The 8 best cheap pet insurance companies for January 2025

Written by
Lezanne Winshaw
Edited by
Aylea Wilkins
Edited by
Aylea Wilkins
Updated January 20, 2025
On This Page

With rising veterinary costs, even routine pet care can strain your budget. Finding affordable pet insurance that doesn't compromise coverage can be a challenge. By comparing providers and understanding the key features of each, you can find a policy that balances affordability with suitable care for your pet.

The Bankrate team has put together this guide to highlight some of the best cheap pet insurance companies. We focused on those that offer solid coverage at lower prices. Whether you're looking for a plan with digital ease like Lemonade or specialized coverage for exotic pets from Nationwide, we’ve gathered the top contenders to help you make an informed decision. Let's dive into what makes each company stand out and how to get the best value for your money.

Best cheap pet insurance companies

Lemonade

Best for digital experience

4.6
Bankrate Score

Overview

Lemonade operates primarily through its intuitive, user-friendly app. The company can reduce administrative costs by leveraging AI to process claims quickly. These savings are passed on to customers in the form of lower premiums. Lemonade offers significant customizations and allows you to tailor your coverage by adjusting your deductible, reimbursement rate and annual limit. This flexibility helps you find a plan that fits your budget. Lemonade's quick claim processing time means you get cash back quickly, which can be a big relief when money is tight.

  • Annual deductible options: $100–$500
  • Reimbursement percentage: Up to 90 percent of eligible expenses
  • Annual maximum coverage: $5,000–$100,000
Read Bankrate's Expert Lemonade Review

Nationwide

Best for insuring exotic pets

4.1
Bankrate Score

Overview

Nationwide Pet Insurance has several features that make it a cost-effective option. It offers accident-only plans, a more affordable choice for budget-conscious pet owners. Nationwide’s multi-pet discount can help to lower the overall insurance cost for households with more than one pet. In addition, Nationwide is one of the only companies offering coverage for exotic pets such as birds, reptiles and bunnies, making it an attractive choice for pet parents who struggle to find affordable insurance for non-traditional pets.

  • Annual deductible options: $100–$250
  • Reimbursement percentage: Up to 90 percent of eligible expenses
  • Annual maximum coverage: $7,500–$10,000
Read Bankrate's Expert Nationwide Review

Liberty Mutual

Best for current Liberty Mutual customers

4.4
Bankrate Score

Overview

Liberty Mutual’s stackable discounts can significantly reduce the overall cost of your premiums. If you’re already a Liberty Mutual customer with other types of insurance (like home or auto), you can receive a discount by bundling your pet insurance with your existing policies.

  • Annual deductible options: $250–$1,000
  • Reimbursement percentage: Up to 90 percent of eligible expenses
  • Annual maximum coverage: $5,000-$15,000
Read Bankrate's Expert Liberty Mutual Review

ASPCA

Best for horse insurance plans

4.5
Bankrate Score

Overview

ASPCA Pet Health Insurance offers comprehensive coverage at affordable rates. Its accident and illness policy covers alternative therapies, congenital disorders, behavioral therapy and accident and illness exam fees. ASPCA also has a shorter waiting period for cruciate ligament injuries, which can be expensive to diagnose and treat. This makes it a financially smart choice for pets at risk of these injuries.

  • Annual deductible options: $100–$500
  • Reimbursement percentage: Up to 90 percent of eligible expenses
  • Annual maximum coverage: $5,000–unlimited
Read Bankrate's Expert ASPCA Review

Spot Pet

Best for no upper age limits

4.3
Bankrate Score

Overview

Spot Pet Insurance is an affordable and adaptable option for pet owners looking to manage their insurance costs effectively. Spot allows you to customize your policy extensively by adjusting the deductible, reimbursement rate and annual limit. This flexibility helps you tailor a plan that fits your budget and coverage needs.

  • Annual deductible options: $100–$1,000
  • Reimbursement percentage: Up to 90 percent of eligible expenses 
  • Annual maximum coverage: $2,500–unlimited payouts
Read Bankrate's Expert Spot Review

Figo

Best for pre-existing condition coverage

4.6
Bankrate Score

Overview

Figo offers coverage for some curable pre-existing conditions, providing added financial protection that many other insurers don’t offer. Figo’s efficient claim processing allows for faster reimbursements, reducing the financial strain on pet owners. It also offers plans with up to 100 percent reimbursement, meaning you can get back every dollar you spend on covered vet bills.

  • Annual deductible options: $100–$1,500
  • Reimbursement percentage: Up to 100 percent of eligible expenses 
  • Annual maximum coverage: $5,000–unlimited payouts
Read Bankrate's Expert Figo Review

Hartville

Best for customer service

4.6
Bankrate Score

Overview

Hartville is a cost-effective option for pet owners who value robust coverage and excellent customer care. It offers comprehensive and reliable coverage, including accidents, illnesses and hereditary conditions. This ensures you can take good care of your pet’s health without breaking the bank. Renowned for its responsive and compassionate customer service, Hartville offers personalized support that helps pet owners navigate their policies and claims. This level of care enhances the overall value of its plans and customer satisfaction.

