The 9 best cheap pet insurance policies in August 2024

What is the best and cheapest pet insurance?

Figo offers the cheapest pet insurance for dogs and cats at an average of $22 per month. We obtained quotes for 10 sample pets in 50 states to determine the following average costs for Figo plans:

The second cheapest offer for Dog insurance specifically is Many petswith the following example average rates.

• 3 month old puppy: $36
• 1-year-old medium-sized mixed breed dog: $33
• 5-year-old medium-sized mixed breed dog: $44

The second cheapest offer for Cat insurance specifically is Healthy paws.

• 3 month old kitten: $14
• 1-year-old domestic cat with short hair: 15$
• 2-year-old Siamese cat: $21
• 5-year-old mixed breed cat: $26
• 8-year-old domestic cat with short hair: $32

How can I make my pet insurance cheaper?

There are more ways to find the cheapest pet insurance than simply looking for the lowest premiums. We surveyed 1,000 pet owners with pet insurance to learn more about how much pet insurance costs, what customers look for in a policy, and how they can save money.

Here we offer tips to help you lower your monthly premium without significantly affecting your four-legged friend's insurance coverage if he or she needs unexpected veterinary care.

Consult a veterinarian about what plan your pet needs

Your veterinarian can help you figure out which affordable pet insurance plan will best fit your pet's needs without exceeding your budget. For example, a veterinarian can help you identify common medical conditions in your pet's breed and make sure they are covered in the policy you purchase.

“Any pet can have health problems at any age, so I recommend pet insurance for almost all pets, but especially for young animals that are otherwise healthy and have no pre-existing conditions,” says Dr. Dani Rabwin, DVM and CEO of Ready, Vet, Go. “This makes the most affordable and comprehensive insurance coverage possible.”

Insure your pet early

No pet insurer covers pre-existing conditions, which are injuries or illnesses diagnosed by a veterinarian before the policy begins. Insuring your pet at an early age is the best way to maximize your coverage and avoid denied claims.

Our 2022 pet insurance survey found that 77% of pet owners insured their pets before they were two years old, but we recommend insuring your pet even earlier if possible. For example, Fetch offers the advantage of starting coverage when your pet is just six weeks old – usually before many health problems arise.

Consider an accident-only plan

According to the North American Pet Health Insurance Association (NAPHIA) 2022 Industry Report, you can expect to pay a monthly cost of $29 for dogs and $11 for cats if you purchase accident-only insurance. That's a monthly savings of about $20 for dogs and $9 for cats compared to accident and illness insurance.

Although accident insurance policies offer limited coverage, they are ideal for some pet owners' needs and budgets. For example, if you have a vaccinated house cat, you may not be as concerned about the likelihood of illness. Accident insurance will still cover accidental injuries from chewing cords, falling from heights, eating poisonous houseplants, and more, but at a lower cost.

Adjust the coverage levels

Most pet insurance policies allow you to customize the components of your policy, allowing you to adjust the level of coverage and cost. Here are the key components of pet insurance policies and how they affect your bottom line:

• Excess: This is the amount you must pay yourself before your insurance coverage takes effect.
• Annual coverage amount: This is the maximum amount that pet insurance will reimburse you annually for unexpected veterinary expenses. If you choose a higher coverage amount, your premium will also increase.
• Reimbursement rate: This is the percentage of each covered claim that the insurer will pay after your deductible is met. Rates typically range from 70% to 90%.

When adjusting your insurance coverage, be careful not to make any changes that drastically reduce the effectiveness of your insurance coverage.

“Remember that while lower coverage means a lower premium, it also means less protection for your pet and higher costs if your pet becomes sick or injured.“, said Becky Simmonds, professional dog trainer and behaviorist at Breed Advisor.

Check available discounts

Whether you have multiple furry friends or have a history of being in the military, you can save money on pet insurance by choosing a provider with discounts that fit your situation. Below are common pet insurance discounts:

• Annual payment discount: Some providers, such as Pets Best, reduce the cost of your plan if you pay for a full year rather than quarterly or monthly.
• Package discount: If an insurance company offers multiple types of coverage, they may offer a discount if you purchase more than one of them. Lemonade, for example, offers a 10% discount if you bundle pet insurance with one of their renters or homeowners insurance policies.
• Employee discount: You may be eligible for a discount if you work for a company that offers pet insurance through your chosen insurer. Embrace Pet Insurance, for example, offers a 10% discount to employees of companies that offer their policies as a voluntary benefit.
• Military discount: Some pet insurance companies offer discounts for military members.
• Multi-pet discount: One of the most common discounts that reduces your overall cost of registering multiple pets.
• Discount for sterilization or castration: Some providers may offer you a discount if you have your cat or dog neutered.

Compare offers for similar plans

Each pet insurance plan has different costs, coverage options and features, so it's important to take your time and research which provider is the best fit for you. We recommend getting a quote from at least three pet insurance providers on this list.

In addition to price, consider other features that may be important to you, such as a mobile app, a 24/7 veterinary hotline or a comprehensive health plan. Dr. Jamie Whittenburg, veterinary director at Senior Tail Waggers, stressed the importance of learning the details of each policy.

“It is especially important to understand what is and is not covered, what the application procedures and processing times are, and what reimbursement policies apply,” said Whittenburg.