Vet costs can be expensive. More than one in four pet owners have had to forgo medical care for their pet due to high out-of-pocket expenses, according to a study by pet insurance marketplace Pawlicy Advisor. Yet, two-thirds of pet owners don’t have pet insurance.
Pet insurance can help lower the burden of a large vet bill without the steep price tag. So, we’ve curated a list of the best cheap pet insurance companies to help you afford the health care your pet deserves.
Methodology
To choose our winners for the best cheap pet insurance companies, we analyzed 18 companies and narrowed down our list to the top 12. From there, we judged each company across 10 categories essential to good policies. We used a $250 deductible, a 90% reimbursem*nt percentage and annual coverage limits of $5,000 and unlimited — or the closest options available with each company. We analyzed over 250 data points and used more than a dozen primary data sources during our research. Winners are chosen based on their overall scores and our editorial judgment. Read our full methodology here.
Show summary
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MetLife
: Best waiting period for accidents and third-best premiums
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Pets Best
: Best premiums and best if you can’t afford unexpected procedures
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Embrace
: Best for insuring multiple pets
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Lemonade
: Best for bundling and second-best premiums
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ASPCA
: Best for curable preexisting conditions
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Figo
: Best for reimbursem*nt percent options
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ManyPets
: Fourth-best premiums
MetLife
Best waiting period for accidents and third-best premiums
Average monthly premium for dogs
$46.74
Average monthly premium for cats
$29.06
Covers pet exam fees
Yes
Why we picked it
MetLife stands out for having a zero-day waiting period for accidents, meaning your coverage for accidents will take effect the same day as your policy. It also offers the third-lowest average premiums for both cats and dogs amongst the insurers we reviewed.
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However, the insurer lacks a direct pay option, which means you will have to pay your vet after services are provided and then submit a claim with MetLife for reimbursem*nt.
Pros
- Zero-day waiting period for accidents
- Third-cheapest average premiums for dogs and cats
- Covers pet exam fees for covered conditions
- Offers one deductible and around a 7% discount for insuring multiple pets under one policy
Cons
- Direct pay not available
- Pets share annual coverage limit if insured together on one policy
Who should use it
If you have new or accident-prone pets and are seeking budget-friendly rates, MetLife may be an attractive option.
Pets Best
Best premiums and best if you can’t afford unexpected procedures
Average monthly premium for dogs
$41.58
Average monthly premium for cats
$24.88
Why we picked it
Pets Best offered the most affordable pet insurance coverage for both dogs and cats, according to our data. Dog insurance averaged $41.58 per month, compared to our study’s average of $78.93. Meanwhile, cat insurance was $24.88 monthly versus $41.88, on average.
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Additionally, of the 12 insurers we reviewed, Pets Best is one of two that definitively offers direct pay for all pet insurance plans, meaning the company will take care of paying your vet instead of requiring you to request reimbursem*nt. This is particularly helpful if you can’t afford to pay for an unexpected procedure upfront.
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The most significant drawback is that not all of Pets Best’s plans cover pet exam fees for covered accidents and illnesses, which may contribute to your out-of-pocket costs when vet care is needed. It also only offers a 5% multi-pet discount, while some competitors advertise a 10% discount.
Pros
- Cheapest average premiums for dogs and cats
- Direct pay available
- Three-day waiting period for accidents in all states except Maine, which has a zero-day waiting period
Cons
- Other insurers offer better multi-pet discounts
- Pet exam fees for covered conditions are included under some plans, but not all
Who should use it
If you’re looking for a highly rated pet insurer with affordable coverage and value the convenience and financial relief of having your insurer pay bills directly to your vet, Pets Best may be an excellent choice.
Embrace
Best for insuring multiple pets
Average monthly premium for dogs
$72.84
Average monthly premium for cats
$39.60
Covers pet exam fees
Yes
Why we picked it
Insuring your pets together versus separately can help you save on premiums. Offering a 10% multi-pet discount, Embrace provides the most savings to those who insure more than one pet. A few other companies we studied also offer a 10% discount, but Embrace had the highest overall score and is therefore considered our winner for this category.
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Despite this, Embrace doesn’t offer a direct pay option, so you’ll have to pay your vet first and then file a claim after care and treatment are received.