  • Annual deductible options: $100–$500
  • Reimbursement percentage: Up to 90 percent of eligible expenses
  • Annual maximum coverage: $5,000-unlimited payouts
Read Bankrate's Expert Hartville Review

MetLife

Best for shortest waiting period for accident coverage

4.7
Bankrate Score

Overview

MetLife Pet Insurance is a strong choice for pet owners looking for affordable, comprehensive and flexible coverage with various discounts to reduce premiums. MetLife’s short waiting period provides quick access to coverage when you need it most. The company offers coverage for certain pre-existing conditions that have been symptom-free for a specific period. In addition, MetLife rewards policyholders with decreasing deductibles for each year they remain claim-free.

  • Annual deductible options: $0–$2,500
  • Reimbursement percentage: Up to 90 percent of eligible expenses 
  • Annual maximum coverage: $500–$25,000 (subject to availability)
Read Bankrate's Expert MetLife Review

What is the average cost of pet insurance?

The cost of your pet insurance premiums depends on the insurance company you choose, the type of policy you select and your location. Your pet's age, breed and health also play a significant role in determining costs.

In 2023, the average cost of accident and illness insurance for dogs was $56.30 monthly or $675.61 annually. For accident-only coverage, the monthly average was $17.01, and the annual average was $204.16.

The average insurance cost for a cat with accident and illness coverage was $31.94 monthly or $383 annually. Accident-only coverage cost an average of $9.68 monthly and $116.11 annually.

How can you find the best cheap pet insurance company?

The top pet insurance companies have different strengths and highlight features. You may need to shop around to find the right fit for your four-legged friend’s health care needs and your budget. The following tips can help guide your search.

1. Compare multiple providers

Don’t settle for the first company you come across. Use comparison tools to evaluate several pet insurance companies based on factors that are important to you, such as price and coverage.

2. Look for customizable plans

Many pet insurance companies offer customizable plans that allow you to adjust the coverage, deductible and reimbursement rate. Lowering the reimbursement rate or increasing the deductible can reduce your premium while still offering solid coverage.

3. Consider accident-only plans

If your budget is tight, accident-only plans are typically much cheaper than comprehensive policies. These plans cover injuries from accidents like broken bones or poison ingestion, though they may not cover illnesses.

4. Review exclusions carefully

Some cheaper plans may exclude specific conditions or treatments, so review the policy carefully. Look out for breed-specific exclusions, waiting periods or limits on hereditary and congenital conditions.

5. Check for discounts

If you have more than one pet, look for companies that offer multi-pet discounts. Some companies also offer discounts for certain professions, organizational memberships, paying premiums annually or microchipping your pet.

6. Pay attention to the age limits

Some companies charge higher premiums or offer less coverage for older pets. If you have a senior pet, search for providers that cater to aging animals without charging exorbitant rates. Also, make sure to find out how the premium might increase as your pet ages.

7. Read customer reviews

Customer reviews can provide insights into the company’s claims process, customer service and overall value. Look for feedback from pet owners who have filed claims to see if the provider lives up to its promises.

8. Shop around

Most pet insurance companies offer instant quotes online. Input your pet's details and compare prices. Be sure you understand the terms of canceling your policy if you find a better deal later.

How can you save money on pet insurance?

Deciding on an affordable pet insurance option means balancing the premium costs with the level of coverage and service quality. When choosing a pet insurance plan, several factors can influence your monthly premiums: 

  • Start with a basic plan. If budget is your primary concern, you can choose a lower-tier plan and upgrade later if you want to.
  • Look for discounts. Discounts, such as those for insuring multiple pets or opting for annual payments, can reduce your costs. 
  • Choose a higher deductible. The annual deductible — the amount you pay out-of-pocket before insurance kicks in—also plays a role in determining your insurance premiums. Higher deductibles typically lower your premiums. 
  • Pick a lower reimbursement rate. Reimbursement rates determine the percentage of vet bills you get back. Higher reimbursement rates typically mean higher premiums.
  • Get lower maximum coverage. The maximum coverage amount refers to the cap on how much the insurer will pay annually. Choosing a lower maximum coverage will translate to more affordable premiums.

How do you decide if pet insurance is worth the cost?

Even when you find cheaper pet insurance plans, you may wonder if you're better off just paying for your pet's health care out of pocket. Deciding whether pet insurance is worth it comes down to a few key factors. 

Begin by evaluating your pet’s age, breed, overall health and potential risk factors. Pet insurance typically won’t cover pre-existing conditions, and some policies may exclude breed-specific health issues. If you find a plan that fits your budget and covers most of your pet’s needs, insurance can offer crucial financial protection and assist with managing routine care expenses.

Understanding the different types of coverage is crucial, as this determines how much value you'll get for your money. Some plans limit payouts per condition, per year or over the pet's lifetime. It is also essential to understand what portion of your vet bills your insurance provider will reimburse you for and how long the process will take.

Weigh the cost of insurance against potential vet bills and long-term care expenses. Consider alternatives such as setting up a pet savings account if you have a robust emergency fund in place.

Ultimately, your choice should align with your risk tolerance and your pet’s health needs. Ask your veterinarian for advice about whether insurance is the right option for your pet. Many insurers also offer trial periods, allowing you to evaluate the coverage before committing long term.

Frequently asked questions