Pet insurance can provide valuable financial protection if your furry friend gets sick or injured. However, it’s an additional monthly expense that tends to increase as pets age. To help you find coverage that fits your budget, CNBC Select has identified the most affordable pet insurance companies.
Best Cheap Pet Insurance
Here are CNBC Select’s top picks for budget-friendly pet insurance:
- 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
Spot Pet Insurance is a good choice for pet parents looking for multi-pet discounts.
- Policy highlights: Spot offers accident-only and accident and illness plans, along with two wellness add-ons.
- 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 for enrollment, Exam fees covered, 10% discounts for additional pets
- Cons: 14-day waiting period for accidents, Average rate for cats is higher than competition
Who’s this for? Spot gives pet parents a 10% discount for adding more than one pet to a policy.
Standout benefits: Spot’s wellness plan starts 24 hours after purchase and covers spaying/neutering and dental treatments, which many other pet insurers exclude.
Spot sample rate: For dog: $36.00 per month; For cat: $18.92 per month
Pets Best
Pets Best is a good option if you have an older pet.
- Policy highlights: Pets Best offers accident-only, accident and illness, and wellness plans.
- Age limits: Cats and dogs as young as seven weeks old can enroll, and there is 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: The waiting periods are 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, Only top-tier plan covers alternative therapies
Who’s this for? Pets Best doesn’t have an upper age limit for coverage, making it a good choice if you have a senior dog or cat.
Standout benefits: Pets Best offers an unlimited coverage option so you don’t have to worry about bumping up against an annual limit.
Pets Best sample rate: For dog: $34.56 per month; For cat: $22.51 per month
Figo
Figo Pet Insurance is a great choice for Costco members.
- Policy highlights: Figo offers accident and illness and wellness plans.
- 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 (may be waived by having vet examine your dog)
- 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, Claims close on average in under 3 business days, Covers curable conditions that have been healed for 12 months
- 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 and waives the $15 enrollment fee for Costco Executive members.
Standout benefits: While most insurers cap reimbursement at 80% or 90%, Figo has a 100% reimbursement option.
Figo sample rate: For dog: $55.00 per month; For cat: $32.38 per month
Lemonade
Lemonade is known for its speedy claims process.
- Policy highlights: Lemonade offers accident and illness and wellness policies in 38 states.
- 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, 5% multi-pet discount is lower than competitors, Strict age limits may make it hard to enroll older pets
Who’s this for? Lemonade combines affordability and convenience with an AI-powered interface that it says settles nearly 40% of claims in seconds. Upload your claim on the website or mobile app and your reimbursement is wired directly to your bank account.
Standout benefits: 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
MetLife is a good option if you have an exotic pet.
- Policy highlights: MetLife offers an accident and illness plan and a wellness add-on. Policies are underwritten by Independence American Insurance Company and Metropolitan General (MetGen) Insurance Company
- 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. Deductibles drop up to $50 each year you don’t file a claim.
- Direct vet pay: No
- Pros: Covers birds, lizards, small mammals, and other exotic pets, Reimbursement for lost pet rewards, Most claims processed within 10 days, Covers burial/cremation
- Cons: Doesn’t cover microchipping, No accident-only policy, Coverage, waiting periods, and discounts vary based on the underwriter
Who’s this for? MetLife is one of just a few insurers that insure exotic pets, including birds, snakes, turtles, and rabbits
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
CarePlus is a solid choice if you are looking for prescription coverage.
- Policy highlights: CarePlus offers accident-only, accident and illness, and wellness plans through Lemonade and Trupanion.
- 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 curable pre-existing conditions, Lemonade not available in all states
Who’s this for? CarePlus by Chewy reimburses up to 100% of costs for prescription medication, food, and supplements.
Standout benefit: CarePlus offers direct vet pay with plans underwritten by Trupanion, so you don’t have to wait to be reimbursed.
CarePlus by Chewy sample rate: For dog: $41.75 per month; For cat: $27.25 per month
AKC Pet Insurance
AKC Pet Insurance covers pre-existing conditions after a year of coverage.
- Policy highlights: AKC Pet Insurance offers accident-only and accident and illness plans, plus two wellness plans and breeding insurance. Pre-existing conditions are covered after 365 days of continuous 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, Hereditary and congenital conditions cost extra, No coverage for dental illnesses
Who’s this for? AKC Pet Insurance is the only pet insurance company we’ve found that covers incurable pre-existing conditions. (You’ll need to have your policy for 12 months for the benefit to kick in.)
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
Other Important Factors to Consider
- Annual coverage limit: This is the maximum amount the insurer will pay out in a year.
- Reimbursement rate: The percentage of covered costs you’ll be reimbursed.
- Deductible: The amount you pay out-of-pocket before the insurance kicks in.
How Much Does Pet Insurance Cost?
According to the North American Pet Health Insurance Association, accident and illness pet insurance averaged $56.30 per month for a dog and $31.94 for a cat in 2023. Accident-only pet insurance was cheaper, at $17 per month for a dog and $9.68 for a cat. For the pet insurance companies selected for this list, the average monthly cost for an accident and illness plan was $42.04 a month for a dog and $26.15 a month for a cat.
What Does Pet Insurance Cover?
Depending on the plan, pet insurance can cover injuries, diseases, and routine care. There are three main policy types:
- Accident-only policy: This covers injuries and accidents, including broken bones, bites, swallowed objects, or substances. It may pay for hospitalization, blood work, x-rays, ultrasounds, laboratory tests, surgery, and prescriptions.
- Accident and illness policy: This is the most common type of plan, and it adds coverage for diseases like respiratory infections, cancer, arthritis, hypothyroidism, ear infections, and urinary tract infections. These conditions are generally covered only if they are diagnosed after your pet has been enrolled. Treatments for alternative and holistic therapies may be included, but check your policy to be sure.
- Wellness plan: Usually offered as an add-on to an accident and illness policy, a wellness plan covers routine care like vaccines, checkups, microchipping, preventative care, and teeth cleaning. Some wellness plans include coverage for spaying and neutering new pets.
What Doesn’t Pet Insurance Cover?
Pet insurance rarely covers pre-existing conditions, or medical issues your pet had before enrolling in coverage and completing the waiting period. Some pet insurance companies will cover pre-existing conditions that have been “cured,” meaning they haven’t shown symptoms or required treatment for a set period of time. AKC Pet Insurance will cover incurable and chronic conditions after one year.
Pet insurance also rarely covers elective procedures like ear cropping, tail docking, or declawing. In addition, most pet insurers won’t cover costs associated with pregnancy or breeding. You should review your policy to determine if it covers end-of-life care including pain management, euthanasia, and burial/cremation.
Frequently Asked Questions About Cheap Pet Insurance
- What is the average cost of pet insurance? According to the North American Pet Health Insurance Association, the average cost for an accident and illness policy in 2023 was $56.30 per month for a dog and $31.94 for a cat. For the companies we selected for this list, the average was $42.04 for a dog and $26.15 for a cat.
- How can I pay less for pet insurance? An accident-only policy is typically much cheaper than an accident and illness plan, although the coverage is much more limited. Raising your deductible can also lower your monthly premiums, but be sure you have enough to pay any additional out-of-pocket costs. If you have several pets, you can also look for an insurer that offers multi-animal discounts.
- Do all vets accept pet insurance? Since most pet insurance companies require you to pay out of pocket and then be reimbursed, you can typically go to any licensed veterinarian. If you opt for direct vet pay, however, you’ll need to make sure the provider will work with your insurance company.