Pros
- Offers 10% discount for insuring multiple pets
- Covers pet exam fees for covered conditions
- Two-day waiting period for accidents
Cons
- Direct pay not available
- Charges a $25 enrollment fee
- Only covers pets 15 years or older under an accident-only plan
Who should use it
If you’re a multi-pet household and want to save on premiums but can initially afford to pay for vet care upfront, Embrace may be an optimal fit.
Lemonade
Best for bundling and second-best premiums
Average monthly premium for dogs
$46.29
Average monthly premium for cats
$26.18
Covers pet exam fees
No
Why we picked it
Lemonade had the second-cheapest premiums for dogs and cats in our study. The average monthly cost was $46.29 for dog insurance and $26.18 for cat insurance.
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Additionally, while almost all the insurers in our final list only offer pet insurance, Lemonade also offers renters insurance, homeowners insurance, car insurance and life insurance, extending a 10% bundling discount, or multi-policy discount, on each policy purchased.
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However, Lemonade’s standard policy doesn’t cover pet exam fees. You must purchase an additional add-on to include this coverage. Also, Lemonade doesn’t have direct pay, which means you have to cover the vet costs upfront and then file a claim to request reimbursem*nt.
Pros
- Second-cheapest average premiums for dogs and cats
- Offers 10% discount for having multiple types of insurance policies
- Two-day waiting period for accidents in most states
Cons
- Doesn’t cover pet exam fees for covered conditions
- Direct pay not available
- Lower discount for insuring multiple pets than other insurers
Who should use it
If you’re searching for an affordable pet insurance company that can also take care of your other insurance needs, Lemonade may be a strong contender.
ASPCA
Best for curable preexisting conditions
Average monthly premium for dogs
$77.78
Average monthly premium for cats
$38.46
Covers pet exam fees
Yes
4.1/5
Why we picked it
ASPCA will cover preexisting conditions after 180 days, as long as they are curable, aren’t knee or ligament issues and don’t require treatment or have symptoms within that time frame. Most insurers either require a waiting period of 12 to 18 months before covering curable preexisting conditions or won’t provide coverage at all, making ASPCA a favorable option.
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One downside is that ASPCA has a longer waiting period of 14 days for accidents, which leaves more time for preexisting conditions to develop and then be excluded from coverage for 180 days. It also had the highest average premiums for cats and dogs of the seven winning insurers, although they were still below our study’s averages.
Pros
- Coverage for curable preexisting conditions may be provided after 180 days
- Covers pet exam fees for covered conditions
- Offers 10% discount for insuring multiple pets
Cons
- 14-day waiting period for accidents
- More expensive average premiums for dogs and cats
- Direct pay not available
Who should use it
If your pet is undergoing treatment for a current condition and you’re searching for a new pet insurance policy, consider ASPCA. It has the smallest waiting period for coverage for curable preexisting conditions.
Figo
Best for reimbursem*nt percent options
Average monthly premium for dogs
$69.85
Average monthly premium for cats
$38.28
Covers pet exam fees
No
Why we picked it
Most pet insurance companies offer 70%, 80% and 90% reimbursem*nt rates for their policies. Like a copay, this indicates how much of a vet bill you’re responsible for when a claim is covered, on top of your deductible. Of the top-12 companies we considered for our final list, Figo is the only one that also offers a 100% reimbursem*nt percent, although this may be subject to state availability.
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Its average monthly premiums were middle-of-the-pack compared to the other best cheap pet insurance companies we reviewed, but it may be considered a fairly affordable option for fully reimbursing your eligible expenses.
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Figo, however, won’t directly pay your vet, nor will it cover the exam fees for covered accidents and illnesses.
Pros
- 100% reimbursem*nt option available
- Affordable average premiums for dogs and cats
- One-day waiting period for accidents
Cons
- 100% reimbursem*nt option may not be available in all states
- Direct pay not available
- Doesn’t cover pet exam fees for covered conditions
Who should use it
Figo may be a good choice if you’re a pet owner looking for an affordable pet insurance policy that will provide 100% reimbursem*nt for qualifying vet bills.
ManyPets
Fourth-best premiums
Average monthly premium for dogs
$49.93
Average monthly premium for cats
$30.62
Covers pet exam fees
Yes
Why we picked it
As another option for those searching for the best cheap pet insurance for cats and dogs, ManyPets had the fourth-cheapest average premiums, according to our data, at $30.62 per month for cats and $49.93 per month for dogs. It will also include pet exam fees in its payout of covered claims.
