Best cheap pet insurance in 2024 (2024)

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 accident and illness policies from different companies:

How to reduce pet insurance costs

If you’re looking for ways to save on your pet insurance plan, try opting for a higher deductible, a lower reimbursem*nt percentage and a lower annual coverage limit. Since you’ll be personally responsible for covering a greater portion of your vet bills, you pose less of a risk to the insurer for having a high payout and will likely be charged less each month for coverage.

Another option for reducing your pet insurance costs is to explore the insurer’s available discounts. Some companies extend savings based on group membership, military status and occupation, while others offer a multi-policy discount for bundling various types of insurance. You may even qualify for a discount if your pet is healthy or if you’re insuring multiple pets.

Lastly, check to see if your employer partners with an insurer to offer pet insurance at a reduced cost as part of your benefits package.

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 dogs and cats 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.

How do deductibles and reimbursem*nt rates affect pet insurance premiums?

Selecting a higher deductible will typically lower your monthly pet insurance premium. This is because you’ll pay more out of pocket when you file a claim and before your policy’s coverage kicks in.

The opposite is true for reimbursem*nt rates — and annual coverage limits. Higher reimbursem*nt rates and limits translate to greater claim payouts, so your insurer will ask for more premium in exchange for greater protection.

When you’re getting quotes for pet insurance, play around with different deductibles, reimbursem*nt rates and annual limits to see how they impact your monthly premiums. Also keep in mind how much you can afford to pay out of pocket when an unexpected accident or illness occurs.

Sample pet insurance quote

A pet insurance plan from MetLife for a 3-year-old medium mixed breed dog in California would cost $46.98 per month, based on a sample quote we obtained. This includes a $250 deductible, an 80% reimbursem*nt rate and a $5,000 annual coverage limit.

Increasing the deductible to $500 would reduce your monthly premium to $39.35, while decreasing it to $100 would raise your payment to $60.68.

Raising your reimbursem*nt rate to 90% would increase your cost to $59.53 per month, and lowering it to 70% would decrease the price to $43.19.

The quote was $62.76 with a $10,000 annual coverage limit and $35.73 for $2,000.

In total, selecting a $500 deductible, a 70% reimbursem*nt rate and a $2,000 coverage limit reduced our sample quote to $28.23, while selecting a $100 deductible, a 90% reimbursem*nt rate and a $10,000 coverage limit increased it to $106.59. You can choose various combinations to best fit your budget and coverage needs.

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 12 of the top pet insurance companies and 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 from Petinsurer.com for the 12 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. 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, accident and illness waiting periods and routine wellness plan availability.

Frequently asked questions (FAQs)