benefits: Some companies offer an option to provide employees with a discount.
Key Considerations When Comparing Plans
Beyond price, key variables that influence a pet insurance plan include coverage and reimbursement policies. Before purchasing, make sure you’ve evaluated the following:
- What is covered?
- Reimbursement: Check how long it takes the company to process claims and fully understand how the reimbursement rate, deductible, and coverage limit influence how much the plan covers.
- Waiting periods: Familiarize yourself with the waiting period for the coverage to begin.
Remember to compare pet insurance plans and make informed decisions based on your pet’s needs and your budget to ensure the best protection for your furry friend.