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ManyPets may not be the best option for pet owners looking for quick accident coverage or wanting to insure multiple pets: Its waiting period for accidents is 15 days, the longest in our study, and it doesn’t offer a multi-pet discount.
Pros
- Fourth-cheapest average premiums for dogs and cats
- Covers pet exam fees for covered conditions
Cons
- 15-day waiting period for accidents
- Doesn’t offer a discount for insuring multiple pets
- Doesn’t have a 24/7 vet helpline
Who should use it
You may consider ManyPets if you’re looking for an affordable policy for a young, healthy pet and don’t plan on adding a second pet to your household.
Our picks at a glance
Monthly dog premium | Monthly cat premium | Offers direct pay | Covers pet exam fees* | |
---|---|---|---|---|
MetLife | $46.74 | $29.06 | No | Yes |
Pets Best | $41.48 | $24.88 | Yes | For most plans |
Embrace | $72.84 | $39.60 | No | Yes |
Lemonade | $46.29 | $26.18 | No | No |
ASPCA | $77.78 | $38.46 | No | Yes |
Figo | $69.85 | $38.28 | No | No |
ManyPets | $49.93 | $30.62 | No | Yes |
*Exam fees are for covered accidents and illnesses, not routine checkups. Even if an insurer is designated as “No,” an endorsem*nt may be available for an additional premium.
Why do you need pet insurance?
- Peace of mind: Pet medical care can be expensive. With pet insurance, you may not have to forgo or delay treatment because you’re concerned about a hefty medical bill.
- Financial protection: Pet insurance can offer financial assistance for unexpected and costly vet bills. It may help you avoid taking on debt or pulling funds from your savings to pay for your pet’s treatment.
- Can cover routine care: If you purchase a pet insurance policy that covers routine wellness, it can help offset the cost of annual exams, dental cleanings and vaccinations so you can ensure your pet stays healthy.
How to find cheaper pet insurance
Assess your coverage needs
For instance, if your pet’s breed is prone to hip dysplasia, you’ll want to find a pet insurance company that covers this hereditary condition. Keep in mind that your coverage will vary based on many factors, including your pet’s breed, age and activity level.
You’ll also want to consider how much you can afford to pay out of pocket when an unexpected vet bill arises. This will help you choose an appropriate deductible, reimbursem*nt percent and annual coverage limit. While opting for a $1,000 deductible, for example, may help lower your monthly premiums, you’ll also be responsible for covering this amount if you have a covered claim.
Gather and compare quotes
Once you’ve decided what type of coverage you need, the next step is to gather quotes either online or by contacting an insurance agent. You can also use an online quote comparison tool to view estimates from multiple companies simultaneously.
When comparing quotes, remember not to solely prioritize premiums. It’s important to review the policy’s terms, conditions and any exclusions that apply. The best cheap pet insurance for you will offer your needed coverages at the most affordable rate. By adjusting your coverage limit, reimbursem*nt rates and deductibles, you can see how different options will affect your premium.
Many insurers enforce waiting periods for accidents and illnesses, which is the amount of time before your coverage is effective. Some also have separate time frames for covering orthopedic conditions. Any accidents or illnesses that arise during the waiting periods will likely be considered as preexisting, so choosing a policy with longer waiting periods increases the chances of not having a condition covered. You may be able to find pet insurance with no waiting periods for accident coverage.
Explore insurance providers
With many insurance companies, it may be challenging to know where to begin. Seek recommendations from your network, consult your veterinarian and conduct online research to identify quality insurers.
Consider the following for each insurer:
- Exclusions and limitations: Review an insurer’s exclusions and limitations, like preexisting conditions, age and breed restrictions and waiting periods. This step will ensure you’re purchasing a policy that offers the coverage you need, when you need it.
- Policy customization: Explore each insurance company’s options for customizing your policy. Some insurers may include a type of coverage automatically (such as including the exam fees in your claim reimbursem*nt or covering dental diseases) while others require you to purchase an add-on. Choosing an insurer with more options allows for greater flexibility in pricing.
- Company reputation: Gauge the reputation of the companies you’re considering. Policyholder satisfaction, claims satisfaction and financial strength are a few areas that determine a company’s quality. Online reviews and testimonials can also indicate whether policyholders typically receive satisfactory customer service and claims processing.
How much does an average pet insurance policy cost?
