8 Best Cheap Pet Insurance Companies of August 2023

Emergency treatments for your pet can cost $1,000–$5,000 in addition to $100–$150 in exam fees and $150–$250 for X-rays or other diagnostic procedures. These costs can add up, creating excessive out-of-pocket spending when your beloved furry friend gets sick or injured. An affordable pet insurance policy can minimize these costs and give you peace of mind that your pet will receive care.

We researched dozens of top pet insurance companies, reviewing their reputations, customer service, plan options, cost, and coverage. We found that many of the top providers offer cheap but quality policies. Here are our top picks.

• Lemonade: Best Overall
• Spot
• Embrace
• Healthy Paws
• ASPCA Pet Health Insurance
• Fetch Pet Insurance
• Figo
• Chewy CarePlus

*Sample quotes are for a standard accident-and-illness plan for 4-year-old, mixed-breed male dogs in Raleigh, North Carolina using a $250 deductible, $5,000 annual limit, and 80% reimbursement rate.

*Sample quotes are for a standard accident-and-illness plan for 4-year-old, mixed-breed male dogs in Raleigh, North Carolina using a $250 deductible, $5,000 annual limit, and 80% reimbursement rate.

According to our 2021 survey of 1,000 pet owners, 45% of pet parents expected pet insurance to cost less than $25 per month. It may be tricky to find a policy this cheap—at least for dogs—but there are a few ways to keep costs down.

Start by talking with your veterinarian about your pet’s needs, including conditions its breed may be susceptible to or any specific care it will require. There’s no need to pay for coverage your vet doesn’t foresee your pet needing. After that, consider the following ways to get the lowest pet insurance rate.

Compare the Cheapest Pet Insurance Plans

Pet insurance prices can vary drastically from one provider to the next, so do your research and get multiple quotes. Review how similar plans compare across companies to identify what’s being offered for the price. Look at what’s covered in some standard plans that isn’t in others, as well as how much add-ons cost. You can save a good deal of money by spotting where some providers upcharge for coverage that’s standard in other plans. Also, don’t hesitate to call providers to ask how they compare to their competition.

Though it’s ideal to get a low monthly rate, remember that cost isn’t everything. The point of getting pet insurance is to provide good care to your pet and help your wallet in the long run. Focus on getting the best pet insurance plan for your pet’s needs.

Purchase an Accident-only Policy

If you’re comfortable foregoing illness coverage, you can save money by choosing an accident-only policy. Not all providers offer this option, but it may work for you if your pet is healthy and not susceptible to breed-specific illnesses. Keep in mind that while your monthly premium will be lower, you’ll have to pay out of pocket for any veterinary care needed if your pet becomes ill.

Adjust Your Deductibles and Reimbursements

Most providers allow you to adjust your pet insurance deductible, reimbursement rate, and coverage limit to customize your cost. Selecting a high deductible and a low coverage limit and reimbursement rate will keep your monthly premium low. Your monthly premium will be higher if you choose a low deductible and higher coverage limit and reimbursement rate.

Take Advantage of Pet Insurance Discounts

Some providers offer discounts, typically ranging from 5%–15%.

Employer-Provided Discounts

Some employers include pet insurance in their benefits. If your employer offers insurance through a certain pet insurer, you may be able to get a discounted rate. 

Military Discounts

Military discounts of 5%–10% are common across pet insurance providers. 

Multipet Discounts

Discounts for insuring multiple pets with the same provider are also common. 

Policy-Bundling Discounts

Insurers that offer other other insurance types, such as homeowners or auto, may provide a discount for bundling pet insurance with one of these other categories. Lemonade is one provider on this list that does this.

Vet Employee Discounts

Some veterinarian offices offer discounts for pet insurance to qualifying employees. 

Wholesale Retailer Membership Discounts

Large retailers, such as Costco, often partner with insurers to provide savings to members.

It doesn’t hurt to ask about additional discounts that may not be listed on the provider’s website. See below for some of the more common pet insurance discounts.

Buy Coverage Now Instead of Waiting

Most providers don’t cover preexisting conditions, so it’s important to get a pet insurance policy while your pet is still healthy. Most providers also have a waiting period, often 14 days, from the day you enroll to the day coverage begins. This means that if your pet gets into an accident or shows signs of illness the day after you enroll, you may not be able to get coverage. Buying pet insurance sooner rather than later will ensure the majority of issues your pet faces are covered.

Pet insurance is a health insurance policy that protects your pet during accidents and unexpected illnesses and prevents you from paying for expensive vet costs. Since it operates very differently than a typical health insurance policy for humans, we created this short video that further defines and explains pet insurance coverage.

What Does Pet Insurance Cover?

What’s covered under your pet insurance policy depends on your plan. There are three main coverage types:

• Accident-only: This covers accidental injuries such as lacerations, broken bones, and torn ligaments.
• Accident-and-illness: This covers accident-related treatments as well as illnesses such as cancer, diabetes, glaucoma, congenital issues, and hereditary illnesses.
• Add-ons: Many standard plans don’t cover routine wellness care, such as vaccinations, dental cleanings, and flea/tick prevention. You’ll need to purchase a preventive care add-on to get this coverage. Certain providers have other exclusions in their standard accident-and-illness plans that you may be able to get covered through add-ons.

The primary way to save money on pet insurance is by comparing providers’ pricing and taking advantage of discounts, but there are a few other things you can do to lower your premium. 

Keep Your Pet Healthy

Prevention is cheaper than treatment. Investing in your dog’s health before issues arise or worsen will keep you from racking up expensive vet bills that need coverage. Get your pet all the recommended vaccinations, keep up with heartworm and other parasite prevention, and take your pet for its annual wellness checkup.