The average pet insurance premiums were $78.93 and $41.88 per month for dogs and cats, respectively, according to our research. Pets Best offered the cheapest monthly premiums for dogs and cats. Trupanion had the most expensive coverage for both. However, how much your pet insurance will cost will vary based on several factors, such as your pet’s age and breed, your location and your policy’s limit, reimbursem*nt percentage and deductible.
The table below illustrates the average monthly price of policies from different companies:
Company | Dog monthly premium | Cat monthly premium |
---|---|---|
Embrace | $72.84 | $39.60 |
ManyPets | $49.93 | $30.62 |
Pets Best | $41.58 | $24.88 |
Spot | $97.86 | $47.98 |
Figo | $69.85 | $38.28 |
MetLife | $46.74 | $29.06 |
Pumpkin | $123.98 | $62.48 |
Trupanion | $146.30 | $84.91 |
Fetch by The Dodo | $112.89 | $45.15 |
Lemonade | $46.29 | $26.18 |
ASPCA | $77.78 | $38.46 |
Healthy Paws | $61.15 | $34.98 |
Average | $78.93 | $41.88 |
What does pet insurance cover?
What your pet insurance covers will vary based on the insurance company and the type of policy you choose: accident-only, accident and illness or routine wellness.
Accident-only plans
These plans cover common incidents such as:
- Broken bones
- Swallowed objects
- Bite wounds
- Cuts
- Toxic ingestions
Accident and illness plans
These plans cover accidents like the ones mentioned above plus various ailments, such as:
- Cancer and tumors
- Digestive disorders
- Respiratory conditions
- Ear and eye infections
- Urinary tract infections
- Hereditary and congenital issues
- Chronic conditions
Routine wellness plans
These plans cover routine and preventative care, which are typically excluded from standard pet insurance policies, including:
- Annual checkups
- Dental cleanings
- Vaccinations
- Bloodwork
- Heartworm tests
- Spaying and neutering
- Flea and tick medications
How are pet insurance costs determined?
Various factors will influence the cost of your pet insurance policy, including but not limited to the following:
- Pet breed: Some pet breeds may be more expensive to insure due to genetic predispositions, size and weight. For instance, larger dogs like Labrador retrievers and golden retrievers may cost more to insure than smaller dogs like Yorkshire terriers.
- Pet age: Older pets are more likely to need medical care, so pet insurers will likely increase premiums to help offset the risk.
- Location: State regulations and the cost of veterinary care in each state can impact the cost of your pet insurance policy.
- Annual coverage limits: The higher your coverage limit, the more expensive you can expect your premium to be.
- Reimbursem*nt percentage: High reimbursem*nt percentages lead to lower copays (or the amount of the bill you’re responsible for paying out of pocket) but higher premiums.
- Deductibles: You must pay a deductible before your pet can receive coverage. A higher pet insurance deductible usually means lower monthly premiums but higher out-of-pocket costs when a claim arises.
- Add-ons: Extras such as wellness coverage, alternative therapy coverage, pet exam fees coverage, end-of-life coverage or dental illness coverage can increase the cost of your pet insurance policy.
- Discounts: Stacking savings like a multi-pet or bundling discount can lower your policy’s cost.
Is pet insurance worth it?
Pet insurance may be an important investment for many pet owners. If you’re concerned about the potential financial impact of medical care for your pet, it’s worth considering pet insurance. Coverage becomes more important if your pet is predisposed to certain health conditions or has an active lifestyle.
Pet insurance is also relatively affordable, especially if you purchase the policy while your pet is young. However, opting out of insurance may be reasonable if you can afford pet care or have a sizable emergency fund.
Methodology
To find the best cheap pet insurance companies, we examined 18 companies and narrowed it down to the top-rated 12. From there, we judged each company across 10 categories essential to good policies.
During our research, we analyzed over 250 data points across the 12 companies and 10 categories and used more than a dozen primary data sources. The following sections describe the category we scored and the weight we gave that category in our scoring model.
Average dog and cat premium (25% each, 50% total)
For the average monthly premiums, we gathered quotes for a medium mixed-breed dog and domestic shorthair cat across three different ZIP codes and three different age groups directly from the 18 insurance companies we reviewed. We used a $250 deductible (or the closest option offered by each company, which included $0, $200 and $300), a 90% reimbursem*nt percentage when available and annual coverage limits of $5,000 and unlimited. If a $5,000 option was not available, quotes were not gathered for this coverage limit. If an unlimited option was not available, we chose the highest limit offered. We then calculated the average of all quotes gathered for each insurance company.
Multi-pet discount (15%)
If you own more than one pet, veterinary care can be even more expensive and managing costs can be more difficult. We researched which insurers offer a multi-pet discount and what the maximum percentage is, if applicable. MetLife did not provide us with a multi-pet discount maximum. So, we asked for a quote for a cat and a dog with a $250 deductible, 80% reimbursem*nt rate and $5,000 maximum coverage limit and were offered a 7.1% discount. We used that percentage for the company’s multi-pet discount in our scoring. However, your discount may be higher or lower.
Accident waiting period (7.5%)
Almost all pet insurance policies include a waiting period for accidents before coverage kicks in. Since an accident can occur at any time, finding a pet insurer with a smaller waiting period can be beneficial to ensure claims will be covered as soon as possible. For this category, we looked to see how long the accident waiting period is for each insurer.
Illness waiting period (7.5%)
Almost all pet insurance policies include a waiting period for illnesses before coverage kicks in. Since an illness can occur at any time, finding a pet insurer with a smaller waiting period can be beneficial to ensure claims will be covered as soon as possible. For this category, we looked to see how long the illness waiting period is for each insurer.
Pet exam fee (7%)
Not all pet insurance companies cover the exam fees for covered accidents and illnesses, which can increase your out-of-pocket costs. We looked to see if this coverage is automatically included with each insurer.
Direct pay (6%)
Most pet insurers require you to pay the vet first and then submit a claim to receive reimbursem*nt for eligible expenses, which may be difficult for some since you’ll need access to a larger sum of money or to a line of credit to make the initial payment. However, some insurers offer an option to pay the vet directly (“direct pay”). In this category, insurers with a direct pay feature were scored higher than those without.
Routine wellness (3%)
Pet insurance policies don’t generally cover routine wellness or preventative care. However, many pet insurers offer separate plans or add-ons to help pay for these costs. As part of our research, we looked to see if a routine wellness plan was available with each insurer.
Euthanasia/end-of-life coverage (3%)
Some pet insurance companies don’t cover euthanasia or end-of-life expenses, although an add-on may be available. After figuring out which insurers automatically provide this coverage, we determined whether or not a covered condition was required.
24/7 vet helpline (1%)
Some pet insurance companies offer a 24/7 vet helpline to help answer and discuss health-related questions and concerns. This can be helpful for pet owners in managing their pet’s health and determining what the next steps are, so the insurers that offer this service to their policyholders for free received a slight scoring boost.
What didn’t make the cut
Of the 12 pet insurance companies we analyzed for our final rankings, four were automatically not considered as winners due solely to premiums: Spot, Pumpkin, Trupanion and Fetch by The Dodo. All had above-average premiums for both dogs and cats, which made up a combined 50% of our scoring model. Spot’s overall score did meet our criteria for selection, but we felt its above-average premiums disqualified it from winning a category in this rating to identify the best cheap pet insurance companies.
One additional insurer, Healthy Paws, did not win a category, despite it having below-average premiums for both dogs and cats. Its overall score was too low to be considered, with low performance in various categories such as pet exam fees, direct pay options, accident and illness waiting periods, routine wellness plan availability and multi-pet discounts.
Frequently Asked Questions (FAQs)
The standard pet insurance policy doesn’t include wellness visit coverage. However, most insurance companies offer pet wellness plans to add to your primary policy at an additional cost.
Wellness plans help ensure your pet stays healthy and prevent severe medical issues. While wellness coverages vary by insurance company, they typically include annual examinations, vaccines, dental cleanings, microchipping, flea and tick prevention and more.
Take inventory of your needs and find pet insurance companies that offer those coverages. If you’re unsure of what those needs are, consult with your veterinarian and discuss potential health issues your pet may face and the estimated costs.
Remember deductibles, reimbursem*nt levels and coverage limits can affect your policy’s cost. Insurance companies generally advertise coverages and policy terms on their website. But you can also call a representative from a company if you have any questions about its offerings.
Then, gather quotes from different insurance companies or use a quote comparison tool to compare multiple estimates at once.
While you can generally find a quality pet insurance company at an affordable rate, cheaper pet insurance may have more exclusions and restrictions. By opting for a cheaper policy, you may also have less coverage, higher deductibles and larger copays.
Pet insurance may be tax deductible if your pet is a certified service animal or if your pet contributes to your taxable income. Discuss your situation with a tax professional.