Many providers also reward you for keeping your pet healthy by lowering your premium the longer you go without filing a claim, or through a credit if your pet is healthy for a certain length of time.

Pay Annually

Most pet insurance providers give you the option to pay your premium monthly or annually. You’ll save money paying annually, and the provider may give you a discount for doing so. Plus, you’ll have peace of mind that your pet is covered for the full year and can take that off your plate.

Choose a Higher Deductible

This can be a gamble, but choosing a higher deductible means your premium will be lower. The drawback is that if your pet does need an expensive intervention, you’ll have to pay the vet bill out of pocket up to your deductible amount. While it’s not much of a burden to pay small bills here and there until you reach your deductible, one or two large bills could overextend your budget, so keep that in mind if you go this route. 

Insure Your Pet Early

Pet insurers don’t reimburse you for preexisting conditions, so the earlier you get a pet insurance plan, the less likely your pet will develop conditions that won’t be covered. Insure your pet when it’s just a puppy or kitten, or as soon as you get it, to ensure you’ll be covered for any problems that arise after getting a policy.

How Are Pet Insurance Costs Determined?

There are a few variables that determine your pet insurance premium.

• Age: The older your pet is, the more likely it is to develop an illness or have an accident requiring treatment, making it more expensive to insure.
• Breed: Insurers charge more for breeds that are predisposed to illnesses and issues because their vet bills are likely to be higher, costing more for the insurer.
• Deductible, coverage, and reimbursement levels: The lower your deductible and higher your coverage limit and reimbursement rate, the higher your premium will be.
• Location: Veterinary costs are higher in areas where cost of living is high, so your rate will reflect that.

Is Pet Insurance Cheaper for Cats or Dogs?

Cat insurance is typically cheaper than dog insurance, though it can vary by breed. Some dog and cat breeds, such as Maine coon cats and French bulldogs, are more costly to insure because they’re genetically predisposed to certain medical conditions. On the contrary, premiums for mixed cat and dog breeds tend to be much cheaper. 

On average, cat insurance costs about half as much as dog insurance per month.

Even with the cheapest insurance, pets are still an investment. You’ll need to buy a long list of items including food, toys, vaccinations, and crates, so you’ll need to factor in these expenses when considering if your budget allows for pet ownership. Also, keep in mind that some breeds have higher vet costs than others due to their tendency toward certain conditions and needs. See some of the financial expectations pet parents should be aware of below.

How Much Dog Owners Spend Per Year on Common Pet Needs

Dog Breeds With the Highest Vet Bills

*Based on the average pet insurance claim amount for each breed.

Cat Breeds With the Highest Vet Bills

*Based on the average pet insurance claim amount for each breed.

Cheapest Pet Insurance for Dogs

While price shouldn’t be the only deciding factor when choosing a pet insurance provider, it’s understandable to want to save as much money as you can. We got sample quotes from each provider on this list to determine the top three cheapest providers. We used the same pet type across all providers, which was a 4-year-old, mixed-breed, male dog in Charlotte, North Carolina. We also used the same deductible, reimbursement rate, and annual limit. 

The top three cheapest providers all cost $20–$30 range per month for an accident-and-illness plan. 

• Lemonade: $14.90
• Figo: $25.36
• Spot: $34.43

Note that prices vary based on location, age, breed, and gender.

Cheapest Pet Insurance for Cats

We used the same process to get sample quotes for 4-year-old cats and found that the following providers are the cheapest for cats:

• Lemonade: $11.00
• Figo: $13.28
• Healthy Paws: $17.57

Is Pet Insurance Worth It?

It’s understandable to wonder if adding pet insurance to your list of monthly bills is worth it. You can find several providers with plans less than $50 per month, so if that’s in your budget, it’s wise to have some level of coverage. You never know what could happen to your pet. It could fall and break a bone, get a nasty cut while playing in the yard, or show signs of illness at any point. The costs of examinations, procedures, medication, and other needed medical care to treat these issues can quickly rack up. Just one surgery can cost thousands of dollars.

“As a person working in the veterinary field, it’s always challenging having to see owners [who aren’t] able to afford treatment for their pet,” says licensed veterinarian Megan Conrad, BVMS. “Pet insurance allows pet parents to feel more confident knowing [their pets] are protected so they don’t have to worry about putting a price limit on their pet’s care.”

If you’re prepared to shell out a big lump sum if and when an issue arises, you may be comfortable taking the risk and skipping pet insurance. However, we recommend getting pet insurance for peace of mind and financial protection.

Based on the cheap pet insurance companies we reviewed, Lemonade, Embrace, Healthy Paws, Spot, Figo, and ASPCA Pet Health Insurance offer the most affordable plans. Consider requesting a free pet insurance quote from Lemonade if you’re looking for the best overall coverage or Spot if you want the most customization options.

We recommend getting quotes from a few different providers to compare plan pricing and coverage.

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The This Old House Reviews team is dedicated to thorough, in-depth reviews of each product or service that we detail in our content. Determined to build trust with our readers through transparency, accuracy, and accountability, we’ve built a detailed rating system to score pet insurance brands. Included in this methodology are the following six factors with their respective scoring weights:

• Coverage (25)
• Plan options (20)
• Monthly cost (20)
• Company reputation (15)
• Customer service (10)
• Species eligibility (10)

Our researchers keep all data in each company’s score up to date, making any changes to our content when necessary to provide our readers with the most accurate information on relevant metrics, such as plan options, customer service, reputation, and monthly cost.

To share feedback or ask a question about this article, send a note to our Reviews team at reviews@thisoldhousereviews.com.